PropShare Celestia SM REIT IPO opens on 10 April 2026, aiming to raise up to ₹244.65 crores through a fresh issue of 2,330 units.
The issue price band is set at ₹10,00,000 to ₹10,50,000 per share, with a minimum lot size of 1 share.
The scheme focuses on acquiring commercial office space in Ahmedabad to generate rental income for its unitholders. Track all the latest IPOs at our dedicated current IPOs section.
In this article, you will find PropShare Celestia SM REIT IPO GMP today, subscription status, allotment date, price band, and a detailed review.
What are SM REITs for Beginners?
For many retail investors in India, real estate has traditionally meant buying a physical flat or a plot of land, which requires heavy capital and involves significant illiquidity.
Small and Medium Real Estate Investment Trusts (SM REITs) change this dynamic of the market.
Think of an SM REIT like a mutual fund, but instead of buying stocks, the fund pools money from investors to buy completed, income-generating commercial properties.
As an investor, you get fractional ownership of a high-value asset—in this case, premium office space in Ahmedabad. The rent paid by the corporate tenants is then distributed to you regularly, somewhat like a dividend.
Under SEBI regulations, SM REITs must distribute at least 100% of their Net Distributable Cash Flow (NDCF) to unitholders every quarter, making them a vehicle designed for regular income generation.
Briefs of PropShare Celestia SM REIT IPO Details
- Price Band: ₹10,00,000 – ₹10,50,000 per share
- IPO Open / Close Dates: 10 April 2026 – 16 April 2026
- Lot Size: 1 Share
- Issue Size: 2,330 shares / ₹244.65 crores
- Fresh Issue / OFS: ₹244.65 crores Fresh Issue / NIL OFS
- Registrar: KFIN TECHNOLOGIES LIMITED
- Listing Exchange: BSE
Investors who have queries to registrar can find our KFIN IPO allotment status guide quite useful.
What Is The PropShare Celestia SM REIT IPO GMP Today ?
Track grey market premium of this and other IPOs of 2026 at our latest GMP update page.
Eager to know how GMP and listing are related, find a real study on IPO GMP vs Listing Accuracy Study 2026 in our IPO analytic page.
GMP changes daily based on market demand (unofficial indicator and not regularised by SEBI/NSE/BSE).
What Are The Important PropShare Celestia SM REIT IPO Dates & Allotment Schedule?
- IPO Open & Close Date: 10 April 2026 to 16 April 2026
- Basis of Allotment Date: 17 April 2026
- Refund Initiation Date: 20 April 2026
- Credit of Shares: 20 April 2026
- Listing Date: 24 April 2026 (If you're new to IPOs, you can learn about all these IPO terms in detail in our IPO glossary)
What Are The Objectives of PropShare Celestia SM REIT IPO ?
The Net Proceeds from the PropShare Celestia issue are proposed to be utilized for the following objects:
- Acquisition and Related Costs: Funding the acquisition of "Project Celestia" (commercial office space in Stratum @ Venus Grounds, Ahmedabad) by lending to the Celestia SPVs and subscribing to their equity and debt instruments. This includes paying a sinking fund to the society, stamp duty, registration, and statutory charges, requiring approximately ₹237.91 crores.
- General Purposes: The remaining balance of the net proceeds will be deployed for general scheme purposes as permitted by regulations.
How is The Financial Performance of PropShare Celestia SM REIT ?
Note: PropShare Celestia and its Special Purpose Vehicles (SPVs) are newly incorporated. Consequently, historical operational metrics like PAT or ROE are not applicable.
The Total Income column reflects the historical rental income of the underlying property before REIT formation. All figures are in Rupees Crores.
The property generated a rental income of ₹13.78 crores for the nine months ended December 31, 2025.
Total Income:
Because the scheme is new, historical total income reflects the raw rental yield of the Ahmedabad property, which grew from ₹1.29 crores in FY23 to ₹16.42 crores in FY25.
Post-listing, the scheme projects revenues of ₹20.39 crores in FY27.
Assets:
The primary asset is 2,07,838 sq. ft. of commercial space in Nehru Nagar, Ahmedabad. It was independently valued at ₹250.34 crores as of September 30, 2025.
Peer Comparison
As per the offer document, there are currently no listed SM REIT peers in India to benchmark against, apart from the manager's own prior offerings (PropShare Platina and Titania).
Investors have to evaluate the trust based on the projected distribution yields and underlying asset quality.
What is the Industry Outlook of PropShare Celestia SM REIT?
Growth potential:
The regulatory introduction of Small and Medium REITs by SEBI has opened up a new avenue for formalising fractional commercial real estate in India.
With regulatory mandates requiring 95% of assets to be in completed, revenue-generating properties, the segment aims to attract domestic capital seeking yield-generating alternatives to fixed deposits and volatile equities.
Market trends and competitors:
The Grade A office market in Tier 1 and emerging Tier 2 cities like Ahmedabad is seeing sustained demand from Global Capability Centres (GCCs), flexible workspace operators, and IT/BPM sectors.
While the SM REIT space is nascent with limited direct-listed competitors, the broader commercial real estate sector remains closely tied to institutional capital flows, interest rate cycles, and corporate hiring trends.
What Are The Strengths and Risks of PropShare Celestia SM REIT IPO ?
Strengths:
- High Yield Visibility: The scheme outlines a distribution yield starting at 8.1% in FY26 and rising to 8.9% in FY29, driven by embedded 5% to 15% contractual rental escalations.
- Cash Flow Stability: The underlying asset enjoys 100% occupancy with a Weighted Average Lease Expiry (WALE) of 6.72 years. There are no lease expiries scheduled until FY31.
- Premium Asset Quality: Stratum @ Venus Grounds is an IGBC Platinum-certified development in Ahmedabad's Secondary Business District, catering to Fortune 500 end-users.
- Zero Leverage: The trust will operate without any external borrowings post-listing, removing interest rate risks at the scheme level.
Risks:
- High Tenant Concentration: Approximately 97.32% of the leasable area is occupied by managed office providers and co-working operators (like Smartworks). If the underlying corporate end-users default, it could disrupt rent payments, and the REIT has no direct contractual claim against those end-users.
- No Operating History: The SPVs managing the properties have no past operating track record, placing total reliance on the manager's future execution.
- Geographic Concentration: The entire investment is confined to a single micro-market in Nehru Nagar, Ahmedabad. Any localised economic downturn or supply glut in this area will directly impact the asset's valuation. How valuation and listing of IPOs are related, find the real analysis in our IPO research and data section.
- Pending Approvals: Certain transaction documents are yet to be executed, and one tenant has only provided in-principle (not written) consent for the acquisition as required by their lease clause.
Key Considerations for Investors-
When looking at the PropShare Celestia SM REIT IPO, market participants observe the nature of fractional commercial real estate.
Investors must weigh the projected distribution yields against the inherent risks of single-city asset concentration and heavy reliance on flexible workspace operators.
The mandate to distribute 100% of NDCF ensures regular payouts, but unit prices on the exchange will still be subject to market fluctuations, liquidity constraints, and shifting interest rate environments.
As always, assessing the valuation models, the valuer's cap rate assumptions, and the lack of historical operating data are critical steps.
Key Takeaways
- IPO Price Band: ₹10,00,000 to ₹10,50,000 per share (Unit)
- Lot Size: 1 Share (Minimum investment of ₹10,50,000)
- Allotment & Listing Dates: Allotment on 17 April 2026, Listing on 24 April 2026.
FAQs on PropShare Celestia SM REIT IPO
What is PropShare Celestia SM REIT IPO GMP today?
You can check the latest GMP of the PropShare Celestia IPO and other issues on our dedicated GMP hub page. GMP is an unofficial market metric.
What is PropShare Celestia SM REIT IPO price band?
The price band for the PropShare Celestia SM REIT IPO is set at ₹10,00,000 to ₹10,50,000 per share/unit.
What is PropShare Celestia SM REIT IPO allotment date?
The basis of allotment for the PropShare Celestia SM REIT IPO is scheduled to be finalized on 17 April 2026.
How to check PropShare Celestia SM REIT IPO allotment status?
Once the allotment is finalised, you can check your status on the official website of the registrar, KFIN TECHNOLOGIES LIMITED, or through the BSE website using your PAN or application number. You can also track the allotment related details at our IPO allotment hub page.
What is PropShare Celestia SM REIT IPO listing date?
The shares (units) of PropShare Celestia SM REIT are scheduled to be listed on the BSE on 24 April 2026.
Investment Perspective on PropShare Celestia SM REIT IPO
Investing in an SM REIT requires understanding real estate cycles, capitalisation rates, and tenant risk profiles rather than traditional corporate earnings. The trust offers an avenue to participate in commercial real estate revenues, structured around mandatory quarterly distributions. Prospective investors should study the offer document carefully, especially the risk factors associated with tenant concentration and the newly established nature of the scheme.
Disclaimer:
This article is for informational purposes only and does not constitute financial advice. The details provided are based on the Red Herring Prospectus (RHP) and are factual in nature. Market investments are subject to risks. Please consult a SEBI-registered investment advisor before making any investment decisions.
