The PropShare Celestia Real Estate Investment Trust (REIT) is set to list today, but expectations are low as the grey market premium stands at zero, indicating a likely flat debut. The ₹245 crore (approximately $30 million USD) issue, which closed on April 16, was subscribed only 1.33 times, with demand primarily from non-institutional investors and weak institutional interest. This muted response reflects selective interest in this differentiated real estate investment product, which offers exposure to income-generating commercial real estate assets rather than traditional equity investments. The REIT is backed by a Grade A+ office property in Ahmedabad, which houses large corporate tenants and co-working spaces, suggesting potential for steady rental income. However, the high ticket size of ₹10 lakh to ₹10.5 lakh (approximately $12,000 to $12,600 USD) per unit limits accessibility to high-net-worth individuals and institutional investors, reducing retail demand and liquidity expectations post-listing. Investors are advised to focus on long-term income rather than short-term gains, as the flat grey market premium indicates a cautious market sentiment.