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
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Issue Type |
Book-Built / Fresh Issue (100%) |
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Total Issue Size |
₹244.65 Crore (2,330 units) |
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Price Band |
₹10,00,000 – ₹10,50,000 per unit |
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Min. Lot Size |
1 unit (Min. investment: ₹10,50,000) |
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Issue Open Date |
Friday, April 10, 2026 |
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Issue Close Date |
Thursday, April 16, 2026 |
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Allotment Date |
Friday, April 17, 2026 |
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Refund Initiation |
Monday, April 20, 2026 |
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Listing Date |
Friday, April 24, 2026 |
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Exchange |
BSE (Bombay Stock Exchange) |
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Registrar |
KFin Technologies Ltd. |
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Lead Manager |
Ambit Private Limited |
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Trustee |
Axis Trustee Services Limited |
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Investor Allocation |
75% QIB / 25% NII |
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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 ?
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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
Frequently Asked Questions
Q1. What is the PropShare Celestia IPO price band?
The price band is set at ₹10,00,000 to ₹10,50,000 per unit. The minimum investment is ₹10,50,000 (1 unit at the upper price band). This makes it a high-ticket offering designed for institutional and high-net-worth investors.
Q2. When does the IPO open and close?
The IPO opens on Friday, April 10, 2026 and closes on Thursday, April 16, 2026. Bidding is available from 10:00 AM to 5:00 PM on each issue day.
Q3. When will PropShare Celestia list on the stock exchange?
PropShare Celestia is scheduled to list on BSE (Bombay Stock Exchange) on April 24, 2026. Allotted shares will be credited to demat accounts by April 20, 2026.
Q4. What is an SM REIT and how is it different from a regular REIT?
An SM REIT (Small and Medium Real Estate Investment Trust) is a SEBI-regulated structure for investing in smaller, institutional-quality real estate assets. Unlike large REITs (e.g., Embassy Office Parks), which hold diversified multi-city portfolios, SM REITs like PropShare Celestia offer focused exposure to a single premium asset. The minimum investment is ₹10 lakh
Q5. What is the expected distribution yield of PropShare Celestia?
The projected distribution yield is 8.1% for FY2026, rising to 8.4% in FY2027, 8.7% in FY2028, and 8.9% by FY2029. Distributions are made quarterly.
Q6. How can I apply for the PropShare Celestia IPO?
You can apply via ASBA (Application Supported by Blocked Amount) through your bank's net banking portal, or via UPI through your broker (Zerodha, Upstox, 5Paisa, HDFC Securities, etc.). You need a valid demat account and PAN card. Minimum bid is 1 unit.
Q7. Who are the main tenants in the Celestia asset?
The asset has four primary lessees: Smartworks Coworking Spaces, EFC Limited (both BSE/NSE listed), Paragraph Khajanchi Business Centre LLP, and a Swedish-listed telecom MNC. End occupiers include Tech Mahindra, three Fortune Global 500 companies, a Fortune 500 FMCG company, an Indian private sector bank, and a B2B e-commerce firm.
Q8. How do I check my allotment status?
Allotment is finalised on April 17, 2026. Check your allotment status on the registrar's website — KFin Technologies Ltd. — by entering your PAN number or Application Number. Results are also visible through your broker's portal.
Q9. Who manages Property Share Investment Trust?
The trust is managed by PropShare Investment Manager Private Limited, co-founded by Kunal Moktan (ex-Blackstone) and Hashim Khan. The 24-member team has IIT/IIM pedigree. Institutional backers include Westbridge Capital, Lightspeed India, BEENEXT, and Pravega Ventures.
Q10. What is the total area of the Celestia asset?
The asset covers a Super Built-Up Area of 2,07,838 sq. ft. across seven floors of Stratum @ Venus Grounds in Nehru Nagar, Ahmedabad. It is currently 100% occupied.
Q11. Is this IPO suitable for retail investors?
