Knowledge Realty Trust REIT IPO Opens August 5: India's Biggest REIT Issue Set to Raise ₹4,800 Crore
Backed by Blackstone and Sattva Group, Knowledge Realty Trust's REIT IPO aims to raise ₹4,800 crore—bigger than NSDL's upcoming offering.
Knowledge Realty Trust REIT IPO opens on August 5, aiming to raise ₹4,800 crore—set to become India’s largest REIT by asset value.
India’s booming IPO market is about to witness its largest real estate investment trust (REIT) launch yet. Knowledge Realty Trust, a REIT sponsored by global investment giant Blackstone and India’s Sattva Group, is all set to raise ₹4,800 crore through a public issue beginning August 5.
This REIT IPO surpasses the ₹4,011 crore issue by NSDL and will become the second-largest IPO of 2025, behind HDB Financial Services.
📌 Key IPO Details
- IPO Open Date: August 5, 2025
- IPO Close Date: August 7, 2025
- Issue Size: ₹4,800 crore
- Price Band: ₹95 – ₹100 per unit
- Lot Size: Minimum 150 units (~₹15,000 investment)
- Allotment Date: August 12, 2025
- Listing Date: August 18, 2025 (on NSE & BSE)
📊 Issue Structure
The entire issue comprises a fresh issue of 48 crore units. Under SEBI’s REIT regulations:
- 75% of the allocation is reserved for institutional investors
- 25% is earmarked for non-institutional investors
Notably, Knowledge Realty Trust had already raised ₹1,400 crore in a pre-IPO placement in June 2025, reflecting strong institutional interest.
💸 Grey Market Buzz
As of the latest update, the Grey Market Premium (GMP) for Knowledge Realty Trust stands at ₹0, indicating a likely listing at the upper end of the price band (₹100). However, GMPs are unofficial and subject to market fluctuations.
📉 Financial Snapshot
For the fiscal year ending March 2025:
- Revenue: ₹3,930 crore (15.8% YoY growth)
- Net Profit: ₹222.5 crore (down 34.5%)
- Drop attributed to a one-time loss of ₹350.2 crore
- IPO proceeds will primarily be used for debt repayment linked to its asset SPVs.
🏢 About Knowledge Realty Trust
Poised to become India’s largest REIT by Gross Asset Value (₹62,000 crore) and the second-largest in Asia, the REIT owns a diverse portfolio of:
- 29 Grade-A office properties
- Spanning 46 million sq. ft. of leasable space
- Located in major cities: Mumbai, Bengaluru, Hyderabad, Chennai, Gurugram, and GIFT City
- Notable assets: One BKC, Cessna Business Park
- Its tenants include global MNCs, top Indian corporates, and GCCs (Global Capability Centers).
💼 Lead Bookrunners
The IPO is being managed by top financial institutions, including:
- Kotak Mahindra Capital
- Morgan Stanley
- ICICI Securities
- Bank of America (BofA)
- And others
🧠 Final Word
With a robust asset base, premium tenants, and strategic backing from Blackstone and Sattva Group, Knowledge Realty Trust’s IPO offers investors a rare opportunity to gain exposure to India’s booming commercial real estate sector. But as always, due diligence and risk assessment are crucial before investing.
