Propshare Celestia
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 24 Apr 2026 | ₹0 | 0.00% | — | ₹10,50,000 | ₹0 |
| 23 Apr 2026 | ₹0 | 0.00% | — | ₹10,50,000 | ₹0 |
| 22 Apr 2026 | ₹0 | 0.00% | — | ₹10,50,000 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- Listing date
- 24 Apr 2026
- Issue price
- ₹10,50,000 per share
- Lot size
- 1 shares
- Total issue size
- ₹245 Cr
- ISIN
- INE19RO25039
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Ambit Pvt.Ltd.
- Registered office
- 16th Floor, SKAV Seethalakshmi, 21/22, Kasturba Road, Karnataka
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 0 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 1 shares per lot, in multiples, at ₹10,50,000
| Application | Lots | Shares | Amount |
|---|---|---|---|
| B-HNI (min) | 1 | 1 | ₹10,50,000 |
One lot costs more than the ₹2 lakh retail ceiling, so this issue has no retail application band — the smallest permitted bid falls in the small-HNI category.
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹10,50,000 per share
| Metric | Pre-issue | Post-issue |
|---|
About Propshare Celestia
PropShare Celestia is the third scheme of Property Share Investment Trust, registered with SEBI as a small and medium real estate investment trust. The scheme was settled on December 12, 2025, and proposes to acquire Project Celestia, comprising 2,07,838 sq. ft. of Super Built-Up Area spread across seven floors of Stratum @ Venus Grounds, a landmark IGBC Platinum-certified, Grade A+ mixed-use commercial building located in Nehru Nagar, Ahmedabad. As of December 31, 2025, Project Celestia is 100% occupied by four tenants including three managed-office operators (Smartworks Coworking Spaces Limited, EFC Limited, and Paragraph Khajanchi Business Centre LLP) and a Swedish-based listed telecommunications MNC. The scheme generates revenue through lease rentals, with current monthly rental income of ₹15.89 million at an average rate of ₹76.44 per sq. ft., supported by a weighted average lease expiry (WALE) of 6.72 years with no lease expirations until FY 2031.
Company Analysis
from RHPPropShare Celestia is a small and medium real estate investment trust (SM REIT) scheme that owns and leases Grade A+ office space across seven floors of a commercial building in Ahmedabad, India.
PropShare Celestia is the third scheme of Property Share Investment Trust, registered with SEBI as a small and medium real estate investment trust. The scheme was settled on December 12, 2025, and proposes to acquire Project Celestia, comprising 2,07,838 sq. ft. of Super Built-Up Area spread across seven floors of Stratum @ Venus Grounds, a landmark IGBC Platinum-certified, Grade A+ mixed-use commercial building located in Nehru Nagar, Ahmedabad. As of December 31, 2025, Project Celestia is 100% occupied by four tenants including three managed-office operators (Smartworks Coworking Spaces Limited, EFC Limited, and Paragraph Khajanchi Business Centre LLP) and a Swedish-based listed telecommunications MNC. The scheme generates revenue through lease rentals, with current monthly rental income of ₹15.89 million at an average rate of ₹76.44 per sq. ft., supported by a weighted average lease expiry (WALE) of 6.72 years with no lease expirations until FY 2031.
Objects of the Issue
- Acquisition of the Project Celestia and payment of sinking fund to society by Celestia SPVs, and reimbursement or direct payment of statutory charges under applicable laws (including stamp duty, registration, surcharge and cess) to the Investment Manager for the Proposed Acquisition by way of lending to the Celestia SPVs and subscribing to equity and debt instruments of Celestia SPVs ₹ [●] million (Net Proceeds) p.7
- General purposes p.7
- Acquisition of Stratum @ Venus Grounds property ₹2,07,83,80,000 p.77
- Sinking fund deposit with society ₹2,50,00,000 p.77
- General corporate purposes and use of proceeds as specified p.60
- Acquisition of Project Celestia by Celestia SPVs and payment of sinking fund to society, including reimbursement or direct payment of statutory charges (stamp duty, registration, surcharge, cess) via lending to and equity/debt subscription in Celestia SPVs Up to ₹2,379.14 million p.140
- General corporate purposes including creation of fixed deposits for security deposit refund liabilities, payment of acquisition and arrangement fees to Investment Manager, and meeting ordinary business expenses p.144
- Acquisition of Project Celestia (leasable office space) and general corporate purposes ₹2,078.38 million (representing the purchase price of the Subject Property as confirmed by Client) p.220
Issue Structure
- Total Issue
- ₹ 2,446.50 million
- Fresh Issue
- Up to [●] Celestia Units aggregating up to ₹ 2,446.50 million
- Price Band
- Floor Price: ₹ [●] per Celestia Unit; Cap Price: ₹ [●] per Celestia Unit
- Lot Size
- 1 Celestia Unit and in multiple of 1 Celestia Unit thereafter
Business Model
PropShare Celestia generates revenue through leasing office premises to tenants. The scheme earns rental income from four tenants occupying 2,07,838 sq. ft. of space, with current monthly rentals of ₹76.44 per sq. ft. The distribution policy requires at least 95% of net distributable cash flows from the underlying special purpose vehicles to be distributed to the scheme, with 100% of the scheme's net distributable cash flows distributed to unitholders as quarterly distributions.
Business Segments
SWOT Analysis
- • Grade A+ landmark building with IGBC Platinum certification and unique atrium design(p.31)
- • 100% occupancy with diversified, high-quality tenant base including Fortune Global 500 companies(p.31)
- • Long weighted average lease expiry of 6.72 years providing stable cash flow visibility(p.31)
- • Prime location in Nehru Nagar between CBD and SBD with excellent infrastructure connectivity(p.31)
- • Experienced investment manager with successful track record of two prior SM REIT listings(p.31)
- • Robust rental growth in SBD Ahmedabad at 8.8% CAGR with Grade A+ assets at 7.5% CAGR(p.36)
- • IGBC Platinum certification enhancing marketability and tenant attraction(p.61)
- • Strategic location in SBD with low vacancy and strong rental growth trajectory(p.118)
- • Grade A+ premium asset with commanding rental premium over Grade A(p.98)
- • Institutional-grade property with professional management positioning(p.98)
- • Nehru Nagar's connectivity and infrastructure advantages within SBD(p.117)
- • Limited competitive supply in immediate micromarket(p.121)
- • 100% occupancy with diversified, high-quality tenant mix including Fortune Global 500 companies(p.125)
- • Demonstrated strong tenant expansion by largest occupier, growing from 3.7% to 11.5% of leasable area(p.126)
- • Grade A+ rated development with IGBC Platinum certification demonstrating sustainability leadership(p.126)
- • Premium rental positioning; commanding some of highest rentals in Ahmedabad office market(p.127)
- • Strategic location in prime Nehru Nagar with multi-modal connectivity to metro, BRTS, and upcoming bullet train(p.125)
- • 100% occupancy with diversified tenant portfolio including Fortune Global 500 and Fortune 500 companies(p.191)
- • Long weighted average lease expiry of 6.72 years providing stable rental cash flows(p.191)
- • Grade A+ building with IGBC Platinum certification in prime micro-market location(p.191)
- • Strategic location in Nehru Nagar between CBD and SBD with proximity to major infrastructure developments and low vacancy(p.191)
- • Experienced investment and asset management team with strong board oversight and marquee investors(p.191)
- • Comprehensive regulatory and occupancy approvals in place(p.342)
- • IGBC Platinum certification demonstrating green building standards(p.342)
- • Modern dual-facade system with energy efficiency features(p.353)
- • Strong MEP infrastructure with redundant power and backup systems(p.367)
- • Efficient carpet area utilization meeting industry standards(p.364)
- • Sustainable water management with STP and recycling systems(p.342)
- • Substantial concentration risk with 97.32% of area leased to managed office providers and co-working operators(p.55)
- • No direct contractual relationship with end users and limited ability to assess their credit quality(p.55)
- • PropShare Celestia has no operating history and newly acquired Celestia SPVs without prior assets(p.54)
- • Limited control over building operations and maintenance decisions through proportionate society voting rights(p.60)
- • Certain acquisition agreements not yet executed; final tenant consent for acquisition still pending(p.54)
- • Risk of IGBC certification downgrade requiring substantial capital expenditure to maintain(p.61)
- • Lack of groundwater extraction permission creating operational and cost risks(p.62)
- • Limited operating history and unproven ability to sustain distributions(p.62)
- • Potential conflicts of interest with Investment Manager providing services to competing assets(p.65)
- • Investment Manager's fee structure may incentivize transactions over long-term value creation(p.65)
- • Limited operating track record; Celestia SPVs are newly incorporated entities without operating history(p.132)
- • Property currently owned by third party; pending acquisition adds transactional execution risk(p.132)
- • Investment Manager has not charged property management fees in FY2026, creating near-term fee pressure(p.138)
- • No assurance distributions will be made; subject to regulatory compliance and cash flow availability(p.131)
- • Concentration risk with only 7 floors leased to 3 main tenant entities across the portfolio(p.236)
- • Existing debt obligations on the subject property from HDFC Bank and Kotak Mahindra Bank requiring settlement(p.248)
- • Contingent asset acquisition subject to execution of future transaction documents not yet finalized(p.252)
- • Facade maintenance issues requiring periodic touch-ups(p.353)
- • Limited EV charging infrastructure(p.372)
- • Tenant responsibility for HVAC reduces landlord control over standardization(p.368)
- • Ahmedabad rapidly strengthening as infrastructure and growth corridor with stable governance(p.31)
- • No Grade A+ supply projected in SBD over next three years creating pricing power(p.42)
- • Strategic location as gateway between CBD and SBD with metro and BRTS connectivity(p.41)
- • Proactive tenant management strategy focused on retention and expansion of existing footprint(p.46)
- • Sustained 12-15% rental premium for Grade A+ office space over broader market expected(p.42)
- • Ahmedabad emerging as fastest-growing commercial hub with strong institutional investment(p.89)
- • Rapid expansion of Global Capability Centres driving sustained office demand(p.99)
- • Strong rental growth trajectory projected for SBD Grade A+ assets through 2028(p.123)
- • Upcoming infrastructure projects catalyzing SBD commercial growth and accessibility(p.106)
- • SM REIT regulations opening institutionalization of real estate market for retail participation(p.101)
- • Ahmedabad's IT policy incentives attracting technology sector expansion(p.105)
- • Limited upcoming supply in submarket supporting continued strong demand momentum(p.127)
- • Growing IT/ITeS sector with state incentives; Gujarat IT Policy provides capital subsidies and other benefits(p.151)
- • Strategic location near upcoming bullet train and metro infrastructure supporting long-term growth(p.125)
- • Potential for contractual rental growth embedded in lease agreements for post lock-in period(p.223)
- • Strong Ahmedabad office market fundamentals with growing demand and limited Grade A+ supply(p.191)
- • Projected yield growth from 8.1% in Q4 FY26 to 8.9% in FY29 reflecting improving cash flow performance(p.219)
- • Potential for future acquisitions and portfolio expansion within the small and medium REIT framework(p.191)
- • Energy conservation and solar deployment potential(p.368)
- • Expansion capacity for tenant HVAC facilities on available terrace space(p.367)
- • Ahmedabad is emerging market with uncertain occupier acceptance compared to established cities(p.57)
- • Commercial real estate market dependent on macroeconomic factors including inflation and interest rates(p.55)
- • End user sector diversification risk including exposure to global consulting, technology and FMCG(p.55)
- • Regulatory risks including potential non-compliance with 95% revenue-generating property requirement(p.59)
- • Tenant lease expiry and renewal risk with potential for delayed execution and regulatory benefits complexity(p.59)
- • Valuation based on assumptions that may not materialize affecting project value determination(p.57)
- • Increasing competitive pressure in commercial office sector affecting rental rates and occupancy(p.63)
- • Regulatory compliance risks related to environmental and sustainability requirements(p.61)
- • Potential supply-demand imbalance impacting rental yields and occupancy in Ahmedabad market(p.63)
- • Market risks including interest rate fluctuations and economic downturns affecting valuations(p.65)
- • Nascent SM REIT regulatory framework creating compliance and operational uncertainties(p.63)
- • Limited exit options for unitholders due to illiquid secondary trading market(p.64)
- • Title litigation related to underlying land ownership affecting property security(p.146)
- • RERA complaint regarding evacuee interest claims on the underlying land(p.147)
- • Investment Manager loss and ability to execute growth strategy dependent on future performance(p.131)
- • Property mortgaged to two banks; bank consent required for transactions(p.146)
- • Tenant lock-in periods of 3-5 years limit ability to adjust rents during initial lease term(p.223)
- • Dependence on continuation of existing lease covenants and tenant performance post acquisition(p.253)
- • Regulatory and market risks including changes to REIT regulations or Indian securities market conditions(p.193)
- • Inability to withdraw or lower bids by investors once placed creates market execution risk(p.183)
- • Valuer's opinion on market value is contingent on validity of future ownership documents and lease persistence(p.254)
- • Dependency on weather-related facade maintenance(p.353)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| PropShare Investment Manager Private Limited | Investment Manager | — | 5% (contribution to gross proceeds) |
| Axis Trustee Services Limited | Trustee | — | — |
| PropShare Investment Manager Private Limited | Investment Manager | — | 5% |
| PropShare Investment Manager Private Limited | Investment Manager / Promoter | — | 5% (minimum, locked-in for 3 years from listing) |
| PropShare Investment Manager Private Limited | Proposed Acquirer/Future Owner (Client) | — | 100% |
| Venus Infrastructure and Developers Private Limited | Current Owner (Seller) | 100% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.