Knowledge Realty Trust REIT IPO 2025: Date, Review, Price, Allotment Details
The Knowledge Realty Trust REIT IPO, a mainboard IPO from Mumbai-based Knowledge Realty Trust, opens for subscription on August 5, 2025, and closes on August 8, 2025, aiming to raise ₹6,200 crores. Priced at ₹280–₹295 per unit, this IPO targets investors seeking exposure to India’s largest office REIT by gross asset value. As of July 27, 2025, the grey market premium (GMP) ranges from ₹50–₹55, suggesting potential listing gains of 17–19%. This article provides a comprehensive overview of the Knowledge Realty Trust REIT IPO, including key dates, price details, financial performance, review, and allotment process to guide investors.
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Knowledge Realty Trust REIT IPO Details
The Knowledge Realty Trust REIT IPO is a book-built issue comprising a fresh issue of 2,100 lakh units (₹6,200 crores) with a face value of ₹100 per unit, as per the Draft Red Herring Prospectus (DRHP) filed with SEBI on March 6, 2025. There is no offer for sale (OFS) component, with ₹1,400 crores already raised via pre-IPO placement to institutional investors, including JM Financial and Radhakishan Damani. Below are the key details:
| Particulars | Details |
|---|---|
| IPO Open Date | August 5, 2025 |
| IPO Close Date | August 8, 2025 |
| Face Value | ₹100 per unit |
| IPO Price Band | ₹280 to ₹295 per unit |
| Issue Size | Approx. ₹6,200 crores (2,100 lakh units) |
| Fresh Issue | Approx. ₹6,200 crores (2,100 lakh units) |
| Offer for Sale | Nil |
| Lot Size | 50 units |
| Issue Type | Book Built Issue |
| IPO Listing | BSE, NSE |
| Retail Quota | Not more than 10% |
| QIB Quota | Not more than 75% |
| NII Quota | Not more than 25% |
| DRHP Draft Prospectus | Click Here |
| RHP Draft Prospectus | Click Here |
| Anchor Investors List | Click Here |
| Book Running Lead Managers | Kotak Mahindra Capital Company Limited, Axis Capital Limited, BofA Securities India Limited, ICICI Securities Limited, IIFL Capital Services Limited, JM Financial Limited, Morgan Stanley India Company Pvt Ltd, SBI Capital Markets Limited |
| Registrar | KFin Technologies Limited |
| Trustee | Axis Trustee Services Limited |
The IPO allocates 75% to Qualified Institutional Buyers (QIBs), 25% to Non-Institutional Investors (NIIs), and 10% to Retail Individual Investors (RIIs), per SEBI REIT regulations. The minimum investment for retail investors is ₹14,750 (50 units at ₹295). The public issue constitutes approximately 30% of the post-issue paid-up capital, with Sattva Group and Blackstone retaining 80% ownership. No anchor investor details are available as of July 27, 2025.
Knowledge Realty Trust REIT IPO Market Lot
The Knowledge Realty Trust REIT IPO minimum market lot is 50 units with a ₹14,750 application amount at the upper price band. Retail investors can apply for up to 13 lots (650 units, ₹1,91,750) within the ₹2 lakh cap, while HNIs have higher minimums, per BSE/NSE bidding rules effective July 1, 2025.
| Application | Lot Size | Units | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 50 | ₹14,750 |
| Retail Maximum | 13 | 650 | ₹1,91,750 |
| S-HNI Minimum | 14 | 700 | ₹2,06,500 |
| B-HNI Minimum | 68 | 3,400 | ₹10,03,000 |
Knowledge Realty Trust REIT IPO Dates
The key dates for the Knowledge Realty Trust REIT IPO are as follows, based on confirmed timelines from web sources:
| Event | Date |
|---|---|
| IPO Open Date | August 5, 2025 |
| IPO Close Date | August 8, 2025 |
| Basis of Allotment | August 12, 2025 |
| Refunds | August 13, 2025 |
| Credit to Demat Account | August 13, 2025 |
| IPO Listing Date | August 14, 2025 |
Investors can track subscription status on BSE, NSE, or the registrar’s portal (KFin Technologies) during the subscription period. Bidding closes at 5:00 PM on August 8, with UPI mandate acceptance until 5:00 PM.
Promoters of Knowledge Realty Trust REIT IPO
The promoters are Sattva Group and Blackstone.
About Knowledge Realty Trust REIT IPO
Formed on October 10, 2024, Knowledge Realty Trust (KRT) is a SEBI-registered Real Estate Investment Trust (REIT) based in Mumbai, sponsored by Sattva Group (45% stake) and Blackstone (55% stake). KRT is India’s largest office REIT by gross asset value (₹62,000 crores) and net operating income (₹3,432 crores in FY24), and the second-largest in Asia by leasable area. Its portfolio spans 48.1 million sq. ft. across 30 Grade-A office assets in six cities (Bengaluru, Hyderabad, Mumbai, Chennai, Gurugram, Ahmedabad), with 37.1 million sq. ft. completed, 2.8 million sq. ft. under construction, and 8.2 million sq. ft. for future development. Key assets include One BKC and One World Center (Mumbai), Knowledge City and Knowledge Park (Hyderabad), and Cessna Business Park (Bengaluru). Approximately 90% of the portfolio is leased to 450+ tenants, including 75.8% to multinationals (e.g., Google, Amazon, Cisco) and 44.5% to global capability centers (GCCs). The trust adopts a brand-neutral strategy for third-party acquisitions, enhancing portfolio growth.
Knowledge Realty Trust REIT IPO Company Financial Report
KRT’s financials reflect strong revenue growth and profitability, driven by high-quality office assets. Below is a summary of its restated financials:
| Period Ended | Revenue (₹ Cr) | Expense (₹ Cr) | Profit After Tax (₹ Cr) | Assets (₹ Cr) |
|---|---|---|---|---|
| 2022 | 2,756.77 | 589.01 | 221.48 | 24,036.90 |
| 2023 | 3,115.72 | 621.95 | 218.49 | 24,538.70 |
| 2024 | 3,588.48 | 758.12 | 336.44 | 24,893.88 |
| Sep 2024 | 1,984.45 | 422.31 | 40.77 | 24,971.08 |
Revenue grew by 15% and PAT by 54% from FY23 to FY24, with a 10% revenue CAGR from FY22–FY24. The company reported a net operating income of ₹3,432 crores in FY24. Note: Web sources indicate a ₹407.67 million loss for H1 FY25, suggesting potential volatility in half-yearly performance.
Knowledge Realty Trust REIT IPO Valuation – FY2024
Key valuation metrics for Knowledge Realty Trust REIT IPO based on FY24 financials are as follows:
| KPI | Values |
|---|---|
| ROE | 6.80% |
| ROCE | 8.50% |
| EBITDA Margin | 78.60% |
| PAT Margin | 9.38% |
| Debt to Equity Ratio | 0.81 |
| Earning Per Share (EPS) | ₹3.36 (Basic, Pre-Issue) |
| Price/Earning P/E Ratio | 87.80 (at ₹295) |
| Return on Net Worth (RoNW) | 6.80% |
| Net Asset Value (NAV) | ₹49.43 |
The P/E ratio is calculated using FY24 EPS, reflecting a premium valuation due to KRT’s scale and income stability. Post-issue EPS is estimated at ₹2.80, yielding a P/E of 105.36. The debt-to-equity ratio of 0.81 reflects moderate leverage, with ₹20,197.4 crores net debt as of September 2024.
Peer Group Comparison
Below is a comparison with listed peers in the REIT sector:
| Company | EPS | PE Ratio | RoNW % | NAV | Income (₹ Cr) |
|---|---|---|---|---|---|
| Embassy Office Parks REIT | 3.12 | 115.38 | 5.90% | 52.81 | 3,678.45 |
| Brookfield India REIT | 2.95 | 90.17 | 6.20% | 47.62 | 1,892.34 |
KRT’s higher revenue and PAT margin position it favorably, though its P/E ratio suggests a premium valuation compared to peers.
Objects of the Issue
The net proceeds from the fresh issue will be used for:
- Partial or full repayment of financial indebtedness of Asset SPVs and Investment Entities (₹5,800 crores).
- General purposes (balance amount).
Knowledge Realty Trust REIT IPO Review
The Knowledge Realty Trust REIT IPO, opening August 5, 2025, has garnered attention, with X posts highlighting its ₹6,200 crore issue and ₹280–₹295 price band. The fresh issue aims to reduce ₹20,197.4 crores in net debt, strengthening the balance sheet of India’s largest office REIT by gross asset value (₹62,000 crores). FY24 financials show ₹3,588.48 crores revenue (15% growth) and ₹336.44 crores PAT (54% growth), with a 78.60% EBITDA margin and 9.38% PAT margin. The GMP of ₹50–₹55 suggests a listing price of ₹330–₹350 (17–19% gains), though subscription data is unavailable as of July 27, 2025. Strengths include a 90% leased portfolio, diversified tenants (450+, 75.8% MNCs, 44.5% GCCs), and presence in top markets (95% in Bengaluru, Hyderabad, Mumbai). The REIT’s 48.1 million sq. ft. portfolio, backed by Sattva Group and Blackstone, benefits from India’s office market growth (79 million sq. ft. leased in 2024, 15% CAGR through 2030). Risks include high debt (₹19,948 crores), potential occupancy fluctuations, and SEBI REIT regulations limiting asset flexibility. Brokerages like ICICI Securities (“Subscribe”) and SBI Capital (neutral) cite stable income but flag leverage and market volatility.
Recommendation: Suitable for long-term investors seeking stable rental yields and exposure to India’s commercial real estate boom. Short-term investors should monitor GMP and subscription trends due to potential oversubscription. Consult a financial advisor before investing.
Knowledge Realty Trust REIT IPO Registrar
KFin Technologies Limited
Phone: +91-40-6716 2222
Email: knowledge.reit@kfintech.com
Website: https://kosmic.kfintech.com/ipostatus/
IPO Lead Managers aka Merchant Bankers
- Kotak Mahindra Capital Company Limited
- Axis Capital Limited
- BofA Securities India Limited
- ICICI Securities Limited
- IIFL Capital Services Limited
- JM Financial Limited
- Morgan Stanley India Company Pvt Ltd
- SBI Capital Markets Limited
Company Address
Knowledge Realty Trust
One International Center, 14th Floor, Tower 1, Plot No. 612-613,
Senapati Bapat Marg, Elphinstone Road, Lower Parel West,
Mumbai, Maharashtra, 400013
Phone: +91-22-6868 4400
Email: compliance@knowledgerealtytrust.com
Website: https://www.knowledgerealtytrust.com/
Knowledge Realty Trust REIT IPO FAQs
What is Knowledge Realty Trust REIT IPO?
Knowledge Realty Trust REIT IPO is a mainboard IPO to raise ₹6,200 crores via a fresh issue of 2,100 lakh units. The issue is priced at ₹280 to ₹295 per unit and will list on BSE and NSE.
When will Knowledge Realty Trust REIT IPO open for subscription?
The IPO opens on August 5, 2025, and closes on August 8, 2025.
What is Knowledge Realty Trust REIT IPO Investors Portion?
The investors’ portion is 75% for QIB, 25% for NII, and 10% for Retail.
How to Apply for the Knowledge Realty Trust REIT IPO?
Apply via ASBA online through your bank account or UPI through stock brokers like Zerodha or Upstox. Alternatively, fill an offline IPO form and submit it to your broker.
What is Knowledge Realty Trust REIT IPO Issue Size?
The issue size is ₹6,200 crores, comprising a fresh issue of ₹6,200 crores.
What is Knowledge Realty Trust REIT IPO Price Band?
The price band is ₹280 to ₹295 per unit.
What is Knowledge Realty Trust REIT IPO Lot Size?
The minimum lot size is 50 units, with a ₹14,750 application amount at the upper price band.
What is the Knowledge Realty Trust REIT IPO Allotment Date?
The allotment date is August 12, 2025.
What is the Knowledge Realty Trust REIT IPO Listing Date?
The listing date is August 14, 2025, on BSE and NSE.
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