New Delhi, March 30 Property Share Investment Trust, the country's first registered Small and Medium Real Estate Investment Trust (SM REIT), announced on Monday that the IPO of PropShare Celestia, worth Rs 244.65 crore, will open on April 10.
The issue, with a price band of Rs 10-10.50 lakh per unit, will conclude on April 16, according to a statement.
PropShare Celestia is the third SM REIT launched by Property Share Investment Trust.
The public issue will comprise only a fresh issuance of units, with no offer for sale component. The proceeds from the IPO will be used to acquire seven floors in Venus Stratum, a Grade A+ mixed-use commercial building, located in Nehru Nagar, Ahmedabad.
The minimum bid size is Rs 10 lakh, which is also the minimum investment amount for SM REITs. Bids can be made for a minimum of 1 unit and in multiples of 1 unit thereafter.
The underlying asset, Project Celestia, has a super built-up area of 2,07,838 square feet and is fully occupied.
The property has four major tenants, including three managed-office operators – Smartworks Coworking Spaces, EFC Ltd (both listed), and Paragraph Khajanchi Business Centre LLP. The fourth anchor tenant is a listed Swedish telecommunications multinational.
Ambit is the sole lead manager for the issue, while KFin Technologies is the registrar. The units are proposed to be listed on BSE.