Knowledge Realty Trust (KRT), sponsored by Bengaluru-based Sattva Group and global investment firm Blackstone, is set to launch its Rs 4,800 crore Real Estate Investment Trust (REIT) initial public offering (IPO) on August 5. The three-day bidding window will close on August 7.
This is the sixth REIT headed to Dalal Street. Currently, there are four REITs in the country’s listed space: Embassy Office Parks REIT, Mindspace Business Parks REIT, Brookfield India Real Estate Trust REIT, Nexus Select Trust. PropShare Titania is likely to list on the bourses tentatively on August 4.
The price band for the IPO has been fixed at Rs 95–Rs 100 per unit. This REIT offering consists entirely of a fresh issue of units worth Rs 4,800 crore and is being made under the book-building process in accordance with SEBI REIT regulations. The minimum investment for retail investors is Rs 15,000, with a lot size of 150 units and bids in multiples thereafter.
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KRT’s properties include marquee assets such as One BKC and One World Center in Mumbai, Cessna Business Park and Sattva Softzone in Bengaluru, and Knowledge City and Knowledge Park in Hyderabad. The REIT has a diverse tenant base including large multinational corporations, global capability centers, and leading domestic firms. Its net operating income stood at Rs 3,432 crore in FY25.
Initially, KRT had planned a Rs 6,200 crore issue but raised Rs 1,400 crore from anchor investors last month, bringing the IPO size to Rs 4,800 crore. Blackstone and Sattva will continue to jointly own around 80 per cent of the REIT post-listing. KRT’s entry further strengthens India’s REIT landscape, which now manages over 126 million sq ft of rent-yielding real estate and has distributed more than Rs 21,000 crore to unitholders so far.
Also Read:6 Years of REITs in India: See how Embassy, Nexus, 2 other trusts have fared as an IPO heads to D-Street
The IPO allocation will reserve up to 75 per cent for institutional investors and a minimum of 25 per cent for non-institutional investors, excluding the strategic investor portion.
Knowledge Realty Trust REIT IPO: Key details
- IPO Opening Date: August 5
- IPO Closing Date: August 7
- Price Band: Rs 95–Rs 100 per unit
- Minimum Investment: Rs 15,000 (150 units)
- Issue Size: Rs 4,800 crore (Fresh Issue)
- Listing: To be announced
Kotak Mahindra Capital, Axis Capital, BofA Securities, ICICI Securities, IIFL Capital, JM Financial, Morgan Stanley, and SBI Capital Markets are the lead managers to the issue. KFin Technologies is the registrar.
About Knowledge Realty Trust
Knowledge Realty Trust claims to become the country’s largest Real Estate Investment Trust (REIT) in terms of Gross Asset Value (around Rs 62,000 crore) upon listing. As of March 31, 2025, its portfolio includes 29 top-grade office properties spread across six major Indian cities — Mumbai, Bengaluru, Hyderabad, Gurugram, Chennai and GIFT City in Ahmedabad. Altogether, the REIT covers over 46.3 million square feet, out of which 37.1 million sq ft is already complete, while the rest is either under construction or in the pipeline.
According to its draft red herring prospectus (DRHP) filed with Sebi, The trust, backed by sponsors Sattva and Blackstone, plans to use the funds to monetise premium office spaces and fuel future expansion. With a brand-neutral approach and a strategy focused on acquiring third-party assets, KRT is positioning itself as a key player in strengthening India’s image as a global business hub.
