PropShare Celestia's ₹244-cr IPO to Open on Apr 10

Property Share Investment Trust, the country's first registered Small and Medium Real Estate Investment Trust (SM REIT), on Monday announced that the ₹244.65 crore IPO of PropShare Celestia will open on April 10.

The issue, with a price band of ₹10-10.50 lakh per unit,  will conclude on April 16, according to a statement.

PropShare Celestia is the third SM REIT launched by Property Share Investment Trust.

The public issue will comprise only a fresh issue of units, with no offer for sale component. The IPO proceeds will be used to acquire seven floors in Venus Stratum, a Grade A+ mixed-use commercial building, located in Nehru Nagar, Ahmedabad.

The minimum bid size is ₹10 lakh which is also the minimum investment amount for SM REITs. Bids can be made for a minimum of 1 unit and in multiples of 1 unit thereafter.

The underlying asset, Project Celestia, has a super built-up area of 2,07,838 square feet and is fully occupied.

The property has four primary 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.

Ambit is the sole lead manager to the issue, while KFin Technologies is the registrar. The units are proposed to be listed on BSE.