The Rs 4,800 crore IPO of Knowledge Realty Trust REIT, India’s largest office real estate investment trust, had received robust investor interest, with the issue subscribed 12.48 times overall.
The QIB portion was booked 9.07 times, while non-institutional investors (NIIs) subscribed 16.57 times. The REIT also garnered Rs 1,620 crore from anchor investors ahead of the IPO.
Proceeds from the fresh issue will primarily be used to partially or fully repay borrowings of its asset SPVs and investment entities, amounting to Rs 4,640 crore, with the balance earmarked for general purposes.
Knowledge Realty Trust REIT manages a portfolio of 30 Grade-A office assets across six cities, including Hyderabad, Mumbai, Bengaluru, Chennai, Gurugram, and GIFT City in Ahmedabad, with a committed occupancy of 91.4% as of March 31, 2025.
Its tenant base includes Fortune 500 companies, global capability centres, and leading domestic corporates.For FY25, the REIT reported total income of Rs 4,146.86 crore, up 16% year-on-year, though profit after tax fell 34% to Rs 222.52 crore.With its scale, geographic diversification, and backing from global sponsors Blackstone and Sattva, Knowledge Realty Trust REIT is being closely watched as a barometer for institutional appetite in India’s commercial office space.Analysts expect the trust’s stable rental income and strong tenant mix to support long-term returns, though near-term performance will depend on secondary market sentiment.
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