PropShare Celestia lists at 4.8% discount on stock market debut

Property Share Investment Trust's PropShare Celestia made a muted stock market debut today, April 24, opening at Rs 9,99,900.01 against the reference price of Rs 10,50,000, a discount of about 4.8%.

The Rs 245 crore small and medium REIT (SM REIT) issue, which closed on April 16, was subscribed about 1.33 times overall. Demand was largely driven by non-institutional investors, while institutional participation remained muted.

Unlike a traditional IPO, PropShare Celestia offers investors exposure to income-generating commercial real estate assets rather than an operating business.

The scheme is backed by a Grade A+ office property in Ahmedabad, with tenants including large corporates and co-working operators.

The high-ticket size, with a price band of Rs 10 lakh to Rs 10.5 lakh per unit, limited participation mainly to high-net-worth individuals and institutions, restricting broader retail interest.

With a niche investor base and limited float, listing-day price moves may remain subdued. The flat grey market premium suggests investors are viewing the offer more as a yield-based real estate product than a short-term listing gains opportunity.

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Meanwhile, a Bloomberg report said Blackstone-backed Bagmane Prime Office REIT is preparing to launch its initial public offering as early as next month, targeting a valuation of around $3.9 billion, citing people familiar with the matter.

The Bengaluru-based real estate developer has received regulatory approval and has started investor roadshows, the report said.

The proposed IPO aims to raise Rs 4,000 crore, including up to Rs 3,000 crore through fresh issue of units and a Rs 1,000 crore offer for sale by Blackstone, as per the draft prospectus filed in December.

Bloomberg said discussions are still ongoing, and details such as the issue size and timing could change. A spokesperson for Bagmane REIT did not respond to a request for comment.

India's IPO market has seen a slower start in 2026 after two record fundraising years, amid weaker earnings growth, global trade uncertainty and uneven foreign inflows. However, real estate developers are increasingly tapping capital markets to raise funds.

India currently has seven registered REITs. Listed ones include Knowledge Realty Trust, Mindspace Business Parks REIT, Brookfield India Real Estate Trust, Embassy Office Parks REIT and Nexus Select Trust.