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Units of PropShare Celestia, a small and medium REIT scheme of Property Share Investment Trust, closed over 1% lower on their stock market debut, reflecting muted investor sentiment. The units listed at a discount to the issue price of INR 10.50 lakh and ended at INR 10.35 lakh. The INR 244 crore public issue had seen modest demand with a 1.33 times subscription. The proceeds are earmarked for acquiring commercial office space in Ahmedabad. The listing performance indicates cautious investor response to SM REIT instruments despite stable underlying commercial assets and income-generating potential.
Units of PropShare Celestia, a scheme under Property Share Investment Trust, ended over 1% lower on their trading debut, closing at INR 10.35 lakh per unit against an issue price of INR 10.50 lakh, according to market data released in the past week. Advertisement
The units opened at INR 9,99,900.01 on the BSE, marking a decline of 4.77% from the issue price, before recovering partially during the trading session. Despite the recovery, the units still ended the day down 1.42%, indicating subdued investor response to the listing.
The initial public offering (IPO) of the SM REIT had raised approximately INR 244 crore and was subscribed 1.33 times at the close of bidding. The issue comprised a fresh issuance of units, with no offer-for-sale component.
PropShare Celestia is the third small and medium real estate investment trust launched by Property Share Investment Trust. The scheme is structured to invest in income-generating commercial real estate assets, offering investors exposure to rental income streams through listed units.
The proceeds from the IPO are intended for the acquisition of seven floors in ‘Venus Stratum’, a Grade A+ mixed-use commercial building located in Nehru Nagar, Ahmedabad. The asset forms the core investment underlying the scheme.
Following the listing, the market valuation of the scheme stood at approximately INR 241.16 crore. The debut performance reflects a cautious sentiment among investors towards newly listed SM REIT structures, particularly in the context of pricing and expected yields.
The listing also comes amid a broader evolution in India’s real estate investment landscape, where SM REITs are emerging as a new investment vehicle aimed at providing access to smaller, income-generating commercial assets. However, the relatively modest subscription levels and discount listing suggest that investor participation in this segment remains measured.
Source - PTI
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