The Rs 4,800 crore public issue, which opened on August 5, closes today, August 7. The offering includes units of the REIT, giving investors a chance to gain exposure to income-generating commercial real estate assets, a segment that continues to attract long-term capital.
Knowledge Realty Trust Subscription Status
On the BSE, as of 11.00 AM on Day 3 of the subscription period, the Knowledge Realty Trust IPO had received an overall subscription of 4.69 times, reflecting a steadily growing interest from investors.The Institutional Investor segment subscribed to 1.34 times of its allotted 11.36 lakh shares, indicating moderate yet consistent participation from qualified institutions.
In contrast, the Other Investors category—which includes corporates, Individuals (Other than RIIs) and other non-retail applicants—demonstrated stronger enthusiasm, subscribing to 8.95 times their allocated quota.
Knowledge Realty Trust IPO Details
India’s fourth Real Estate Investment Trust (REIT), Knowledge Realty Trust, opened its IPO for subscription on August 5. The issue comprises units worth Rs 4,800 crore. The REIT has already raised Rs 1,620 crore from anchor investors ahead of the issue, attracting marquee backers such as Rakesh Jhunjhunwala Trust, Life Insurance Corporation of India (LIC), and global funds such as Capital Group, Fidelity, ADIA, and GIC.This issue is being made through the book building process and in compliance with Sebi REIT regulations, wherein not more than 75% of the issue (excluding the Strategic Investor portion) will be available for allocation on a proportionate basis to institutional investors and about 25% for allocation to non-institutional investors.
The REIT model allows investors to gain exposure to rent-yielding real estate without owning physical property. Following Embassy, Mindspace, and Brookfield REITs, Knowledge REIT marks the fourth such listing in India.
The IPO proceeds from the fresh issue will be used for repayment of debt, acquisition of stake in certain assets, and general corporate purposes.
Knowledge Realty Trust IPO Price Band
The price band for the offer has been set at Rs 95–100 per unit. Investors can bid for a minimum of 150 units and in multiples thereof. The REIT is proposed to be listed on both NSE and BSE, with a tentative listing date of August 18.
Should You Subscribe?
Geojit Research has given a ‘Subscribe’ rating to Knowledge Realty Trust (KRT) for long-term investors, citing the REIT’s strong fundamentals and growth prospects. “KRT owns and operates a high-quality office portfolio across major cities in India. As of FY25, it stands as the largest office REIT in the country by Gross Asset Value (GAV) of Rs 61,998.9 crore and Net Operating Income (NOI) of Rs 3,432.27 crore. The REIT’s portfolio comprises 6 centrally located office assets and 23 business parks/centres, with a diverse tenant base of over 450 companies. The tenant roster includes leading Indian corporates like Aditya Birla Group, PhonePe, HDFC Bank, and Go Digit, as well as global giants such as Amazon, Cisco, Google Connect, Novartis, and Siemens Ltd., reflecting both scale and quality of the portfolio.
Considering Knowledge Realty Trust’s leadership in the office REIT space, backed by experienced sponsors and management, strong geographic diversification, high-quality tenant base, projected Net Operating Income (NOI) growth of ~19% over FY26–28E, potential for capital appreciation, attractive dividend yield ( 6% -7%) and a healthy balance sheet with a low loan-to-value (LTV) ratio, we assign a ‘Subscribe’ rating for long-term.”
About Knowledge REIT
Knowledge Realty Trust is India’s largest office REIT by gross asset value, with a portfolio valued at Rs 61,998.9 crore as of March 31, 2025. Globally, it ranks as the second-largest office REIT in terms of total leasable area.
The trust owns a diversified portfolio of 30 Grade A office properties, covering 46.3 million sq ft, which includes 37.1 million sq ft of completed space, 1.2 million sq ft under construction, and 8 million sq ft reserved for future development.
Its assets span six major Indian cities—Hyderabad, Mumbai, Bengaluru, Chennai, Gurugram, and GIFT City (Ahmedabad)—and are divided between six centrally located city offices and 24 business parks. These properties feature modern amenities like multi-cuisine food courts, exclusive clubs, wellness and fitness centres, sports facilities, medical clinics, and childcare facilities.
As of March 2025, the portfolio had a committed occupancy rate of 91.4%.