PropShare Celestia's Rs 244-crore Initial Public Offering Set to Launch on April 10

Property Share Investment Trust Launches Rs 244.65 Crore IPO for PropShare Celestia

Property Share Investment Trust, the country's first registered Small and Medium Real Estate Investment Trust (SM REIT), has announced that the Rs 244.65 crore initial public offering (IPO) of PropShare Celestia will open on April 10. The issue, which has a price band of Rs 10-10.50 lakh per unit, is set to conclude on April 16, according to a statement issued by the company.

PropShare Celestia is the third SM REIT launched by Property Share Investment Trust. The public issue will comprise only a fresh issue of units, with no offer for sale component. The IPO proceeds will be used to acquire seven floors in Venus Stratum, a Grade A+ mixed-use commercial building, located in Nehru Nagar, Ahmedabad.

The minimum bid size for the IPO is Rs 10 lakh, which is also the minimum investment amount for SM REITs. Bids can be made for a minimum of 1 unit and in multiples of 1 unit thereafter. The underlying asset, Project Celestia, has a super built-up area of 2,07,838 square feet and is fully occupied.

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The property has four primary tenants, including three managed-office operators — Smartworks Coworking Spaces, EFC Ltd (both listed), and Paragraph Khajanchi Business Centre LLP. The fourth anchor tenant is a listed Swedish telecommunications multinational. Ambit is the sole lead manager to the issue, while KFin Technologies is the registrar. The units are proposed to be listed on BSE.