Knowledge Realty Trust REIT IPO

About the company

Knowledge Realty Trust owns and manages a high-quality office portfolio in India and is the largest office REIT based on Gross Asset Value of ₹61,998.90 crore as of March 31, 2025, and Net Operating Income of ₹3,432.27 crore for FY25. It is also the second largest office REIT in Asia and one of the largest office REITs globally in terms of Leasable Area as of March 31, 2025. The portfolio comprises 29 Grade A office assets totalling 46.3 million square feet as of March 31, 2025, with 37.1 msf of completed area, 1.2 msf of under construction area and 8.0 msf of future development area. The portfolio includes 6 city-centre offices and 23 business parks/centres. The portfolio's weighted average lease expiry (WALE) stands at 8.4 years as of March 31, 2025. It achieved a tenant retention rate of 61.7% from FY23 to FY25. A significant portion of the portfolio, approximately 95.6% of GAV as of March 31, 2025, is located in Bengaluru, Hyderabad and Mumbai, which are the best-performing office markets in India in terms of market size and absorption levels. Bengaluru recorded the highest cumulative net absorption in India between CY16 and Q1CY25 of approximately 80.5 msf, while Hyderabad recorded a cumulative net absorption of 64.9 msf, the second-largest office market in India. The portfolio has a committed occupancy of 91.4% as of March 31, 2025, which is the highest compared to other listed Indian office REITs. The portfolio assets serve a diversified tenant base with 74.1% of gross rentals from multinational tenants, 43.6% from Global Capability Centres (GCCs) and 38.2% from Fortune 500 companies for the month ended March 31, 2025. The company serves more than 450 tenants as of March 31, 2025, supporting over 275,000 employees working across portfolio assets. India hosts 2,975+ GCC units as of FY25 and is known as the “GCC Capital of the World”. GCCs accounted for 35.8% of India's office space leasing in CY24, up from 30.1% in CY22. India has become one of the largest global office markets with 887 msf of office stock as of Q1CY25, expected to reach 1,061 msf by 2027. Gross absorption reached a record 80.3 msf in CY24, expected to grow 11.6% to 89.6 msf in CY25. Cities like Bengaluru and MMR have seen continuous rental growth driven by tight supply and strong demand. The company’s core markets, Bengaluru, Hyderabad, and MMR, accounted for 66.8% of total GCC leasing in India from CY22 to Q1CY25. With flagship assets like Sattva Knowledge City (Hyderabad) and One BKC (Mumbai), it is strategically embedded in these GCC growth clusters. Its assets are located in high-demand sub-markets like Outer Ring Road (Bengaluru), HITEC City (Hyderabad), and BKC (Mumbai), where rentals are already premium and growing. With a WALE of 8.4 years and 91.4% committed occupancy, it is expected to enjoy stable income with upside from rising rentals and lease renewals. Now, Knowledge Realty Trust Ltd is launching its real estate investment trust (REIT), which consists of a fresh issue worth up to ₹4,800 crore. The total issue size of the IPO is ₹4,800 crore. Its shares will be listed on the NSE and BSE.

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   05 Aug 2025

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   07 Aug 2025

   Last day to place your bid

3. Basis of Allotment

   Completed
   12 Aug 2025

   Share allotment finalised

4. Refund Initiation

   Completed
   13 Aug 2025

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   13 Aug 2025

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   18 Aug 2025

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.