Property Share Investment Trust-Propshare Celestia IPO

About Property Share Investment Trust IPO

The Property Share Investment Trust IPO opens on Friday, April 10, 2026, and closes on Thursday, April 16, 2026. The allotment of shares will take place on Friday, April 17, 2026. The credit of shares to the demat account will take place on Monday, April 20, 2026. The initiation of refunds will take place on Monday, April 20, 2026. The listing of shares will take place on Friday, April 24, 2026.

The offer consists of a fresh issue component. The fresh issue will include 2,330 shares

(aggregating up to ₹245 crores). The total number of shares and aggregate amount are 2,330 shares (aggregating up to ₹245 crores).

Property Share Investment Trust IPO’s price band is set at ₹10,00,000.00 to ₹10,50,000.00 per share. The lot size for an application is TBA. The minimum amount of investment required by a retail investor is ₹TBA (TBA shares) (based on upper price). The minimum lot size investment for HNI is TBA.

PropShare Celestia is the third scheme launched by Property Share Investment Trust, India's first small and medium real estate investment trust registered with the Securities and Exchange Board of India. Their third scheme i.e., PropShare Celestia represents the Scheme’s offering across seven floors of Stratum @ Venus Grounds, a Grade A+ mixed-use commercial building with a unique atrium located in prime Nehru Nagar, Ahmedabad (Source: JLL Report).

Objectives of Property Share Investment Trust IPO

(i) Acquisition of the Project Celestia and payment of sinking fund to society by Celestia SPVs (the “Proposed Acquisition”), and reimbursement or direct payment, as applicable, of statutory charges under applicable laws (including stamp duty, registration, surcharge and cess etc. for the registration of sale deeds) to the Investment Manager for the Proposed Acquisition by way of lending to the Celestia SPVs and subscribing to the equity and debt instruments of their Celestia SPVs.

(ii) General purposes.

Industry Outlook

While the influx of private equity, sovereign and pension funds support the push for creating more investible grade assets, the public markets and more specifically REITs have enhanced institutional participation. These instruments provide liquid avenues by creating both depth and breadth in real estate markets. The listing of REITs in India has provided a mutual fund like investment option in real estate. It provides diversification across asset classes and geographies, an opportunity to invest in real estate properties in smaller denominations through formal platforms, lower transaction costs, tax savings, easy liquidity, and access to expertise coupled with transparency and accountability.

India's office market has witnessed significant growth over the past two and half decades, establishing itself as a prominent player in the global commercial real estate industry. Leasing activity in India continues to see a sustained period of intense activity, underpinned by demand from both global and domestic occupiers. Commercial office activity is increasingly expanding beyond India's traditional top seven office markets (Bengaluru, Chennai, Delhi NCR, Hyderabad, Mumbai, Pune, and Kolkata) cities, propelled by factors like rising real estate costs in major hubs, the availability of a skilled workforce, infrastructure enhancements, and supportive government initiatives. Ahmedabad exemplifies this shift, recording strong gross leasing activity in the past three to four years. This robust corporate demand, coupled with acquisition of spaces in premium buildings by flex operators, has created a shortage of premium grade supply in the market, which is expected to drive up rental rates for these premium assets.

About Property Share Investment Trust

PropShare Celestia is the third scheme launched by Property Share Investment Trust, India's first small and medium real estate investment trust registered with the Securities and Exchange Board of India. Their third scheme i.e., PropShare Celestia represents the Scheme’s offering across seven floors of Stratum @ Venus Grounds, a Grade A+ mixed-use commercial building with a unique atrium located in prime Nehru Nagar, Ahmedabad (Source: JLL Report).

Project Celestia has a Super Built-Up Area of 2,07,838 sq. ft and is 100% occupied by four tenants, including three managed-office operators – Smartworks Coworking Spaces Limited, EFC Limited (both publicly listed) and Paragraph Khajanchi Business Centre LLP (one of the top five co-working operators in Ahmedabad in terms of no. of operational seats) and a Swedish based listed telecommunications MNC. Lessees as managed office providers and co-working space operators have established managed office facilities at the Project Celestia for a diversified base of 10 occupiers, comprising three Fortune Global 500 companies, which include a Global Consulting company, a Global Technology company and a Global Chemical company, and one Fortune 500 company which is a US-based multinational FMCG company. Other notable end users include Tech Mahindra, US-based leading professional services firm, an Indian private sector bank, an Indian B2B e-commerce platform, risk management and financial analytics solutions provider and data analytics and business intelligence firm. This high-quality and diverse tenant mix ensures a stable and reliable income stream.

Strengths of Property Share Investment Trust

• Project Celestia is a part of Stratum @ Venus Grounds, a landmark IGBC Platinum-certified, Grade A+ mixed use commercial building, featuring a unique atrium (Source: JLL Report).

• Sound business model with embedded rental growth and stable cash flows backed by a long WALE of 6.72 years.

• 100% occupancy by a diversified underlying tenant and end user portfolio comprising 3 Fortune Global 500 companies, one Fortune 500 company and other notable tenants.

• Ahmedabad – A rapidly strengthening infrastructure & growth corridor (Source: JLL Report).

• Located within prime Nehru Nagar, between CBD & SBD and in proximity to major infrastructure developments like the BRTS, metro and upcoming bullet train, with low vacancy and no upcoming Grade A+ supply.

• Experienced investment and asset management team with oversight and strong corporate governance through an experienced board and marquee investors.

Risks of Property Share Investment Trust

• They have not executed certain agreements for the proposed acquisition of the project Celestia.

• PropShare Celestia has no operating history and may not be able to operate their business successfully, achieve their business objectives or generate sufficient cash flows to make or sustain distributions.

• A substantial portion (approximately 97.32% of total Super Built-Up Area) of the Project Celestia has been leased to managed office providers and co-working space operators who have further entered into contracts with end users.

• Their business, revenues and profitability are dependent on the performance of the commercial real estate market in India.

• Their actual results may be materially different from the projections included in this key information of the scheme.

• The title and development rights or other interests over land where their Project Celestia is located may be subject to legal uncertainties.

• Ahmedabad is an emerging office market undergoing transition to maturity, and its limited track record and lower occupier penetration compared to established markets may adversely affect them.

• The investment manager may not be able to execute their growth strategy successfully resulting in inability to offer projected yields.

Anchor Investor Bidding Date: Thursday, April 9, 2026

Registrar: KFin Technologies Limited

Book Running Lead Managers: Ambit Private Limited

Property Share Investment Trust Business Model

Property Share Investment Trust earns its revenue as India's first small and medium real estate investment trust registered with the Securities and Exchange Board of India.

Property Share Investment Trust Growth Trajectory

As of 31 March 2025, the company’s Total Income, Loss After Tax, and EBITDA were ₹5.336 crores, ₹(200.16) crores, and ₹ crores, respectively.

*() denotes negative

Property Share Investment Trust Market Position

As on December 31, 2025, Project Celestia is 100% occupied by 4 tenants including three managed-office operators – (i) Smartworks Coworking Spaces Limited, (ii) EFC Limited (both publicly listed) and (iii) Paragraph Khajanchi Business Centre LLP (one of the top five co-working operators in Ahmedabad in terms of operational seats); and a Swedish based listed telecommunications MNC. (Source: JLL Report)

How to apply for Property Share Investment Trust IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.

• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.

• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.

• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.

• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.