{"id":69220,"date":"2026-04-10T11:14:54","date_gmt":"2026-04-10T05:44:54","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=69220"},"modified":"2026-04-10T11:16:22","modified_gmt":"2026-04-10T05:46:22","slug":"propshare-celestia-ipo-gmp-day-1","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/propshare-celestia-ipo-gmp-day-1\/","title":{"rendered":"PropShare Celestia IPO GMP Day 1: Subscription Opens April 10 \u2014 GMP Today, SM REIT Explained And Should You Apply?"},"content":{"rendered":"<p><strong>PropShare Celestia IPO GMP Day 1<\/strong> data is in \u2014 and the grey market premium on the opening day of subscription (April 10, 2026) stands at \u20b90. No premium. Flat. If you were expecting a listing-pop GMP number like you see for regular equity IPOs, this one is different \u2014 because PropShare Celestia is not a regular equity IPO.<\/p><p>This is India&#8217;s third SM REIT (Small and Medium Real Estate Investment Trust) unit offering, priced at \u20b910 lakh to \u20b910.5 lakh per unit with a minimum investment of \u20b910,50,000. It opened for subscription this morning, April 10, 2026, and will remain open until April 16, 2026. Listing is expected on April 24, 2026.<\/p><p>If you are here to decide whether to apply \u2014 or to understand why the GMP is flat and what that actually means for this type of offering \u2014 this article covers everything you need on Day 1.<\/p><p><a href=\"https:\/\/univest.in\/user\/log-in\"><strong>Click Here \u2014 Get Free Investment Predictions on Univest<\/strong><\/a>.<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/propshare-celestia-ipo-gmp-day-1\/#PropShare_Celestia_IPO_%E2%80%94_Day_1_Quick_Facts\" title=\"PropShare Celestia IPO \u2014 Day 1 Quick Facts\">PropShare Celestia IPO \u2014 Day 1 Quick Facts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/propshare-celestia-ipo-gmp-day-1\/#PropShare_Celestia_IPO_GMP_Day_1_%E2%80%94_Why_Zero_GMP_Is_Not_a_Red_Flag_Here\" title=\"PropShare Celestia IPO GMP Day 1 \u2014 Why Zero GMP Is Not a Red Flag Here\">PropShare Celestia IPO GMP Day 1 \u2014 Why Zero GMP Is Not a Red Flag Here<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/propshare-celestia-ipo-gmp-day-1\/#What_You_Are_Actually_Buying_%E2%80%94_PropShare_Celestia_Explained_Simply\" title=\"What You Are Actually Buying \u2014 PropShare Celestia Explained Simply\">What You Are Actually Buying \u2014 PropShare Celestia Explained Simply<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/propshare-celestia-ipo-gmp-day-1\/#The_Asset_Stratum_Venus_Grounds_Nehru_Nagar_Ahmedabad\" title=\"The Asset: Stratum @ Venus Grounds, Nehru Nagar, Ahmedabad\">The Asset: Stratum @ Venus Grounds, Nehru Nagar, Ahmedabad<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/propshare-celestia-ipo-gmp-day-1\/#Tenant_Profile_%E2%80%94_The_People_Paying_Your_Rent\" title=\"Tenant Profile \u2014 The People Paying Your Rent\">Tenant Profile \u2014 The People Paying Your Rent<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/propshare-celestia-ipo-gmp-day-1\/#Financial_Model_%E2%80%94_How_Returns_Flow_to_You\" title=\"Financial Model \u2014 How Returns Flow to You\">Financial Model \u2014 How Returns Flow to You<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/propshare-celestia-ipo-gmp-day-1\/#Day_1_Subscription_%E2%80%94_What_to_Expect_and_Monitor\" title=\"Day 1 Subscription \u2014 What to Expect and Monitor\">Day 1 Subscription \u2014 What to Expect and Monitor<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/propshare-celestia-ipo-gmp-day-1\/#Day_1_Decision_Should_You_Apply_for_PropShare_Celestia_IPO\" title=\"Day 1 Decision: Should You Apply for PropShare Celestia IPO?\">Day 1 Decision: Should You Apply for PropShare Celestia IPO?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/propshare-celestia-ipo-gmp-day-1\/#Apply_If\" title=\"Apply If:\">Apply If:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/propshare-celestia-ipo-gmp-day-1\/#Skip_If\" title=\"Skip If:\">Skip If:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/propshare-celestia-ipo-gmp-day-1\/#Key_Risks_%E2%80%94_Read_Before_Applying\" title=\"Key Risks \u2014 Read Before Applying\">Key Risks \u2014 Read Before Applying<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/propshare-celestia-ipo-gmp-day-1\/#Allotment_Timeline_And_How_to_Check_Status\" title=\"Allotment Timeline And How to Check Status\">Allotment Timeline And How to Check Status<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/propshare-celestia-ipo-gmp-day-1\/#PropShare_Celestia_vs_Previous_PropShare_Schemes\" title=\"PropShare Celestia vs Previous PropShare Schemes\">PropShare Celestia vs Previous PropShare Schemes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/propshare-celestia-ipo-gmp-day-1\/#Frequently_Asked_Questions_%E2%80%94_PropShare_Celestia_IPO_GMP_Day_1\" title=\"Frequently Asked Questions \u2014 PropShare Celestia IPO GMP Day 1\">Frequently Asked Questions \u2014 PropShare Celestia IPO GMP Day 1<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/propshare-celestia-ipo-gmp-day-1\/#Q1_What_is_PropShare_Celestia_IPO_GMP_on_Day_1_April_10_2026\" title=\"Q1. What is PropShare Celestia IPO GMP on Day 1 (April 10, 2026)?\">Q1. What is PropShare Celestia IPO GMP on Day 1 (April 10, 2026)?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/propshare-celestia-ipo-gmp-day-1\/#Q2_What_is_PropShare_Celestia_IPO_and_why_is_it_different_from_regular_IPOs\" title=\"Q2. What is PropShare Celestia IPO and why is it different from regular IPOs?\">Q2. What is PropShare Celestia IPO and why is it different from regular IPOs?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/propshare-celestia-ipo-gmp-day-1\/#Q3_When_does_PropShare_Celestia_IPO_subscription_open_and_close\" title=\"Q3. When does PropShare Celestia IPO subscription open and close?\">Q3. When does PropShare Celestia IPO subscription open and close?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/propshare-celestia-ipo-gmp-day-1\/#Q4_What_is_the_minimum_investment_in_PropShare_Celestia_IPO\" title=\"Q4. What is the minimum investment in PropShare Celestia IPO?\">Q4. What is the minimum investment in PropShare Celestia IPO?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/univest.in\/blogs-2\/propshare-celestia-ipo-gmp-day-1\/#Q5_What_property_does_PropShare_Celestia_invest_in\" title=\"Q5. What property does PropShare Celestia invest in?\">Q5. What property does PropShare Celestia invest in?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/univest.in\/blogs-2\/propshare-celestia-ipo-gmp-day-1\/#Q6_When_is_PropShare_Celestia_IPO_listing_date\" title=\"Q6. When is PropShare Celestia IPO listing date?\">Q6. When is PropShare Celestia IPO listing date?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/univest.in\/blogs-2\/propshare-celestia-ipo-gmp-day-1\/#Q7_What_are_the_risks_of_investing_in_PropShare_Celestia\" title=\"Q7. What are the risks of investing in PropShare Celestia?\">Q7. What are the risks of investing in PropShare Celestia?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/univest.in\/blogs-2\/propshare-celestia-ipo-gmp-day-1\/#Q8_How_to_check_PropShare_Celestia_IPO_allotment_status\" title=\"Q8. How to check PropShare Celestia IPO allotment status?\">Q8. How to check PropShare Celestia IPO allotment status?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/univest.in\/blogs-2\/propshare-celestia-ipo-gmp-day-1\/#Recent_Article\" title=\"Recent Article\">Recent Article<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"PropShare_Celestia_IPO_%E2%80%94_Day_1_Quick_Facts\"><\/span><strong>PropShare Celestia IPO \u2014 Day 1 Quick Facts<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Parameter<\/strong><\/td><td><strong>Details<\/strong><\/td><\/tr><tr><td>Today<\/td><td>Day 1 \u2014 April 10, 2026 (Friday)<\/td><\/tr><tr><td>GMP Today (Day 1)<\/td><td>\u20b90 \u2014 No grey market premium (flat listing expected)<\/td><\/tr><tr><td>IPO Type<\/td><td>SM REIT Unit Offering \u2014 NOT a regular equity IPO<\/td><\/tr><tr><td>Trust<\/td><td>Property Share Investment Trust (3rd Scheme \u2014 PropShare Celestia)<\/td><\/tr><tr><td>SEBI Registration<\/td><td>IN\/SM-REIT\/24-25\/0001 (India&#8217;s first registered SM REIT)<\/td><\/tr><tr><td>Price Band<\/td><td>\u20b910,00,000 to \u20b910,50,000 per unit<\/td><\/tr><tr><td>Issue Size<\/td><td>\u20b9244.65 crore (2,330 units \u2014 100% fresh issue)<\/td><\/tr><tr><td>Lot Size<\/td><td>1 unit<\/td><\/tr><tr><td>Minimum Investment<\/td><td>\u20b910,50,000 (1 unit at upper band)<\/td><\/tr><tr><td>QIB Reservation<\/td><td>75% of net offer<\/td><\/tr><tr><td>NII\/HNI Reservation<\/td><td>25% of net offer<\/td><\/tr><tr><td>IPO Closes<\/td><td>April 16, 2026 (Thursday)<\/td><\/tr><tr><td>Allotment<\/td><td>April 17, 2026<\/td><\/tr><tr><td>Demat Credit \/ Refund<\/td><td>April 20, 2026<\/td><\/tr><tr><td>Listing Date<\/td><td>April 24, 2026 (BSE)<\/td><\/tr><tr><td>Investment Manager<\/td><td>PropShare Investment Manager Pvt. Ltd.<\/td><\/tr><tr><td>Trustee<\/td><td>Axis Trustee Services<\/td><\/tr><tr><td>Lead Manager<\/td><td>Ambit Pvt. Ltd.<\/td><\/tr><tr><td>Registrar<\/td><td>KFin Technologies Ltd.<\/td><\/tr><tr><td>Managing Director<\/td><td>Hashim Khan<\/td><\/tr><\/tbody><\/table><\/figure><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"PropShare_Celestia_IPO_GMP_Day_1_%E2%80%94_Why_Zero_GMP_Is_Not_a_Red_Flag_Here\"><\/span><strong>PropShare Celestia IPO GMP Day 1 \u2014 Why Zero GMP Is Not a Red Flag Here<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p><strong>PropShare Celestia IPO GMP on Day 1 (April 10, 2026) is \u20b90<\/strong> \u2014 indicating the units are expected to list at or very near the issue price of \u20b910,50,000. Multiple grey market trackers including Trade Brains and StockGro confirm this reading: &#8216;The Propshare Celestia IPO is being traded at \u20b90 in the unofficial market. The demand is flat, and the premium hasn&#8217;t moved at all.&#8217;<\/p><p>Here is the important context that every investor must understand: PropShare Celestia is an SM REIT unit offering, not an equity IPO. Grey markets traditionally trade equity IPO applications because of the allotment lottery mechanism \u2014 HNIs can sell their application (at the &#8216;Kostak&#8217; rate) or their allotment entitlement before listing for a profit.<\/p><p>SM REITs do not work the same way. The minimum investment is \u20b910.5 lakh. There is no oversubscription lottery \u2014 applications from QIBs and NIIs are allotted on a proportionate basis. The investment thesis is rental income distribution \u2014 not listing day pop. The grey market&#8217;s flat reading for this IPO reflects that it is simply the wrong instrument to evaluate through a GMP lens.<\/p><figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>GMP Parameter<\/strong><\/td><td><strong>Day 1 Status<\/strong><\/td><\/tr><tr><td>GMP (April 10, 2026)<\/td><td>\u20b90 per unit<\/td><\/tr><tr><td>Expected Listing Price<\/td><td>\u20b910,50,000 (at issue price \u2014 flat)<\/td><\/tr><tr><td>Implied Listing Gain<\/td><td>0%<\/td><\/tr><tr><td>GMP Trend<\/td><td>Not active in grey market<\/td><\/tr><tr><td>Grey Market Activity<\/td><td>Minimal \u2014 SM REIT not a typical listing trade<\/td><\/tr><tr><td>Investor Takeaway<\/td><td>Evaluate on rental yield, not GMP<\/td><\/tr><\/tbody><\/table><\/figure><p>The right question for PropShare Celestia is not &#8216;what is the GMP?&#8217; \u2014 it is &#8216;what is the distribution yield, is the asset quality sound, and is the 6.72-year lease tenure with Fortune 500 end-users worth locking \u20b910.5 lakh for?&#8217;<\/p><p>Track live IPO subscription data and research on the <a href=\"https:\/\/univest.in\/screeners\"><strong>Univest Screener<\/strong><\/a>.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_You_Are_Actually_Buying_%E2%80%94_PropShare_Celestia_Explained_Simply\"><\/span><strong>What You Are Actually Buying \u2014 PropShare Celestia Explained Simply<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p><strong>When you invest \u20b910,50,000 in PropShare Celestia,<\/strong> you are buying 1 unit of a SEBI-regulated trust that owns seven floors of a Grade A+ commercial office building in Ahmedabad. The trust collects rent from the tenants, deducts management expenses, and distributes the remaining cash to unit holders every quarter.<\/p><p>This is the SM REIT model \u2014 fractional commercial real estate ownership through listed units. Think of it as co-owning a fraction of a premium office building with thousands of other investors, receiving your share of the rent every quarter, and having the flexibility to sell your unit on the BSE exchange if you want to exit before the lease tenure ends.<\/p><p>SEBI mandates that SM REITs distribute at least 95% of distributable cash flows from the underlying SPVs and 100% of trust-level cash flows to unit holders. This pass-through structure means that virtually all rental income collected at the property level reaches investors \u2014 making the distribution yield calculation relatively transparent.<\/p><p>The rental yield expectation (to be confirmed from the detailed RHP calculation) for Grade A+ Ahmedabad commercial space with 100% occupancy and a 6.72-year weighted average lease expiry falls in the range of 6-8% annually, with a 4.32% CAGR rental growth built into existing contractual lease escalation clauses.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Asset_Stratum_Venus_Grounds_Nehru_Nagar_Ahmedabad\"><\/span><strong>The Asset: Stratum @ Venus Grounds, Nehru Nagar, Ahmedabad<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p><strong>PropShare Celestia invests in seven floors<\/strong> of Stratum @ Venus Grounds \u2014 an IGBC Platinum-certified, Grade A+ mixed-use commercial building located in Nehru Nagar, prime Ahmedabad. The property is 100% occupied from Day 1, eliminating lease-up risk that many real estate investments carry.<\/p><figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Property Detail<\/strong><\/td><td><strong>Specification<\/strong><\/td><\/tr><tr><td>Building Name<\/td><td>Stratum @ Venus Grounds<\/td><\/tr><tr><td>Location<\/td><td>Nehru Nagar, Ahmedabad (prime commercial district)<\/td><\/tr><tr><td>Grade<\/td><td>A+ (IGBC Platinum Certified)<\/td><\/tr><tr><td>Leasable Area<\/td><td>2,07,838 sq. ft. (seven floors)<\/td><\/tr><tr><td>Current Occupancy<\/td><td>100% \u2014 fully occupied<\/td><\/tr><tr><td>Direct Tenants<\/td><td>4 (3 managed office operators + 1 telecom MNC)<\/td><\/tr><tr><td>End Users<\/td><td>10 occupiers including Tech Mahindra &amp; Fortune 500 cos<\/td><\/tr><tr><td>WALE<\/td><td>6.72 years (Weighted Average Lease Expiry)<\/td><\/tr><tr><td>Managed Office Operators<\/td><td>Smartworks, EFC Limited, Paragraph Khajanchi<\/td><\/tr><tr><td>Rental Growth Estimate<\/td><td>4.32% CAGR over 4 years<\/td><\/tr><tr><td>SPV Structure<\/td><td>6 Special Purpose Vehicles<\/td><\/tr><tr><td>Asset Acquisition Cost<\/td><td>\u20b9237.91 crore (from IPO proceeds)<\/td><\/tr><\/tbody><\/table><\/figure><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Tenant_Profile_%E2%80%94_The_People_Paying_Your_Rent\"><\/span><strong>Tenant Profile \u2014 The People Paying Your Rent<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>Understanding who occupies the building is the single most important due diligence exercise for any REIT investment. PropShare Celestia has three co-working and managed office operators as its direct tenants:<\/p><p><strong>Smartworks Coworking Spaces Limited:<\/strong> A publicly listed co-working operator offering enterprise-grade managed office solutions across India. Smartworks serves large corporations and SMEs. Both Smartworks and EFC being listed companies means they have public disclosure obligations \u2014 you can verify their financial health before investing.<\/p><p><strong>EFC Limited:<\/strong> A publicly listed managed office operator with enterprise clients. EFC&#8217;s managed office footprint covers multiple Indian cities. Listed on BSE\/NSE with accessible financial records.<\/p><p><strong>Paragraph Khajanchi Business Centre LLP:<\/strong> One of Ahmedabad&#8217;s leading co-working operators and providers of business centre services. One of the top five co-working operators in Ahmedabad by operational seat count.<\/p><p><strong>End User Quality:<\/strong> The managed offices at Stratum @ Venus Grounds house 10 end-use occupiers. These include Tech Mahindra (Fortune Global 500), a private sector bank, e-commerce platforms, analytics companies, and a Swedish-listed telecom multinational \u2014 confirming strong corporate anchor presence.<\/p><p><strong>Key Risk to Note:<\/strong> 97.32% of the leasable area is leased to managed office operators \u2014 not directly to the Fortune 500 companies. PropShare&#8217;s contractual tenant is the co-working operator (e.g., Smartworks), not Tech Mahindra. If the co-working operator faces business difficulty, that contractual risk falls on the scheme even if the end users continue to occupy the space.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Financial_Model_%E2%80%94_How_Returns_Flow_to_You\"><\/span><strong>Financial Model \u2014 How Returns Flow to You<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>The return mechanism for PropShare Celestia unit holders follows a straightforward path: Tenants pay rent to the six SPVs (Special Purpose Vehicles) that hold the property. SPVs deduct expenses and distribute at least 95% of net cash flows to the PropShare Celestia trust. The trust distributes 100% of received cash flows to unit holders on a quarterly basis.<\/p><p>SEBI&#8217;s SM REIT regulations mandate this minimum distribution requirement \u2014 providing legal certainty that rental income will reach investors rather than being retained at the trust or SPV level. This is structurally similar to how listed REITs (Embassy, Mindspace, Brookfield) operate, but at a smaller asset scale.<\/p><p><strong>Financial disclosure:<\/strong> Because PropShare Celestia is a newly established scheme (set up December 12, 2025), there is no operating history to evaluate. The pre-acquisition combined financials of the underlying projects show FY2025 total income of \u20b95.34 crore and net loss of \u20b920.02 crore \u2014 reflecting pre-IPO structuring costs (stamp duty, legal expenses, SPV setup), not the ongoing rental business profitability.<\/p><figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Return Type<\/strong><\/td><td><strong>Mechanism<\/strong><\/td><td><strong>Frequency<\/strong><\/td><\/tr><tr><td>Rental Distribution<\/td><td>95%+ of SPV cash flows passed to investors<\/td><td>Quarterly<\/td><\/tr><tr><td>Rental Growth<\/td><td>Contractual lease escalation (4.32% CAGR)<\/td><td>Annual (built into leases)<\/td><\/tr><tr><td>Capital Appreciation<\/td><td>NAV increase if property value rises<\/td><td>On exit \/ mark-to-market<\/td><\/tr><tr><td>Exit<\/td><td>Sell units on BSE exchange<\/td><td>On market \u2014 liquidity may be limited<\/td><\/tr><\/tbody><\/table><\/figure><p>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&amp;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track IPO subscription updates daily.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Day_1_Subscription_%E2%80%94_What_to_Expect_and_Monitor\"><\/span><strong>Day 1 Subscription \u2014 What to Expect and Monitor<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p><strong>PropShare Celestia IPO subscription Day 1<\/strong> (April 10, 2026) opened this morning at 10 AM. Unlike equity IPOs where retail investors can apply in large numbers driving rapid oversubscription, this SM REIT offering is structured primarily for QIBs (75% of net offer) and NIIs\/HNIs (25% of net offer).<\/p><p>With only 2,330 total units on offer at \u20b910.5 lakh each, the absolute number of applications is fundamentally limited by the pool of investors with \u20b910+ lakh to commit. This is a niche, high-ticket offering \u2014 not a mass retail subscription event. Day 1 subscription numbers will reflect institutional and HNI interest, which typically builds steadily across a 5-7 day window rather than spiking on Day 1 like equity IPOs.<\/p><p>For SM REITs specifically, QIB subscription is the most meaningful signal. 75% of the issue is reserved for QIBs (institutional investors like mutual funds, insurance companies, pension funds). If QIBs subscribe fully, it validates the asset quality and distribution yield attractiveness from a professional institutional perspective.<\/p><p>Monitor subscription data on BSE India&#8217;s IPO subscription portal or through your broker&#8217;s IPO section throughout the April 10-16 window. NSE and BSE publish subscription updates multiple times daily.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Day_1_Decision_Should_You_Apply_for_PropShare_Celestia_IPO\"><\/span><strong>Day 1 Decision: Should You Apply for PropShare Celestia IPO?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Apply_If\"><\/span><strong>Apply If:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p><strong>Ultra-HNI with \u20b910.5 lakh investible surplus:<\/strong> This is a high-ticket, illiquid-ish investment. Only commit money you genuinely do not need for 5+ years. If \u20b910.5 lakh is a meaningful portion of your liquid wealth, this may not be appropriate.<\/p><p><strong>Commercial real estate income seeker:<\/strong> If you want quarterly rental income from premium commercial real estate without the hassle of direct property ownership, this SEBI-regulated SM REIT structure offers that cleanly.<\/p><p><strong>Portfolio diversifier away from pure equity:<\/strong> Commercial real estate through SM REITs provides low correlation to equity markets \u2014 rental income is not primarily driven by Nifty levels. For investors overweighted in equity, this offers real diversification.<\/p><p><strong>Long-term income investor:<\/strong> The 6.72-year average lease tenure and 4.32% rental growth CAGR provide a contracted income stream with built-in escalation \u2014 attractive for investors prioritising regular income over capital appreciation.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Skip_If\"><\/span><strong>Skip If:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p><strong>You are applying for listing gains:<\/strong> GMP = \u20b90. SM REITs are income instruments. There is no listing premium expected. If your investment thesis is &#8216;apply and sell on listing day for profit&#8217;, this is not the right vehicle.<\/p><p><strong>You cannot afford to lock \u20b910.5 lakh for 5+ years:<\/strong> SM REIT units will be tradeable on BSE after listing, but the buyer pool is inherently limited (high price per unit). Exit before lease expiry may be at a discount to NAV.<\/p><p><strong>You want diversified REIT exposure at lower cost:<\/strong> Embassy REIT, Mindspace REIT, and Brookfield REIT are available at Rs 300-500 per unit with 30+ properties, strong institutional trading volumes, and 3-5 year operating histories. For most investors, established large REITs are a better starting point.<\/p><p>Subscribe to Univest Pro for real estate and REIT sector research \u2014 <a href=\"https:\/\/univest.in\/user\/log-in\"><strong>Start Free Trial<\/strong><\/a>.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Risks_%E2%80%94_Read_Before_Applying\"><\/span><strong>Key Risks \u2014 Read Before Applying<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p><strong>Single asset, single city:<\/strong> Everything depends on one building in Ahmedabad. Any physical damage, legal dispute, or sharp market rental decline in Nehru Nagar directly impacts your entire investment.<\/p><p><strong>Co-working operator as direct tenant:<\/strong> 97.32% of area is leased to managed office operators (not end-user corporations). If Smartworks or EFC faces business pressure, PropShare&#8217;s income is at risk even if Tech Mahindra occupants continue using the space.<\/p><p><strong>No operating history:<\/strong> PropShare Celestia scheme was set up December 12, 2025. Zero history of distributions, zero track record as a listed entity. You are trusting the Investment Manager&#8217;s projections, not historical performance.<\/p><p><strong>Post-listing liquidity:<\/strong> 2,330 total units at \u20b910.5 lakh each. After listing, daily trading volumes may be very thin. Selling even 1-2 units at fair market value could be difficult on any given day.<\/p><p><strong>Acquisition agreements not yet finalised:<\/strong> As disclosed in the RHP: &#8216;The company has not executed certain agreements for the proposed acquisition of the Project Celestia.&#8217; If acquisition is not completed, the scheme cannot fulfil its stated investment objective.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Allotment_Timeline_And_How_to_Check_Status\"><\/span><strong>Allotment Timeline And How to Check Status<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Event<\/strong><\/td><td><strong>Date<\/strong><\/td><\/tr><tr><td>IPO Open (Day 1)<\/td><td>April 10, 2026 (Today)<\/td><\/tr><tr><td>IPO Close (Day 7)<\/td><td>April 16, 2026<\/td><\/tr><tr><td>Basis of Allotment<\/td><td>April 17, 2026<\/td><\/tr><tr><td>Refund Initiation<\/td><td>April 20, 2026<\/td><\/tr><tr><td>Demat Credit<\/td><td>April 20, 2026<\/td><\/tr><tr><td>Listing on BSE<\/td><td>April 24, 2026<\/td><\/tr><\/tbody><\/table><\/figure><p>To check PropShare Celestia IPO allotment status from April 17, 2026: Visit KFin Technologies Ltd. registrar website, enter your PAN number or application number. Alternatively check on BSE India allotment portal or through your broker&#8217;s IPO section.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"PropShare_Celestia_vs_Previous_PropShare_Schemes\"><\/span><strong>PropShare Celestia vs Previous PropShare Schemes<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>PropShare Celestia is the third scheme of Property Share Investment Trust \u2014 following PropShare Platina (first scheme) and PropShare Capital (second scheme). Investors familiar with the earlier schemes can use those as reference points for understanding distribution performance, NAV movement, and post-listing liquidity of SM REIT units.<\/p><p>The trust was registered as India&#8217;s first SM REIT on August 5, 2024, with registration number IN\/SM-REIT\/24-25\/0001. The establishment of two successful prior schemes before this launch provides institutional credibility that a first-ever SM REIT offering would not have had.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions_%E2%80%94_PropShare_Celestia_IPO_GMP_Day_1\"><\/span><strong>Frequently Asked Questions \u2014 PropShare Celestia IPO GMP Day 1<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q1_What_is_PropShare_Celestia_IPO_GMP_on_Day_1_April_10_2026\"><\/span><strong>Q1. What is PropShare Celestia IPO GMP on Day 1 (April 10, 2026)?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>PropShare Celestia IPO GMP on Day 1 is \u20b90 \u2014 indicating a flat listing expectation with no grey market premium. This is expected for an SM REIT offering, which is an income instrument (rental yield), not a listing-gain equity IPO. The flat GMP should not be interpreted as a negative signal about the underlying asset quality.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q2_What_is_PropShare_Celestia_IPO_and_why_is_it_different_from_regular_IPOs\"><\/span><strong>Q2. What is PropShare Celestia IPO and why is it different from regular IPOs?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>PropShare Celestia is an SM REIT (Small and Medium Real Estate Investment Trust) unit offering \u2014 not an equity IPO. It allows investors to buy units that give fractional ownership of seven floors of a Grade A+ commercial office building in Ahmedabad. Returns come from quarterly rental income distributions, not company earnings growth.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q3_When_does_PropShare_Celestia_IPO_subscription_open_and_close\"><\/span><strong>Q3. When does PropShare Celestia IPO subscription open and close?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>PropShare Celestia IPO opened for subscription on April 10, 2026 (Day 1, today) and will close on April 16, 2026 (7-day window). Applications can be made from 10 AM to 5 PM each day through ASBA (net banking) or UPI via your broker.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q4_What_is_the_minimum_investment_in_PropShare_Celestia_IPO\"><\/span><strong>Q4. What is the minimum investment in PropShare Celestia IPO?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>The minimum investment is \u20b910,50,000 \u2014 one unit at the upper price band of \u20b910,50,000. Lot size is 1 unit. This is significantly higher than typical retail IPOs and is designed for institutional investors, family offices, and ultra-HNIs.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q5_What_property_does_PropShare_Celestia_invest_in\"><\/span><strong>Q5. What property does PropShare Celestia invest in?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>PropShare Celestia invests in seven floors of Stratum @ Venus Grounds \u2014 an IGBC Platinum-certified Grade A+ commercial building in Nehru Nagar, Ahmedabad. The property is 100% occupied across 2,07,838 sq. ft. with a weighted average lease expiry (WALE) of 6.72 years. Tenants include Smartworks, EFC, and Paragraph Khajanchi, with end users including Tech Mahindra and Fortune 500 companies.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q6_When_is_PropShare_Celestia_IPO_listing_date\"><\/span><strong>Q6. When is PropShare Celestia IPO listing date?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>PropShare Celestia IPO listing date is April 24, 2026 on BSE. Allotment will be finalised on April 17. Shares will be credited to demat accounts by April 20.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q7_What_are_the_risks_of_investing_in_PropShare_Celestia\"><\/span><strong>Q7. What are the risks of investing in PropShare Celestia?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>Key risks include: (1) Single-building concentration in Ahmedabad; (2) 97.32% leased to managed office operators (not directly to end-user corporations); (3) No operating history as a scheme; (4) Thin post-listing liquidity given only 2,330 total units; (5) Acquisition agreements for the property not yet finalised at time of filing.<\/p><h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q8_How_to_check_PropShare_Celestia_IPO_allotment_status\"><\/span><strong>Q8. How to check PropShare Celestia IPO allotment status?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3><p>After April 17, 2026: Visit KFin Technologies Ltd. registrar website, enter your PAN number or application number under the IPO allotment section. Also available on BSE India allotment portal and through your broker&#8217;s app.<\/p><p><strong>Disclaimer: <\/strong>This article is for educational and informational purposes only. GMP data is from informal grey market sources and is unofficial. PropShare Celestia is an SM REIT instrument \u2014 not a regular equity IPO. Please read the Red Herring Prospectus (RHP) in full before investing. Investments are subject to market risk. Consult a SEBI-registered financial advisor before making any investment decision.<\/p><p>For more IPO coverage and financial research, visit <a href=\"https:\/\/univest.in\/blogs\">Univest Blogs<\/a>.<\/p><h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Recent_Article\"><\/span><strong>Recent Article<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p><a href=\"https:\/\/univest.in\/blogs\/upl-q4-results-2026\">UPL Q4 Results 2026: Date, Revenue, PAT &amp; Analyst Outlook<\/a><\/p><p><a href=\"https:\/\/univest.in\/blogs\/zee-entertainment-enterprises-q4-results-2026\">Zee Entertainment Enterprises Q4 Results 2026: Date, Revenue, PAT &amp; Analyst Outlook<\/a><\/p><p><a href=\"https:\/\/univest.in\/blogs\/sun-tv-network-q4-results-2026\">Sun TV Network Q4 Results 2026: Date, Revenue, PAT &amp; Analyst Outlook<\/a><\/p><p><a href=\"https:\/\/univest.in\/blogs\/sapphire-foods-india-q4-results-2026\">Sapphire Foods India Q4 Results 2026: Date, Revenue, PAT &amp; Analyst Outlook<\/a><\/p><p><a href=\"https:\/\/univest.in\/blogs\/metro-brands-q4-results-2026\">Metro Brands Q4 Results 2026: Date, Revenue, PAT &amp; Analyst Outlook<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>PropShare Celestia IPO GMP Day 1 data is in \u2014 and the grey market premium on the opening day of subscription (April 10, 2026) stands at \u20b90. No premium. Flat. If you were expecting a listing-pop GMP number like you see for regular equity IPOs, this one is different \u2014 because PropShare Celestia is not<\/p>\n","protected":false},"author":23,"featured_media":69223,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1281],"tags":[4025],"class_list":["post-69220","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo","tag-ipo-gmp-day-1"],"metadata":{"_edit_lock":["1775800016:23"],"_last_editor_used_jetpack":["block-editor"],"rank_math_internal_links_processed":["1"],"rank_math_primary_category":["1281"],"rank_math_seo_score":["84"],"rank_math_robots":["a:2:{i:0;s:8:\"nofollow\";i:1;s:7:\"noindex\";}"],"rank_math_title":["PropShare Celestia IPO GMP Day 1: April 10 Subscription Live, Grey Market Premium And SM REIT Explained"],"rank_math_description":["PropShare Celestia IPO GMP Day 1 \u2014 April 10, 2026. SM REIT opens today. GMP flat at \u20b90, price \u20b910\u201310.5L\/unit, 100% occupied Ahmedabad Grade A+ asset. 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