Property Share Investment Trust IPO Opens April 10, Targeting Rs 244.65 Crore
IPO Details
Property Share Investment Trust, the country’s first registered Small and Medium Real Estate Investment Trust (SM REIT), announced the IPO of PropShare Celestia on Monday. The IPO is scheduled to open on April 10 and conclude on April 16. The price band for the units is Rs 10 lakh to Rs 10.50 lakh per unit.Funding and Asset Acquisition
The public issue comprises only a fresh issuance of units. The proceeds from the IPO will be used to acquire seven floors in Venus Stratum, a Grade A+ mixed-use commercial building located in Nehru Nagar, Ahmedabad.Property Overview
Project Celestia, the underlying asset, has a super built-up area of 2,07,838 square feet and is currently fully occupied. The property benefits from four major 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.Key Financials
- IPO Value: Rs 244.65 crore
- Price Band: Rs 10 lakh to Rs 10.50 lakh per unit
- Minimum Bid Size: Rs 10 lakh (1 unit)
- Multiples: Bids can be made in multiples of 1 unit.
Lead Management and Listing
Ambit is the sole lead manager for the issue. KFin Technologies is the registrar. The units are proposed to be listed on BSE.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.