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PropShare Celestia, a Small and Medium Real Estate Investment Trust (SM REIT) sponsored by Property Share Investment Trust, saw its INR 244 crore initial public offering subscribed 1.33 times at close. The issue attracted bids worth INR 324 crore, with strong interest from the other investors segment at 4.81 times subscription, while institutional participation remained modest at 17 per cent. The IPO, priced between INR 10 lakh and INR 10.50 lakh per unit, comprises a fresh issue with no offer for sale. Proceeds will be utilised to acquire seven floors in Venus Stratum, a Grade A+ commercial building in Nehru Nagar, Ahmedabad. The units are proposed to be listed on the BSE, with Ambit as lead manager.
PropShare Celestia, a Small and Medium Real Estate Investment Trust (SM REIT) under Property Share Investment Trust, has witnessed a subscription of 1.33 times for its INR 244 crore initial public offering, with the issue closing in the past week and generating investor demand worth approximately INR 324 crore. Advertisement
According to data available on the BSE, the offering received bids for 3,090 units against 2,323 units on offer. The category designated for other investors recorded the highest traction, subscribing 4.81 times, while the institutional investors segment saw a comparatively lower subscription of 17 per cent.
The IPO was priced in the range of INR 10 lakh to INR 10.50 lakh per unit and consisted entirely of a fresh issue, with no offer-for-sale component included in the structure. The proceeds from the issue are earmarked for the acquisition of income-generating commercial real estate assets, in line with the SM REIT framework aimed at fractional ownership of office properties.
Specifically, the capital raised will be deployed to acquire seven floors in Venus Stratum, a Grade A+ mixed-use commercial building located in Nehru Nagar, Ahmedabad. The asset is positioned within an established commercial micro-market and is expected to contribute to the trust's income-generating portfolio upon completion of the transaction.
PropShare Celestia marks the third SM REIT offering launched by Property Share Investment Trust, reflecting a growing pipeline of such instruments in India's real estate investment landscape. The SM REIT structure is designed to provide retail and institutional investors with access to stabilised commercial real estate assets through regulated investment vehicles.
The IPO opened for subscription earlier in the past week and has now concluded with moderate overall demand, supported primarily by non-institutional investors. The relatively lower participation from institutional investors indicates a selective approach to emerging SM REIT offerings, even as the segment continues to gain regulatory clarity and market visibility.
Ambit acted as the sole lead manager to the issue, while KFin Technologies was appointed as the registrar. The units are proposed to be listed on the BSE, offering liquidity to investors and enabling price discovery in the secondary market.
The listing of PropShare Celestia is expected to add to the limited but expanding universe of SM REITs in India, as developers and asset managers explore structured investment routes to monetise commercial real estate portfolios and tap into a broader investor base.
Source - PTI
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