India’s real estate investment trust (REIT) space is gearing up for a historic moment. Knowledge Realty Trust (KRT), a joint venture between global investment giant Blackstone (55%) and Bengaluru-based Sattva Group (45%), is all set to launch India’s largest office-focused REIT IPO. With SEBI’s green light secured, the ₹4,800 crore public offering is generating significant buzz across financial circles.
Let’s explore all the important details surrounding this major IPO and why it matters for retail and institutional investors alike.
Knowledge Realty Trust IPO Timeline & Price Band: Key Dates and Details
KRT’s IPO process is unfolding on a fast track. Anchor investors were allocated shares on August 4, 2025, while the public subscription window opens from August 5 to August 7, 2025. Allotment of units will be finalized on August 12, with a tentative listing on August 18 on both BSE and NSE.
The price band is set between ₹95 and ₹100 per unit, and investors must bid for a minimum lot of 150 units, translating to an application size of approximately ₹15,000. The entire ₹4,800 crore issue is a fresh issuance consisting of 48 crore units.
The allocation structure reserves:
- Up to 75% for qualified institutional buyers (QIBs)
- 25% for non-institutional investors (excluding strategic investors)
Strong Anchor Backing Signals Investor Confidence
KRT has already raised ₹2,820 crore ahead of the IPO, reflecting strong demand from blue-chip backers. On August 4, the REIT mobilized ₹1,620 crore from anchor investors at ₹100 per unit, and an additional ₹1,200 crore was secured from strategic institutional investors.
Notable names in the anchor and strategic investor list include:
- Amundi
- Florida Retirement System
- Citigroup Global Markets
- Morgan Stanley Europe
- Life Insurance Corporation (LIC)
- Jhunjhunwala Trust
This robust participation underlines global and domestic belief in KRT’s business fundamentals and long-term potential.
Portfolio Highlights: Massive Scale and Blue-Chip Tenants
Knowledge Realty Trust is set to be India’s largest office REIT by Gross Asset Value (GAV) — nearly ₹62,000 crore as of March 31, 2025 — and the second-largest in Asia by leasable area.
The REIT’s Grade-A office portfolio includes 29–30 properties spanning across major Indian cities like:
- Mumbai
- Bengaluru
- Hyderabad
- Chennai
- Gurugram
- GIFT City (Ahmedabad)
Together, these properties add up to a massive 46.3 million sq. ft. of leasable area with a high occupancy rate of 90–91%. KRT serves over 450 tenants, including several Fortune 500 companies and Global Capability Centers (GCCs) — making it a solid bet on India’s office leasing market.
Knowledge Realty Trust IPO Use of Funds & Strategic Growth Plans
Of the ₹4,800 crore being raised, ₹4,640 crore (96.7%) is earmarked for repayment or prepayment of debt within KRT’s Special Purpose Vehicles (SPVs) and other affiliated entities. The rest will be used for general corporate purposes.
KRT’s post-IPO loan-to-value (LTV) ratio is expected to come down to just 19%, improving its financial stability. The REIT is also looking to grow by acquiring assets from its sponsors under Right of First Offer (ROFO) agreements, along with third-party acquisitions in India’s top office markets.
This signals long-term growth potential backed by strategic expansion and prudent financial planning.
Conclucison
The Knowledge Realty Trust REIT IPO is a landmark moment in India’s real estate investment space. Once listed, KRT will become the fifth REIT in India, joining the likes of Embassy Office Parks, Mindspace Business Parks, Brookfield India REIT, and Nexus Select Trust.
F.A.Q.
– What is the Knowledge Realty Trust IPO all about?
Knowledge Realty Trust is launching India’s largest office-focused REIT IPO, sponsored by Blackstone (55%) and Sattva Group (45%). It aims to raise ₹4,800 crore through a fresh issue of REIT units to the public.
– When is the Knowledge Realty Trust IPO open for subscription?
The public issue opens on August 5, 2025, and closes on August 7, 2025. The allotment is expected on August 12, with a tentative listing date of August 18, 2025, on both BSE and NSE.
– What is the price band and minimum investment amount?
The price band is set at ₹95 to ₹100 per unit. The minimum lot size is 150 units, meaning retail investors need to invest approximately ₹15,000 to participate.
– What will the IPO proceeds be used for?
Around ₹4,640 crore (96.7%) will be used to repay or prepay debt across KRT’s SPVs and associated entities. The remaining funds will go toward general corporate purposes.
– Why should investors consider this IPO?
KRT offers exposure to premium office properties across India’s top cities, with a 90–91% occupancy rate and over 450 diversified tenants. It’s backed by strong institutions like LIC, Citigroup, and Morgan Stanley, and promises potential tax-efficient yields of ~7%, making it attractive for both retail and institutional investors.
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