India’s IPO street is buzzing again. This time, it is Knowledge Realty Trust IPO. A REIT backed by Blackstone and the Sattva Group, hitting the market with a Rs 4,800 crore public issue. Interestingly, this offering is bigger in size than NSDL IPO Rs 4,011 crore IPO which is scheduled to list on Indian bourses August 6.
The IPO is set to open for subscription on August 5 and will close it three-day bidding on August 7. Now, looking at the issue size, this will become the second-largest IPO of 2025 so far, pushing NSDL to the third spot. HDB Financial Services remains the largest IPO of the year as of now.
Knowledge Realty Trust IPO: Key dates and structure
The IPO is entirely a fresh issue of 48 crore units, priced in the range of Rs 95 to Rs 100 per unit. Investors can bid for a minimum of 150 units. This translates to a starting investment of around Rs 15,000.
After the bidding process, the allotment is expected to be finalised on August 12. Further that, the listing is scheduled for August 18 on both BSE and NSE.
The issue is structured under SEBI’s REIT guidelines, with 75% of the allocation reserved for institutional investors and the remaining 25% for non-institutional investors. This follows a pre-IPO placement of Rs 1,400 crore in June, indicating strong interest from anchor investors.
Knowledge Realty Trust IPO: What is the grey market saying?
Even before the IPO hits the Street, as of the latest update, Knowledge Realty Trust REIT is commanding a GMP of Rs 0. This suggests that the IPO is likely to list at its upper price band of Rs 100 per unit.
Meanwhile, it is important to note that this is not the official listing price and may fluctuate based on the market sentiment.
Knowledge Realty Trust IPO: Financials performance
Looking at the financial health of the company, in FY25, Knowledge Realty Trust posted revenues of Rs 3,930 crore, a 15.8% jump over the previous year.
However, profits came in at Rs 222.5 crore, lower by 34.5%, largely due to a one-time loss of Rs 350.2 crore.
As the IPO is on the way, the company plans to use the proceeds for debt repayment linked to its asset SPVs.
Knowledge Realty Trust IPO: Key players of the issue
The REIT is sponsored by Blackstone which is India’s largest office owner, and Sattva Group which is a well known name with premium office infrastructure in India.
The issue is being managed by top-tier investment banks including Kotak Mahindra Capital, Morgan Stanley, ICICI Securities, BofA, and others.
Knowledge Realty Trust IPO: About the company
Knowledge Realty Trust is not just another REIT. It is poised to become India’s largest REIT by Gross Asset Value (Rs 62,000 crore) and the second largest in Asia.
With a portfolio of 29 Grade A office properties spread across major cities like Mumbai, Hyderabad, Bengaluru, Chennai, Gurugram, and GIFT City, the REIT offers a leasable area of over 46 million square feet, including well-known addresses like One BKC and Cessna Business Park.
The REIT’s portfolio spans completed, under-construction, and future development properties, making it a long-term bet on India’s growing commercial real estate sector. Its tenant base includes top global MNCs, GCCs (Global Capability Centers), and leading Indian corporates.