PropShare Celestia has achieved up to 98 percent subscription for its maiden public issue on April 15. The REIT approached capital markets on April 10 to raise nearly Rs 245 crore via initial public offering (IPO). This amount is the lowest among the three schemes launched by the Trust since 2024. The price band for the issue, which closes on April 16, is Rs 10 lakh to Rs 10.5 lakh.
The public issue has received bids for 2,280 units in the last three days against an offer size of 2,323 units, with non-institutional investors leading the subscriptions. The portions set aside for non-institutional investors and institutional investors were subscribed 3.42 times and 17 percent, respectively.
PropShare Celestia will utilize Rs 237.9 crore of proceeds from the IPO for project acquisition and payments related to Celestia SPVs. The scheme offers access to 2,07,838 square feet across seven floors of a commercial building in Ahmedabad, which is fully occupied by four tenants.
