Knowledge Realty Trust REIT, backed by Blackstone and Sattva Developers, made a strong debut on Indian stock exchanges, listing at a premium of up to 4% against its issue price. The offering witnessed strong investor participation, reflecting confidence in India’s growing commercial real estate investment market.
Knowledge Realty Trust REIT, headquartered in Bengaluru, Karnataka, operates in the real estate investment trust (REIT) sector. The trust focuses on commercial property assets and offers investors an opportunity to participate in India’s office space and rental income market, supported by global investment firm Blackstone and real estate major Sattva Developers.
On the National Stock Exchange (NSE), the REIT opened at ₹103, which is 3% above the issue price of ₹100 per unit. On the Bombay Stock Exchange (BSE), it debuted slightly stronger at ₹104, reflecting a 4% premium.
The initial public offering (IPO) was open for subscription between August 5 and August 7, with a price band of ₹95 to ₹100 per unit. Investors could bid for a minimum of 150 units and in multiples thereafter. The IPO received an overall subscription of 10.73 times, supported by strong demand across categories. Institutional investors subscribed 6.75 times, while the other investors’ category witnessed 15.51 times subscription.
Ahead of the listing, Knowledge Realty Trust successfully raised ₹1,620 crore from anchor investors and concluded a pre-IPO funding round worth ₹1,400 crore. In total, the fresh issue involved a fundraise of up to ₹4,800 crore.
Of the proceeds, approximately ₹4,640 crore will be utilized for debt repayment and prepayment of certain financial obligations by its Asset SPVs and Investment Entities. The balance will be directed toward general corporate purposes, providing financial flexibility to the trust.
The issue was managed by leading investment banks, including Kotak Mahindra Capital Company Limited, Axis Capital Limited, BofA Securities India Limited, ICICI Securities Limited, IIFL Capital Services Limited, JM Financial Limited, Morgan Stanley India Company Private Limited, and SBI Capital Markets Limited. Kfin Technologies Limited acted as the registrar to the issue.
With strong institutional backing, diversified investor participation, and steady grey market activity prior to listing, Knowledge Realty Trust’s debut signals a healthy appetite for REIT investments in India.
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