About Property Share Investment Trust REIT
PropShare Celestia IPO Details
The PropShare Celestia IPO is a 100% book-built issue of ₹245 crore, entirely a fresh issue of 2,330 equity shares. The company filed its DRHP with SEBI on January 08, 2026.
The price band of this issue is ₹10 lakh to ₹10.5 lakh per share. The IPO will open for subscription on April 10, 2026 and close on April 16, 2026, on the BSE SME platform. The listing date of this issue is April 24, 2026. The book-running lead manager (BRLM) of the issue is Ambit Private Ltd., while KFin Technologies Ltd. serves as its registrar.
PropShare Celestia IPO Date & Timeline
The PropShare Celestia IPO is officially set to open for subscription on Apr 10, 2026 and will close on Apr 16, 2026. The company initially filed its Draft Red Herring Prospectus (DRHP) on January 08, 2026 and has now finalized its schedule following SEBI approval. Once the subscription window closes, the finalisation of the basis of allotment is expected on Apr 17, 2026. Following this step, the company will initiate refunds and credit shares to successful investors' demat accounts on April 20, 2026. Finally, the PropShare Celestia Ltd. shares are tentatively scheduled to list on the stock exchanges on Apr 24, 2026.
Property Share Investment Trust REIT IPO Timeline
| REIT Open | Fri, Apr 10, 2026 |
| REIT Close | Thu, Apr 16, 2026 |
| Basis of Allotment | Fri, Apr 17, 2026 |
| Initiation of Refunds | Mon, Apr 20, 2026 |
| Credit of Shares to Demat | Mon, Apr 20, 2026 |
| Listing Date | Fri, Apr 24, 2026 |
| Cut-off time for UPI mandate confirmation | - |
Property Share Investment Trust REIT IPO Details
| Detail | Description |
|---|---|
| IPO Date | 10 to 16 Apr, 2026 |
| Listing Date | Fri, Apr 24, 2026 |
| Face Value | - |
| Price Band | ₹ 10,00,000.00 to ₹ 10,50,000.00 |
| Lot Size | 1 Share |
| Total Issue Size | 2,330 shares (agg. up to ₹ 245 Cr) |
| Fresh Issue | 2,330 shares (agg. up to ₹ 245 Cr) |
| Issue Type | Bookbuilding REIT |
| Listing At | BSE |
| Shareholding post issue | - |
PropShare Celestia IPO GMP (Grey Market Premium)
A "grey market premium," or GMP, is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.
The PropShare Celestia IPO GMP is currently trading at ₹[.], reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹[.], which is [.]% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
Company Background
PropShare Celestia Ltd. was established on December 12, 2025, as a third scheme under the Property Share Investment Trust. The Trust itself was formed in mid-2024 to leverage the new SM REIT regulations introduced by SEBI to democratize real estate investing. The Investment Manager, PropShare Investment Manager Pvt. Ltd., was incorporated to identify and manage high-quality commercial assets that were previously accessible only to large institutional players. The parent company of investment manager AltInvest Online Platform Pvt. Ltd. brings years of experience in the real estate tech-platform space to this new regulatory structure.
Operations & Product Range
The fundamental operating model of PropShare Celestia Ltd. is the acquisition and management of fully completed and income-generating commercial properties. The main asset under this model is "Project Celestia," which is a commercial space in the Venus Stratum building in Ahmedabad. The idea behind the model is to generate income through rent from high-quality tenants and pay the Net Distributable Cash Flows (NDCF) to the unitholders.
Facilities & Capacity
The operational infrastructure of PropShare Celestia Ltd. is based at the Venus Stratum property, which currently enjoys 100% occupancy. The project spans across an area of 2,07,838 sq. ft. and includes 3 managed office and co-working operators. The investment manager aims to maintain the high occupancy level of the property and currently has no plans to significantly expand the structure apart from the asset acquisition.
Brands & Market Presence
The PropShare Celestia Ltd. brand has established a niche for itself as a pioneer in the fractional ownership and SM REIT market in India. By focusing on Grade A commercial properties, the trust caters to a segment of the market that demands transparency and high standards of management. The Venus Stratum asset in Ahmedabad is a strategic choice for this trust, given its position in one of India's burgeoning commercial markets. The brand is leveraging its technology-based model and the experience of its management to attract retail and sophisticated investors.
Revenue Streams & Business Model
The main source of income for PropShare Celestia Ltd. is the rental income it earns from its tenants at Project Celestia. The business model is based on a "pass-through" concept, where at least 90% of the NDCF is to be distributed to the unitholders. In terms of yield, for FY2026, it is projected at 8.1%, which is expected to increase to 8.9% in FY2029, based on the projected cash flows. These projections have been made based on existing leases and escalations in rental income over the next few years.
Management & Shareholding
The board members of Propshare Celestia Ltd. are led by the investment manager of the parent company, while the promoters bring significant experience from global firms; for instance, Kunal Moktan, a co-founder, previously spent over 7 years at Blackstone. Before the IPO, the ownership was held by the sponsors and early-stage investors in the trust's parent platform. Post-IPO, the shareholding will be distributed between the investment manager (who must maintain a 5% stake as per SM REIT regulations) and the public unitholders.
Board & Key Management
The investment manager's board comprises individuals with in-depth knowledge in the fields of real estate, finance and law. Kunal Moktan serves as the key director and the CFO, bringing over 15 years of experience in the real estate industry. Hashim Khan, the other co-founder, is also an important part of the management team. Independent directors assist the board in adhering to the "fit and proper" criteria set by SEBI.
Property Share Investment Trust REIT Financial Information
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| — | — | — | — | — | — | ||||
| Amount in ₹ Crore | |||||||||
Property Share Investment Trust REIT Key Performance Indicator
| KPI | Values |
|---|---|
| - |
PropShare Celestia IPO Objectives
The company intended to use the PropShare Celestia IPO proceeds for strategic purposes:
- • Acquire the equity interest in the SPVs that currently hold or will hold the identified commercial spaces in the Venus Stratum building
- • General corporate purposes
PropShare Celestia IPO Review
The PropShare Celestia IPO provides an interesting investment prospect, allowing investors to gain exposure to the commercial real estate market through the SM REIT vehicle. The business position is strong, as the company has a focus on a fully occupied grade-A asset in a key urban center, which reduces the "construction risk" inherent in investing in real estate assets.
From a financial perspective, the investment plan offers an appealing yield profile, ranging from 8.1% to 8.9% over the coming years. However, the investment plan's yield profile must be considered against the inherent risk profile of the real estate sector, which could include tenant defaults, market rentals and the fact that the investment plan is a new product in the Indian market. The investment plan's major advantage is the experienced management team's track record in the real estate sector. The investment plan is essentially an IPO focused on generating yield from real estate.
Conclusion
PropShare Celestia IPO is an opportunity for investors to invest in the growing maturity of the Indian REIT market by introducing smaller, asset-specific schemes. The project’s 100% occupancy and the management’s institutional pedigree are significant pillars of the offering. Even though the commercial real estate market goes through ups and downs, PropShare Celestia's focus on properties that make money gives a clear plan for possible profits.
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Competitive Strengths
The target property, Project Celestia, is currently enjoying a 100% occupancy rate with established tenants.
The investment manager's leadership team comprises seasoned professionals from international real estate organisations such as Blackstone.
It offers a transparent and SEBI-regulated platform for retail investment in commercial real estate.
The scheme offers projections for distribution yields that range from 8.1 to 8.9% over 4 years.
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IPO Lot Size
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