India's First Small and Medium REIT IPO: PropShare Celestia Set to Launch

Property Share Investment Trust is set to make history as it launches India's first Small and Medium Real Estate Investment Trust (SM REIT) IPO with PropShare Celestia. The IPO, valued at Rs 244.65 crore, will open for subscription on April 10 and close on April 16. This initiative marks the third SM REIT undertaken by the firm.

The public issue will consist exclusively of a fresh release of units, with the absence of any offer for sale components. Under this scheme, the proceeds will be directed to acquiring seven floors in the mixed-use commercial building, Venus Stratum, located in Nehru Nagar, Ahmedabad. The minimum bid amount for this IPO is Rs 10 lakh, aligning with the smallest allowable investment in SM REITs.

PropShare Celestia’s underlying asset boasts a fully occupied space of over 2 lakh square feet, with primary tenants including names like Smartworks Coworking Spaces, EFC Ltd, and a telecommunications giant from Sweden. As the sole lead manager, Ambit is steering the issue, while KFin Technologies takes on the role of registrar. Once concluded, the units are slated to be listed on the Bombay Stock Exchange.