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Commercial realty developer PropShare’s Rs.244-Cr REIT IPO fully booked

Rediff   PropShare  

Bengaluru-based PropShare Celestia's INR 244 crore initial public offering (IPO) received 1.33 times subscription on the closing day of the issue. The IPO received bids for 3,090 units against 2,323 units on offer. The issue has a price band of Rs 10-10.50 lakh per unit.PropShare Celestia is the third Small and Medium Real Estate Investment Trust (SM REIT) launched by Property Share Investment Trust. 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. Ambit was the sole lead manager to the issue.