Knowledge REIT IPO: Should You Invest?

The ₹4,800-crore initial public offering (IPO) of India's fourth real estate investment trust (REIT), Knowledge Realty Trust, open for subscription today (August 5). The issue closes on August 7.

The

price band for theIPO has been fixed between ₹95 and ₹100 per unit. Investors can bid for a minimum of 150 shares and in multiples thereof.

Ahead of the issue opening, Knowledge Realty Trust REIT has already garnered ₹1,620 crore from anchor investors. This was in addition to ₹1,200 crore amount mobilised through strategic investors.

Marquee global names such as Amundi Funds, Florida Retirement System, Tocu Europe, Morgan Stanley, Barclays Multi-Manager Fund, Societe Generale, BofA Securities Europe, and Citigroup

Global invested in the REIT via anchor book.

Domestic institutional investors, inlcuding Life Insurance Corporation, Tata AIG General Insurance, NPS Trust, Jhunjhunwala Discretionary Trust operated by Rakesh Jhunjhunwala's children, 360 ONE, Nippon Life, Axis Mutual Fund, UTI MF, Tata Mutual Fund, WhiteOak Capital, HDFC Life Insurance, Quant Mutual Fund, Kotak Mahindra Life Insurance, and Aditya Birla Sun Life AMC also participated in the anchor book.

Prior to this, the company had raised a pre-IPO round

of₹1,400 crore. With this, 70% of the IPO, or ₹4,220 crore, is already committed.

The Asia's second largest office REIT has set aside up to 75% of the issue size for institutional investors, and the remaining 25% for non-institutional investors.

Knowledge Realty Trust plans to utilise ₹4,640 crore of the IPO proceeds for repayment of debt the asset SPVs and the investment entities, and the remainder for general purposes.

The REIT model allows investors to gain exposure to rent-yielding real estate

without owning physical property. Following Embassy, Mindspace, and Brookfield REITs, Knowledge REIT marks the fourth such listing in the country.

Knowledge Realty Trust is India’s largest office REIT by gross asset value, with a portfolio valued at ₹61,998.9 crore as of March 31, 2025. Globally, it ranks as the second-largest office REIT in terms of total leasable area.

Kotak Mahindra Capital Company, Axis Capital, BofA Securities India, ICICI Securities, IIFL Capital Services, JM Financial, Morgan Stanley India

Company, and SBI Capital Markets are acting as the merchant bankers for the Knowledge Realty Trust IPO.

The allotment for the Knowledge Realty Trust REIT is expected to be finalised on August 12. The company's shares will be listed on BSE, NSE with a tentative listing date fixed as August 18.