Other Investors’ portions subscribed 2.09 times on Day 1
FinTech BizNews Service
Mumbai April 11, 2026: The Initial Public Offering of Property Share Investment Trust (“SM REIT”), India’s first registered Small and Medium Real Estate Investment Trust for PropShare Celestia, their third scheme, was subscribed 0.65 times on the first day of bidding, demonstrating strong demand from Other Investors for this IPO.
The issue received bids of 1,509 equity shares against the offered 2,323 equity shares, according to data available on the stock exchanges.
Other Investors portion was subscribed 2.09 times. Institutional Investors portion was subscribed 0.17 times.
The Scheme IPO is a fresh issue raising up to ₹ 244.65 crore for investment across seven identified floors in Venus Stratum, a Grade A+ mixed-use commercial building with a unique atrium located in prime Nehru Nagar, Ahmedabad (Source: JLL Report).
The issue kicked off for subscription on Friday, April 10, 2026, and will close for subscription on closes Thursday, April 16, 2026.
Company Information
Project Celestia comprises a super- built-up area of 2,07,838 sq ft and is 100% occupied by a listed Swedish telecommunications MNC and a diversified base of 10 occupiers, comprising three Fortune Global 500 companies, which includes a Global Consulting company, Global Technology company and Global Chemical company, one Fortune 500 company and US-based multinational FMCG company. Other notable end users include a US-based leading professional services firm, an Indian private sector bank, an Indian B2B e-commerce platform, Risk management and financial analytics solutions provider and Data analytics and business intelligence firm. This high-quality and diverse tenant mix ensures a stable and reliable income stream.
According to the JLL Report, within Ahmedabad SBD, Nehru Nagar’s combination of strategic location, connectivity, proximity to key urban infrastructure and strong social amenities creates an attractive investment proposition for investors.
PropShare Celestia offers a projected distribution yield of 8.4% for FY 2027, 8.7% for FY 2028 and 8.9% for FY 2029. Also, the projected distribution yield is based on the assumptions and estimates as deemed appropriate and reasonable by the Investment Manager at the date of the Projections and has been adopted by the board of directors of the Investment Manager on January 8, 2026 and certified by the Auditors.
This Issue is being made through the Book Building Process and in compliance with the REIT Regulations, wherein not more than 75% of the Net Issue shall be available for allocation on a proportionate basis to Institutional Investors and balance 25% of the Net Issue shall be available for allocation to Non-Institutional Investors, in accordance with the REIT Regulations.
About SM REITs
SM REITs are a new asset class introduced by the Securities and Exchange Board of India as a sub-class within the REIT framework for assets valued between ₹ 50-500 crores. Similar to REITs, SM REIT units are required to be listed on the stock exchanges but with a minimum lot size of 1 unit of Rs. 10 lakhs. SM REITs are not permitted to invest in under-construction assets or land and must distribute 95% of earnings as distributions to unit holders.
About Property Share
Property Share was founded in 2016 by Hashim Khan and Kunal Moktan. Kunal has over fifteen years of work experience buying, managing and selling real estate. Kunal Moktan has previously worked for over seven years with the Blackstone Group. Hashim has over eight years of experience investing in real estate at AltInvest Online Platform Private Limited and has also served as its chief technology officer since inception. AltInvest Online Platform Private Limited (the parent company of the Investment Manager) is backed by some prominent names in alternative institutional investing including Westbridge Capital, Lightspeed India, BEENEXT and Pravega Ventures.
