The real estate investment trust sector witnessed significant investor enthusiasm this week. PropShare Celestia REIT, the third offering from Property Share Investment Trust, saw its maiden public issue subscribe to 65 percent on its first day of bidding on April 10.
The initial public offering (IPO) for PropShare Celestia is for Rs 245 crore and remains open until next week, wrapping up on April 16. Investors are currently valuing the offer between a price band of Rs 10 lakh to Rs 10.5 lakh per unit.
Investors showed particular interest in the non-institutional segment. On Friday alone, bidders placed orders for 1,509 units against the total offer size of 2,323 units.
Subscriber Interest Spreads Across Investor Segments
Performance metrics revealed strong participation, particularly from non-institutional investors. The allocation portion reserved for non-institutional investors recorded a subscription rate of 2.09 times.In contrast, the portion set aside for institutional investors was subscribed at a rate of 17 percent. These figures underscore the varied levels of participation across different investor groups.
Use of Funds Details for New Commercial Project
The proceeds generated from the PropShare Celestia IPO are slated for strategic deployment. The trust intends to utilize Rs 237.9 crore of the raised capital.This substantial amount will be used to provide loans to Celestia Special Purpose Vehicles (SPVs). Furthermore, funds will support the subscription of equity shares and optionally convertible debentures to be issued by the Celestia SPVs.
These financial maneuvers are aimed at facilitating the acquisition of the Celestia project by the aforementioned SPVs, covering acquisition costs and direct payments. Remaining IPO funds are earmarked for general purposes and associated offer expenses.
Assets Underpinning the PropShare Celestia Offering
PropShare Celestia is backed by premium commercial real estate. Specifically, the offering covers seven floors of Stratum at Venus Grounds. This asset is characterized as a Grade A+ mixed-use commercial building situated in Nehru Nagar, Ahmedabad.The Property Share Investment Trust launched PropShare Celestia in December 2025, marking it as the third small and medium REIT scheme from the group.
Track Record of Property Share Investment Trust's REIT Offerings
The Property Share Investment Manager, which is a SEBI-registered investment manager to the trust, has successfully listed two other small and medium REIT schemes. PropShare Platina debuted on the BSE on December 10, 2024.Subsequently, PropShare Titania was listed on August 4, 2025. Through its offerings, PropShare Platina had raised Rs 353 crore, acquiring six floors in the Prestige Tech Platina office building in Bangalore.
Similarly, PropShare Titania mobilized Rs 473 crore through its IPO, leading to the acquisition of six floors in the G Corp tech Park in Thane.
Key Timelines for Allotment and Listing
The finalization of the IPO share allotment is expected by April 17. Following this, PropShare Celestia is slated to make its debut on the BSE on April 24. Ambit has been appointed as the merchant banker managing the entire PropShare Celestia IPO process.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.
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