Knowledge Realty Trust REIT IPO Day 2: Subscription Status, GMP Today
The grey market premium (GMP) for the Knowledge Realty Trust REIT IPO continues to remain at zero, suggesting a flat or possibly negative market debut.
The Knowledge Realty Trust REIT IPO, backed by real estate firm Sattva Group and global investment firm Blackstone, is in its second day of bidding today, Wednesday, August 6. The total issue size is Rs 4,800 crore, with a price band of Rs 95 to Rs 100 per unit. The offer will close on August 7.
By 5:00 pm on Day 2, the IPO was subscribed 2.35 times, receiving bids for 49,02,38,850 units as against 20,84,20,800 units available for subscription.
The GMP of the IPO remains unchanged at zero, pointing to a flat or weak listing scenario.
Knowledge Realty Trust REIT IPO – Important Dates
The IPO will remain open for subscription from August 5 to August 7, 2025. The allotment of shares is expected to be finalised on August 12, and listing on both BSE and NSE is likely to take place on August 18.
Knowledge Realty Trust REIT IPO – Price Band & Lot Size
The IPO price band has been fixed between Rs 95 and Rs 100 per unit.
The minimum lot size for application is 150 units. This means that retail investors need to invest at least Rs 14,250 to apply, and can apply in multiples thereof.
GMP of Knowledge Realty Trust REIT IPO Today
As per market sources, the unlisted shares of Knowledge Realty Trust are currently trading at a zero premium in the grey market.
GMP reflects investor sentiment and can change frequently. A zero GMP suggests that investors are not willing to pay more than the issue price.
What Is Knowledge Realty Trust (KRT)?
KRT is set to become India’s largest REIT by gross asset value, estimated to be around Rs 62,000 crore. In the previous financial year, its net operating income was Rs 3,432 crore.
The REIT holds over 46 million sq ft of commercial office space across 29 assets in six cities, primarily Mumbai, Bengaluru, and Hyderabad.
Key assets include:
- One BKC and One World Center in Mumbai
- Knowledge City and Knowledge Park in Hyderabad
- Cessna Business Park and Sattva Softzone in Bengaluru
Blackstone and Sattva will continue to retain about 80% ownership of the REIT even after listing.
Currently, there are four listed REITs in India:
- Brookfield India Real Estate Trust
- Embassy Office Parks REIT
- Mindspace Business Parks REIT
- Nexus Select Trust
Among these, Nexus is the only one with retail-focused assets, while the rest are office asset-backed.
Sattva Developers, based in Bengaluru, has developed over 74 million sq ft across seven Indian cities, in sectors like residential, commercial, hospitality, co-living, co-working, and data centres. Another 75 million sq ft is in the pipeline.
Blackstone, one of the world’s top investment firms, has significant exposure to Indian real estate.
The two sponsors, Sattva and Blackstone, have adopted a brand-neutral growth strategy, aiming to expand the KRT portfolio through third-party acquisitions.
The four listed REITs together manage over 126 million sq ft of Grade A office and retail assets across India. Since their launch, they have distributed over Rs 21,000 crore to their unitholders.
Knowledge Realty Trust IPO: More Information
Ahead of the public subscription, Knowledge Realty Trust raised Rs 1,620 crore from anchor investors on Monday. According to a circular uploaded on BSE, key investors who participated in the anchor round include:
- TATA AIG General Insurance
- Life Insurance Corporation of India (LIC)
- Nippon India MF
- Axis MF
- Tata MF
- Amundi
- Wells Capital
- Jhunjhunwala Trust
- 360 ONE
This public issue is a completely fresh issue of REIT units. In March 2025, KRT filed its draft red herring prospectus (DRHP) with SEBI. The listing is a strategic move to monetise 30 prime office properties across India.
Initially, the REIT planned to raise Rs 6,200 crore through this public issue, but after raising Rs 1,400 crore in June, the final IPO size has been trimmed to Rs 4,800 crore.
