Allotment procedure for SM REITs limits allotments to offered units, prescribes minimum bid lots and proportionate lottery. The investment manager must allot SM REIT units on receipt of application monies. If oversubscribed, allotment cannot exceed units offered; each investor category must receive at least the minimum bid lot and any remaining units must be allotted proportionately by lottery, with a limited exception permitting up to one per cent of the net offer to enable minimum-lot allotments. Designated stock exchange representatives alongside post-issue merchant bankers and registrars must ensure the basis of allotment is finalized fairly.