India’s Largest Office REIT Set to Launch ₹6,200 Crore IPO

Knowledge Realty Trust, India’s biggest office real estate investment trust (REIT) is getting ready to go public with an initial public offering (IPO) of ₹6,200 crore. Knowledge Realty Trust, which is backed by Blackstone and Sattva Developers, is trying to get regulatory clearance to have its shares traded on the stock exchanges and, in the process, become India’s biggest REIT listing.
Operated by Knowledge Realty Office Management Services, Knowledge Realty Trust holds assets in office buildings in major towns of Bengaluru, Mumbai, Hyderabad and Chennai. The trust boasts of a gross asset value of ₹59,445 crore as of September 2024, thus making it the biggest office REIT in India. The trust realized a net operating income of ₹1,632.4 crore in the first half of FY 2024.
The IPO proceeds will be mainly used for debt repayment and ₹5,800 crore will be invested in SPVs and investment entities. As of September 2024, the trust’s net borrowings were ₹20,197.4 crore.
The shares are expected to be listed on the BSE and NSE, with Kotak Mahindra Capital, Axis Capital, BofA Securities India and others as lead managers in the IPO.
Indias REIT market is on the rise and has a steady future ahead of it with several successful listings like Brookfield India and Embassy Office Parks and so on.