Knowledge Realty Trust IPO sees 3.41 times subscription on day 2

Knowledge Realty Trust IPO

The initial public offering of Knowledge Realty Trust, the largest office space REIT sponsored by the Blackstone and Sattva Developers, has seen a 3.41 times subscription on August 6, the second day of bidding. The offer will close on August 7.

The REIT has launched its IPO with the aim to mobilise Rs 4,800 crore, of which Rs 1,620 crore has already been raised through anchor book and another Rs 1,200 crore from strategic investors before the IPO opening for the public. The price band for the issue is Rs 95-100 per unit.

The initial share sale has received bids for 71.2 crore units in two days against the offer size of 20.84 crore units (which are valued at Rs 1,980 crore at the upper price band, i.e. the remaining part of the offer).

Institutional investors bid 1.36 times their allotted quota, while the portion set aside for non-institutional investors was subscribed 5.89 times.

Knowledge Realty Trust is the fourth REIT from the Blackstone, getting listed on the bourses scheduled next week after Embassy Office Parks REIT, Mindspace Business Parks REIT and Nexus Select Trust.

Blackstone is India’s largest office landlord owning an office portfolio of approximately 84 million square feet (sqf) comprising of sole/joint ownership assets as of March 2025.

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Knowledge Realty Trust with 46.3 msf of leasable area (comprising 37.1 msf of completed area, 1.2 msf of under construction area and 8.0 msf of future development area) is set to utilise Rs 4,640 crore of the IPO proceeds for repaying debt of its asset SPVs and the investment entities. And the remainder amount will be used for general corporate purposes.

As of July 2 this year, the total amount of debt availed by the asset SPVs and investment entities was Rs 20,827.7 crore.