Knowledge Realty Trust REIT becomes India's largest and most subscribed REIT IPO at 13x
, co-sponsored by the Sattva Group and Blackstone, received over 13 times subscription on the final day of bidding, making it India's largest and most subscribed REIT IPO to date.
The public issue received bids coming in for approximately 2,595.23 crore shares against the 20.84 crore equity shares on offer, according to data available on the stock exchanges. The price band for the offer was set at ₹95 to ₹100 per share.
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'REITs in India have truly come of age — evolving from a novel concept to a trusted, mainstream investment vehicle. The growing participation from both institutional and retail investors is a testament to the confidence in the asset class and the underlying fundamentals of India's commercial real estate sector. As a product, REITs offer the ideal blend of stability and growth — and we believe we are just at the beginning of a long-term, value-driven journey for investors and the economy alike,' said Shirish Godbole, Chief Executive Officer of Knowledge Realty Trust REIT.
At the upper end of the price band (₹100), the issue was subscribed 13.11 times overall, with institutional investors subscribing 9.55 times and other investors subscribing 17.38 times. At the lower end of the price band (₹95), the overall subscription stood at 12.45 times, with institutional investors bidding 9.07 times and other investors 16.51 times.
'The total number of applications we've received for Knowledge REIT is more than the sum total of all past Indian REITs put together. This isn't just a milestone — it's a resounding vote of confidence in REITs as a product of stable income and growth avenue. More importantly, it reflects the growing conviction in the structural strength of India's premium office space — a long-term, secular growth story that is firmly poised to benefit tremendously from India's extraordinary growth story,' said Quaiser Parvez, Chief Operating Officer of Knowledge Realty Trust REIT.
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Earlier this week, some of the institutions that participated in the anchor round include LIC, Tata AIG, Nippon MF, Axis MF, Tata MF, FT MF, Amundi, Wells Capital, PIMCO, SBI Pension, Jhunjhunwala Trust, and 360 One, among others.
Institutions that participated in the strategic allocation include LIC, SBI Life, UTI MF, HDFC Life, Kotak Life, and 360 One, among others, the exchange filing mentioned by the company.
The proceeds from the issue, to the extent of Rs 4,640 crore, are proposed to be used for partial or full repayment or prepayment of certain financial indebtedness of the Asset SPVs and the Investment Entities, and the rest for general corporate purposes.
The sponsors to the issue are Sattva Developers Private Limited and BREP Asia SG L&T Holding (NQ) Pte. Ltd. Axis Trustee Services Limited is the trustee, and Knowledge Realty Office Management Services Private Limited (formerly known as Trinity Office Management Services Private Limited) is the manager to the issue.
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