What Is PropShare Celestia?

PropShare Celestia is the third scheme under the Property Share Investment Trust — India's first SEBI-registered Small and Medium Real Estate Investment Trust (SM REIT). Established on December 12, 2025, it allows investors to participate in a premium commercial building and earn a share of rental income without purchasing the entire property.

The scheme provides exposure to seven floors in a Grade A+ commercial project — Stratum @ Venus Grounds — located in Ahmedabad's prime Nehru Nagar area.

The trust follows in the footsteps of PropShare Platina (listed BSE, December 2024) and PropShare Titania (listed BSE, August 2025), cementing Property Share's position as India's leading SM REIT platform.

PropShare Celestia IPO Detailed Information

Issue Type	Book-Built / Fresh Issue (100%)
Total Issue Size	₹244.65 Crore (2,330 units)
Price Band	₹10,00,000 – ₹10,50,000 per unit
Min. Lot Size	1 unit (Min. investment: ₹10,50,000)
Issue Open Date	Friday, April 10, 2026
Issue Close Date	Thursday, April 16, 2026
Allotment Date	Friday, April 17, 2026
Refund Initiation	Monday, April 20, 2026
Listing Date	Friday, April 24, 2026
Exchange	BSE (Bombay Stock Exchange)
Registrar	KFin Technologies Ltd.
Lead Manager	Ambit Private Limited
Trustee	Axis Trustee Services Limited
Investor Allocation	75% QIB / 25% NII
GMP (Grey Market Premium)	₹0 (flat, 0% premium)

The Underlying Asset: Stratum @ Venus Grounds

PropShare Celestia offers investors access to seven floors within Stratum @ Venus Grounds, a Grade A+ mixed-use commercial development featuring a distinctive atrium, located in the prime Nehru Nagar area of Ahmedabad. The project spans across an area of 2,07,838 sq. ft.

Why Ahmedabad?

Commercial office activity is increasingly expanding beyond India's traditional top seven office markets, propelled by rising real estate costs in major hubs, availability of a skilled workforce, infrastructure enhancements, and supportive government policies. Ahmedabad exemplifies this shift, recording strong gross leasing activity in the past three to four years.

The asset commands average rentals of ₹76.44/sf/month, slightly above the market average of ₹74/sf, reflecting its premium positioning. It has a Weighted Average Lease Expiry (WALE) of 6.72 years, ensuring predictable cash flows with no major lease expiries before FY2031.

Tenants & Operators

The property is 100% occupied and managed by three co-working operators:

• Smartworks Coworking Spaces Limited (publicly listed)
• EFC Limited (publicly listed)
• Paragraph Khajanchi Business Centre LLP (top-5 co-working operator in Ahmedabad)

End occupiers include 3 Fortune Global 500 companies (Global Consulting, Technology & Chemical firms), 1 Fortune 500 FMCG company, Tech Mahindra, a US-based professional services firm, an Indian private sector bank, and a B2B e-commerce platform.

Sustainability & Certification

The building is IGBC Platinum-certified with sustainability-driven design including 130 kW solar panels, EV charging stations, high-speed elevators, and an integrated building management system.

Projected Distribution Yield

PropShare Celestia offers an attractive projected distribution yield rising consistently from FY2026 to FY2029. Distributions are made quarterly, with at least 95% of SPV cash flows and 100% of trust-level cash flows passed through to unitholders.

• FY 2026 :- 8.1%
• FY 2027 :- 8.4%
• FY 2028 :- 8.7%
• FY 2029 :- 8.9%

The trust is estimated to achieve rental growth of 4.32% CAGR over four years. The NOI margin remains at 100%, while the Total Expense Ratio is expected to remain below 0.7%, indicating highly efficient fund management.

Use of IPO Proceeds

The IPO is a 100% fresh issue — all capital raised goes directly into the trust, not to any existing shareholder. Of the total ₹244.65 crore raised, approximately ₹238 crore will be utilised towards acquisition-related expenses including statutory charges (stamp duty, registration, surcharge and cess).

The acquisition is structured through six Special Purpose Vehicles (SPVs), providing regulatory clarity and tax efficiency for investors — standard in REIT frameworks globally.

Should You Invest? Pros & Cons

Pros :-

• 100% occupancy from day one — no leasing risk

• WALE of 6.72 years — stable, long-duration cash flows

• Attractive yield of 8.1–8.9% projected over 4 years

• Grade A+, IGBC Platinum-certified building

• Tenants include 3 Fortune Global 500 companies

• Prime Nehru Nagar location — no new Grade A+ supply till 2028

• Regulated SM REIT structure under SEBI oversight

Cons :-

• Single-asset concentration — no portfolio diversification

• No operating history (trust established Dec 2025)

• ~97% area leased to co-working operators (sub-let risk)

• High minimum investment: ₹10.5 lakh per unit

• GMP at 0% — no grey market premium at listing

• FY25 net loss of ₹20 crore at investment manager level

• Ahmedabad market concentration risk

How To Apply for the IPO ?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 

• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How To Check the Allotment Status of IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email