PropShare Platina REIT has made a remarkable debut, claiming the title of India’s most expensive security at Rs.10.45 lakh per unit, after launching on December 10. This comes as a significant milestone for the REIT, which obtained the first-ever SM REIT license following SEBI’s March 2024 notification.
The REIT’s impressive price movement comes after its initial listing price of ₹10.5 lakh per unit on the Bombay Stock Exchange (BSE). Despite PropShare Platina REIT’s success, Elcid Investments remains the priciest stock on the market. Elcid saw a meteoric rise to Rs.2.36 lakh per share in late October, surpassing the previous record set by MRF. The surge followed a special auction conducted by the BSE to discover the fair value of investment holding companies.
Elcid’s stock price soared from Rs.3.53 per share earlier this year to Rs.2,36,250, making it the most expensive stock by price. This rapid increase came after the company, a promoter entity of Asian Paints, was relisted on the BSE. Elcid Investments now has a market capitalization of Rs.4,725 crore.
PropShare Platina REIT, in contrast, offers a real estate investment opportunity with a 9-year lease agreement for office space in a LEED Gold-certified building in Bangalore. This property is fully leased to a US-based tech company, promising investors attractive projected returns over the next few years.
The success of PropShare Platina REIT’s initial offering, which was oversubscribed 1.19 times, highlights the growing interest in real estate investment trusts in India. This development is expected to contribute significantly to the momentum of India’s capital markets.
