IPO Alert: Property Share Files Draft Papers for 3rd SM REIT Scheme to Raise Funds

India’s emerging Small and Medium Real Estate Investment Trust (SM REIT) market is gaining momentum as Property Share Investment Trust moves forward with its third public offering, as per PTI report.  

The platform, which became the country’s first registered SM REIT, has filed draft IPO papers for PropShare Celestia, offering investors access to a fully leased institutional office asset in a fast-growing regional commercial hub. 

Ahmedabad Grade A+ Asset Anchors the Offer 

The PropShare Celestia scheme is built around a single underlying property, Project Celestia, a 2,07,838 sq ft commercial office asset that is already fully occupied.  

The tenant mix provides stability and visibility to cash flows, with 3 listed managed-office operators: Smartworks Coworking Spaces, EFC Ltd and Paragraph Khajanchi Business Centre alongside a large listed Swedish multinational in the telecom space as the fourth anchor tenant. 

The structure gives investors exposure to an operating, income-generating office building rather than a development-stage project.  

Based on current leasing and rental visibility, the scheme projects an 8.4% yield for FY27, positioning it as a relatively high-yielding option within India’s commercial real estate space. 

IPO Structure and Capital Raise 

The public issue size is up to ₹244.65 crore and will be entirely a fresh issue of units, with no offer-for-sale component. This means all funds raised will go directly into the trust to acquire and hold the underlying asset, strengthening investor alignment with the property’s cash-flow generation. 

Ambit has been appointed as the sole lead manager for the issue, while KFin Technologies will act as the registrar. The units are proposed to be listed on the BSE, allowing investors to trade their holdings in a regulated market structure. 

Read More: SEBI Approves ₹650 Crore IPO Of Kusumgar! 

Conclusion 

With a fully leased Grade A+ office property, a diversified tenant base and an 8.4% projected yield, PropShare Celestia positions itself as a compelling addition to India’s growing SM REIT market, offering investors a new way to participate in commercial real estate through a listed, income-generating vehicle. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.  

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.