PropShare Celestia Makes Debut on Stock Market at 4.8% Discount

PropShare Celestia Makes Muted Stock Market Debut, Blackstone-Backed REIT Eyes $3.9 Billion IPO

On April 24, Property Share Investment Trust's PropShare Celestia made its stock market debut, opening at Rs 9,99,900.01 against the reference price of Rs 10,50,000, a discount of about 4.8%. The Rs 245 crore small and medium REIT (SM REIT) issue, which closed on April 16, was subscribed about 1.33 times overall.

Demand for the issue was largely driven by non-institutional investors, while institutional participation remained muted. The high-ticket size, with a price band of Rs 10 lakh to Rs 10.5 lakh per unit, limited participation mainly to high-net-worth individuals and institutions, restricting broader retail interest.

PropShare Celestia offers investors exposure to income-generating commercial real estate assets rather than an operating business. The scheme is backed by a Grade A+ office property in Ahmedabad, with tenants including large corporates and co-working operators. With a niche investor base and limited float, listing-day price moves may remain subdued.

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The flat grey market premium suggests investors are viewing the offer more as a yield-based real estate product than a short-term listing gains opportunity. This is in contrast to the traditional IPO model, where investors often focus on short-term gains.

Blackstone-backed Bagmane Prime Office REIT is preparing to launch its initial public offering as early as next month, targeting a valuation of around $3.9 billion, according to a Bloomberg report. The Bengaluru-based real estate developer has received regulatory approval and has started investor roadshows.

The proposed IPO aims to raise Rs 4,000 crore, including up to Rs 3,000 crore through fresh issue of units and a Rs 1,000 crore offer for sale by Blackstone, as per the draft prospectus filed in December. However, discussions are still ongoing, and details such as the issue size and timing could change.

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India's IPO market has seen a slower start in 2026 after two record fundraising years, amid weaker earnings growth, global trade uncertainty, and uneven foreign inflows. However, real estate developers are increasingly tapping capital markets to raise funds. India currently has seven registered REITs, with listed ones including Knowledge Realty Trust, Mindspace Business Parks REIT, Brookfield India Real Estate Trust, Embassy Office Parks REIT, and Nexus Select Trust.