Knowledge Realty Trust, backed by Blackstone and Sattva Developers, has closed its maiden IPO with 12.45 times subscription, drawing strong demand from institutional and retail investors. The ₹4,800 crore issue will pave the way for India’s largest office REIT listing on August 18.
Knowledge Realty Trust, headquartered in Bengaluru, Karnataka, operates in the real estate investment trust (REIT) sector, focusing on owning, managing, and leasing premium office properties across major Indian cities. The trust generates income through long-term lease agreements with blue-chip tenants, offering investors a share in rental yields and potential capital appreciation.
The REIT concluded its debut public offering on August 7 with overwhelming investor participation. Subscriptions reached 259.5 crore units, against an offer size of 20.84 crore units, translating into a 12.45x oversubscription.
Institutional investors subscribed 9.08 times their allotted portion, while non-institutional investors showed even stronger interest at 16.51 times.
Also Read: Blackstone-Sattva ₹7,000 Crore REIT IPO Set to Launch in February
The ₹4,800 crore fundraising plan included ₹1,620 crore raised from anchor investors on August 4 and ₹1,200 crore from strategic investors. The remaining ₹1,980 crore was opened to the public from August 5 to 7.
IPO allotment will be finalised on August 12, with listing scheduled for August 18. Post-listing, it will become the fourth REIT sponsored by Blackstone in India, following Embassy Office Parks REIT, Mindspace Business Parks REIT, and Nexus Select Trust.
In terms of gross asset value, at ₹61,999 crore, Knowledge Realty Trust will hold the title of India’s largest office REIT. Its portfolio spans 37.1 million square feet across Bengaluru, Hyderabad, Mumbai, and three other cities, with a committed occupancy rate of 91.4% as of March 2025.
Proceeds from the issue will primarily be used to reduce debt across its asset special purpose vehicles (SPVs) and investment entities by ₹4,640 crore, with the rest allocated for general corporate purposes. As of July 2, 2025, total debt stood at ₹20,827.7 crore.
The IPO was managed by leading merchant bankers including Kotak Mahindra Capital Company, Axis Capital, BofA Securities India, ICICI Securities, IIFL Capital Services, JM Financial, Morgan Stanley India Company, and SBI Capital Markets.
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