Another real estate investment trust (REIT) IPO is set to hit the Indian market—Knowledge Realty Trust. The company has filed draft papers with SEBI for an IPO worth ₹62 billion ($711 million), making it India’s largest REIT IPO.
This REIT is backed by Blackstone Inc. and Sattva Developers Private Limited and owns office spaces in major cities like Bengaluru, Mumbai, Hyderabad, and Chennai.
The IPO proceeds will primarily be used for debt repayment.
Key Highlights from the SEBI Filing
Largest REIT in India by gross asset value with Net operating income in FY 2024: ₹29 billion.
Committed occupancy rate (as of Dec 2024): 89.9%.
Portfolio spans 6 cities: Hyderabad, Mumbai, Bengaluru, Chennai, Gurugram, and GIFT City (Ahmedabad).
Major competitors: Embassy Office Parks REIT, Mindspace Business Parks REIT, and Brookfield India Real Estate Trust REIT.
Listing and IPO Management
Stock exchanges: Units will be listed on BSE and NSE after the IPO.
Book-running lead managers: Kotak Mahindra Capital, Axis Capital, BofA Securities India, ICICI Securities, IIFL Capital, JM Financial, Morgan Stanley India, and SBI Capital Markets.
India’s Growing REIT Market
According to Bloomberg, India is becoming a key market for equity sales, with REITs gaining popularity for their attractive returns.
Currently, four REITs are listed in India, including Brookfield India and Embassy Office Parks.
