PropShare Celestia InvITs issue review (Not Rated)

•    The investment manager is engaged in infrastructure investment segment as investor.
•    It plans to invest in six Celestia SPVs from the issue funds.
•    It has no track record as this is the new venture.
•    InvITs in realty segment has seen mixed response and is yet to post worthy track record.
•    It is a pure long term bet for well-informed/risk seekers/cash surplus investors who may park moderate funds. 

ABOUT COMPANY:
Property Share Investment Trust InvITs (PSCInvITs) is an Indian infrastructure investment trust which proposes to invest in six Celestia SPVs. Celestia SPVs are recently incorporated entities. Therefore, no financial information has been included in this Key Information of the Scheme, in relation to the Trust. Further, the Project Celestia is currently owned by a third-party seller, being Venus Infrastructure and Developers Private Limited (the “Seller”). As Project Celestia is an identified portion of certain floors of a larger commercial building i.e., Stratum @ Venus Grounds, which is owned and operated by the Seller. Therefore, there is no specific discrete historical financial information/ statements available or applicable with respect to Project Celestia for the past periods, either with the Seller or the Investment Manager. As of December 31, 2025, Investment Manager had 24 employees on its payroll.

ISSUE DETAILS/CAPITAL HISTORY:
The trust is coming out with its maiden IPO of PropShare Celestia InvITs issue worth Rs. 244.65 cr. (approx. 2330 units at the upper cap). It has announced a price band of Rs. 1000000 – Rs. 1050000 per unit. The issue opens for subscription on April 10, 2026, and will close on April 16, 2026. The minimum application to be made is for 1 Unit and in multiples thereon, thereafter. Post allotment, Units will be listed on BSE. The company will use Rs. 237.91 cr. of the net proceeds from the issue for acquisition of the project Celestia SPVs, and the rest for general purposes.

PropShare Celestia, the third scheme of the Trust, is proposing to have six SPVs under its structure (“Celestia SPVs”), in accordance with the REIT Regulations. The Celestia SPVs under PropShare Celestia are Cendrix Realty Private Limited, Crestmont Realty Private Limited, Dhrivya Estates Private Limited, Magnivio Private Limited, Samvrid Realty Private Limited and Stathos Private Limited.

The trust has allocated not more than 75% for institutional investors and not less than 25% for non-Institutional investors. 

The Investment Manager is PropShare Investment Manager Pvt. Ltd., and the Trustee is Axis Trustee Services Ltd. The lead manager to this offer is Ambit Pvt. Ltd., and KFin Technologies Ltd. is the registrar to the issue. 

FINANCIAL PERFORMANCE:
On the financial performance front, the trust is a newly set up trust and has no established operating history. However, its Promoter/manager have the track record, as per the special purpose combined financial statements, it has posted a total income/net profit/ - (loss), of Rs. 5.34 cr. / Rs. – (20.02) cr. (FY25).

GENERAL RISKS:
Investments in Celestia Units involve a degree of risk and investors should not invest any funds in the Issue unless they can afford to take the risk of losing their entire investment. For taking an investment decision, investors must rely on their own examination of the Trust and the Issue. Prospective Investors are advised to read “Risk Factors” on page 49 before making an investment decision relating to the Issue. Each prospective investor is advised to consult its own advisors in respect of the consequences of an investment in the Celestia Units being issued pursuant to this Key Information of the Scheme. This Key Information of the Scheme has been prepared by the Investment Manager solely for providing information in connection with the Issue. The Securities and Exchange Board of India (“SEBI”) and the Stock Exchange assume no responsibility for or guarantee the correctness or accuracy of any statements made, opinions expressed, or reports contained herein. Admission of the Celestia Units to be issued pursuant to the Issue for trading on the Stock Exchange should not be taken as an indication of the merits of the Trust or of the Celestia Units. A copy of this Key Information of the Scheme has been delivered to SEBI and the Stock Exchange.
 
DIVIDEND POLICY:
The company has not paid any dividends for the reported periods of the offer document. It will follow the prescribed dividend policy for InvITs based on their overall income and future prospects. Dividend will be paid as a distributable income of the trust to investors as per Income Tax law applicable.

COMPARISON WITH LISTED PEERS:
As per the offer document, as on date of this Key Information of the Scheme there are no other listed schemes under the small and medium real estate investment trusts in India except PropShare Platina (first scheme under Property Share Investment Trust) and PropShare Titania (second scheme under Property Share Investment Trust). Accordingly, comparison with other scheme of small and medium real estate investment trust is not included.