Knowledge Realty Trust REIT, 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 issue received bids for 2,59,52,26,800 shares against the offered 20,84,20,800 equity shares, at a price band of ₹95–₹100, according to data

available on the stock exchanges.

  • At the upper price band of ₹100:
    • Overall subscription: 13.11 times
    • Institutional investors: 9.55 times
    • Other investors: 17.38 times
  • At the lower price band of ₹95:
    • Overall subscription: 12.45 times
    • Institutional investors: 9.07 times
    • Other investors: 16.51 times

Shirish Godbole, Chief Executive Officer of Knowledge Realty Trust REIT, said:

“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.”

Quaiser Parvez, Chief Operating Officer of Knowledge Realty Trust REIT, added:

“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.”

The proceeds from the issue to the extend Rs. 4,640 crores are proposed to be used in partial or full repayment or prepayment of certain financial indebtedness of the Asset SPVs and the Investment Entities and 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.

The IPO comprises of fresh issuance of Units up to ₹4,800 crore by the Knowledge Realty Trust (the “Issue”). This Issue is being made through the Book Building Process and in compliance with the Securities and Exchange Board of India (Real Estate Investment Trusts)  Regulations, 2014 (“REIT Regulations”) and the REIT Master Circular dated July 11, 2025, wherein not more than 75% of the Issue (excluding the Strategic Investor portion) shall be available for allocation on a proportionate basis to Institutional Investors and not less than 25% of the Issue (excluding the Strategic Investor portion) shall be available for allocation to Non-Institutional Investors, in accordance with the REIT Regulations.