Property Share Investment Trust, the country’s first registered Small and Medium Real Estate Investment Trust (SM REIT), has announced that the Rs 244.65 crore IPO of PropShare Celestia will open next month. According to the information available, the public issue will open for subscription on April 10. The issue, with a price band of Rs 10-10.50 lakh per unit,ย will conclude on April 16, the statement reads.
PropShare Celestia is the third SM REIT launched by Property Share Investment Trust.
The public issue will comprise only a fresh issue of units, with no offer-for-sale component. The IPO proceeds will be used to acquire seven floors in Venus Stratum, a Grade A+ mixed-use commercial building, located in Nehru Nagar, Ahmedabad.
Minimum bid size
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 primary 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 of the issue, while KFin Technologies is the registrar. The units are proposed to be listed on the BSE.
Powerica IPO subscription
Meanwhile, the initial public offering (IPO) of power solutions provider Powerica Ltd sailed through on the last day of bidding on Friday, getting subscribed 1.45 times, amid buying support from institutional buyers.
As per details available with the National Stock Exchange (NSE), the Rs 1,100-crore IPO received bids for 2,98,57,816 shares against 2,05,55,171 shares on offer. The portion for Qualified Institutional Buyers (QIBs) fetched 4.
50 times subscription. The category for non-institutional investors received 44 per cent subscription, while the quota for retail individual investors (RIIs) got subscribed to 15 per cent.
(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)