PropShare Celestia IPO: Soaring Demand with 1.33 Times Subscription

PropShare Celestia's IPO experienced strong demand, closing with 1.33 times subscription. This SM REIT raised Rs 244 crore with bids for 3,090 units against 2,323 on offer. The proceeds aim at acquiring a commercial space in Ahmedabad. Ambit managed the issue, readying for BSE listing.

On the final day of its open period, the initial public offering (IPO) of PropShare Celestia received an over-subscription rate of 1.33 times, reflecting strong investor interest.

This marks the third Small and Medium Real Estate Investment Trust (SM REIT) from Property Share Investment Trust, pulling in bids for 3,090 units, surpassing the 2,323 units initially available according to BSE data.

The Rs 244-crore IPO will help fund the acquisition of seven floors in Venus Stratum, a premier commercial location in Ahmedabad, with plans to list on the BSE soon. Ambit oversaw the issue, offering a price band of Rs 10-10.50 lakh per unit.

(With inputs from agencies.)