Knowledge Realty Trust REIT, co-sponsored by the Sattva Group and Blackstone, made a strong debut on the bourses on Monday, becoming India’s largest and most-subscribed REIT IPO to date. Backed by a portfolio of 29 Grade A office properties across six major cities, the REIT commands leadership in terms of Gross Asset Value (GAV) and Net Operating Income (NOI), reflecting the rising investor appetite for India’s commercial real estate growth story.

Knowledge Realty Trust opened at a 4% premium, went on to an intraday high of 9% premium before ending Day 1 at 6% premium.

The unit listed Rs 104 per unit on BSE, a premium of 4%, and Rs 103 per unit on NSE, a premium of 3%. Intraday, the unit had hit a high of Rs 109 per unit. The company’s share price closed at Rs 106.15 per share on the BSE, a 6.15% premium, and at Rs 106.24 per share on the NSE, a 6.24% premium.

As per NSE, the total quantity traded stood at 363.03 lakh shares, on BSE the total Quantity stood at 25.91 lakh shares. Total Turnover (BSE+NSE) on Day 1 stood at Rs 407.15 crore.

The market capitalization of the company at today’s closing price stood at Rs. 47,071.15 crore as per BSE and Rs. 47,111.06 Crore as per NSE.

The company had offered Rs 4,800 crore issue for subscription from August 5 to August 7. This garnered substantial interest, and the offer was subscribed around 13 times. Institutional Investors Portion and Other Investors Portion were subscribed 12.45 times and 9.07 times, respectively. The Issue generated a demand of Rs 32,600 crore, making it India’s largest and most subscribed REIT IPO to date.

Knowledge Realty Trust is India’s largest REIT in terms of GAV and NOI. As of March 31, 2025, the portfolio includes 29 Grade A office properties spanning 46.3 msf, consisting of 37.1 msf of completed area and 9.2 msf under construction and future development. The assets are strategically located across six cities (Hyderabad, Mumbai, Bengaluru, Chennai, Gurugram, and GIFT City in Ahmedabad) and leased to a diverse tenant roster comprising large multinational corporations, global capability centers and leading domestic firms.

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

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.