Knowledge Realty Trust IPO closes with 12.45 times subscription; check allotment, listing dates

Knowledge Realty Trust IPO

Blackstone and Sattva Developers-sponsored Knowledge Realty Trust closed its maiden public issue with 12.45 times subscription on August 7, with investors bidding 259.5 crore units compared to the offer size of 20.84 crore units.

Institutional investors bid 9.08 times their allotted quota, and the part reserved for non-institutional investors was subscribed 16.51 times during three days subscription period.

The country's largest office REIT planned to raise Rs 4,800 crore through its initial public offering (IPO). Of which, it has already raised Rs 1,620 crore via anchor book on August 4, a day before the IPO opening for public (August 5), and Rs 1,200 crore has been mobilised through strategic investors portion.

The remaining component worth Rs 1,980 crore of the total IPO size was opened for the public.

Knowledge Realty Trust will finalise the IPO share allotment by August 12, and its units will be available for trading on the bourses effective August 18.

Post listing, this would be the fourth real estate investment trust (REIT) from the Blackstone Sponsor (an affiliate of Blackstone Inc, the world’s largest alternative asset manager with an AUM of nearly $1.2 trillion) available for trading after Embassy Office Parks REIT, Mindspace Business Parks REIT and Nexus Select Trust. Also, it will be the largest office REIT in India in terms of gross asset value of Rs 61,999 crore.

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Currently, it has a portfolio of 37.1 million square feet of completed area spread across 6 cities including Bengaluru, Hyderabad and Mumbai, which has a committed occupancy of 91.4 percent as of March 2025.

Knowledge Realty Trust will reduce the debt of its asset SPVs (special purpose vehicles) and the investment entities by Rs 4,640 crore through IPO funds, and will set aside the remainder amount for general purposes. The total debt of its asset SPVs and investment entities was Rs 20,827.7 crore till July 2 this year.

The merchant bankers that managed the Knowledge Realty Trust IPO are Kotak Mahindra Capital Company, Axis Capital, BofA Securities India, ICICI Securities, IIFL Capital Services, JM Financial, Morgan Stanley India Company, and SBI Capital Markets.