Knowledge Realty Trust REIT received over 13 times subscription on the final day of bidding, making it India’s largest and most subscribed REIT IPO.
The issue received bids for 2,59,52,26,800 shares against the offered 20,84,20,800 equity shares, at a price band of Rs 95 – Rs 100, as per the data from stock exchanges.
At the upper price band of Rs 100, the IPO received 13.11 times overall subscription. The institutional investors subscribed 9.55 times, while the retail investors subscribed 17.38 times
At the lower price band of RS 95, the overall subscription was at 12.45 times. In the price band, the institutional investors subscribed 9.07 times, while the retail and other investors subscribed 16.51 times.
Knowledge Realty Trust REIT IPO size
The Knowledge Realty Trust REIT comprises fresh issuance of Units up to Rs 4,800 crore. This Issue is being made through the Book Building Process and in compliance with the Securities and Exchange Board of India, where not more than 75% of the Issue shall be available for allocation on a proportionate basis to Institutional Investors, and not less than 25% of the Issue shall be available for allocation to Non-Institutional Investors.
The company says that the proceeds from the issue are to be used in partial or full repayment or prepayment of certain financial indebtedness of the Asset SPVs and the Investment Entities, and the rest for general corporate purposes.