The price band for the issue has been set at Rs 10 lakh to Rs 10.5 lakh per unit, positioning it as a high-ticket investment aimed at sophisticated and institutional investors. The REIT is scheduled to list on the BSE on April 24, with allotment expected on April 17.
The proceeds from the issue will primarily be used to acquire the Celestia asset, a Grade A+ commercial development located in Ahmedabad’s Nehru Nagar area. The project spans over 2.07 lakh sq ft and includes seven floors within the Stratum at Venus Grounds complex. A bulk of the funds, about Rs 238 crore, will go towards acquisition-related costs, including statutory charges.
The asset is backed by a diversified tenant base, including companies such as Tech Mahindra, financial institutions, and data analytics firms, along with co-working operators like Smartworks and EFC. The presence of multiple occupiers across sectors is expected to support stable rental income and occupancy levels.
The issue is being managed by Ambit, with Kfin Technologies acting as registrar. As a small and medium REIT structure, PropShare Celestia offers investors a more granular route to participate in commercial real estate compared to traditional large REITs, while still being subject to regulatory oversight.
The offering comes at a time when commercial real estate demand remains steady, particularly in managed office spaces and co-working segments, although investor appetite will be tested by the high ticket size and evolving market conditions.
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