Dalal Street Set to Welcome 6th REIT: Knowledge Realty Trust IPO Launches on August 5
Dalal Street is gearing up for the launch of its 6th Real Estate Investment Trust (REIT) with the Knowledge Realty Trust (KRT) IPO, scheduled to open on August 5. This IPO, sponsored by Sattva Group and Blackstone, is set to further strengthen India’s REIT landscape.
ReitIpoKnowledge Realty TrustReal EstateDalal StreetReal Estate MumbaiJul 30, 2025
This marks the entry of the sixth REIT into Dalal Street, joining the ranks of existing REITs such as Embassy Office Parks REIT, Mindspace Business Parks REIT, Brookfield India Real Estate Trust REIT, and Nexus Select Trust. PropShare Titania is also expected to list on the stock exchanges tentatively on August 4.
The IPO price band has been set at Rs 95 to Rs 100 per unit, and the offering consists entirely of a fresh issue of units worth Rs 4,800 crore. The book-building process will be conducted in accordance with SEBI REIT regulations. Retail investors will need to invest a minimum of Rs 15,000, with a lot size of 150 units and bids in multiples thereafter.
KRT’s portfolio includes 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 boasts a diverse tenant base, including large multinational corporations, global capability centers, and leading domestic firms. In the fiscal year 2025, its net operating income stood at Rs 3,432 crore.
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 down to Rs 4,800 crore. Post-listing, Blackstone and Sattva will continue to jointly own around 80 percent of the REIT. KRT’s entry further solidifies India’s REIT landscape, which now manages over 126 million square feet of rent-yielding real estate and has distributed more than Rs 21,000 crore to unitholders.
The IPO allocation will reserve up to 75 percent for institutional investors and a minimum of 25 percent for non-institutional investors, excluding the strategic investor portion.
Key Details of Knowledge Realty Trust REIT IPO
- 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, with 37.1 million sq ft 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 monetize 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.
Frequently Asked Questions
What is the IPO size for Knowledge Realty Trust?
The IPO size for Knowledge Realty Trust is Rs 4,800 crore.
When does the Knowledge Realty Trust IPO open and close?
The Knowledge Realty Trust IPO opens on August 5 and closes on August 7.
What is the price band for the Knowledge Realty Trust IPO?
The price band for the Knowledge Realty Trust IPO is Rs 95 to Rs 100 per unit.
Who are the sponsors of Knowledge Realty Trust?
The sponsors of Knowledge Realty Trust are Bengaluru-based Sattva Group and global investment firm Blackstone.
What is the minimum investment required for retail investors in the Knowledge Realty Trust IPO?
The minimum investment required for retail investors in the Knowledge Realty Trust IPO is Rs 15,000, with a lot size of 150 units.
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