MUMBAI: Blackstone and Sattva Developers-sponsored Knowledge Realty Trust has said its scaled-down IPO will open on August 5 and close on August 7. It was scaled down from Rs 6,200 crore to Rs 4,800 crore after the pre-IPO fundraise of Rs 1,400 crore.
Knowledge Realty Trust, the second largest office real estate investment trust (REIT) in Asia and the largest in the country, is sponsored by Blackstone and Sattva Developers. The company had initially planned to mop up Rs 6,200 crore when it had filed the draft offer document with Sebi in March this year.
Up to 75% of the offer is reserved for institutional investors, and the remainder for non-institutional investors, the management said here Wednesday.
Knowledge Realty plans to make its market debut on August 18.
After listing, Knowledge will be the largest office REIT in the country based on gross asset value of Rs 61,999 crore and the fifth listed REIT after Embassy Office Parks, Mindspace Business Parks, Brookfield India Real Estate Trust, and Nexus Select Trust.
Knowledge has a portfolio of 29 grade A office assets with 46.3 million sqft leasable area spread across Mumbai, Bengaluru, Hyderabad, Delhi-NCR, Kolkata and Pune and plans to enter Chennai and Ahmedabad.
The company intends to utilise Rs 4,640 crore of the IPO proceeds for debt repayment and the remainder for general purposes. The management said after the repayment, total debt will come down by 19%.
Total outstanding borrowings of the asset SPVs (special purpose vehicles) and investment entities was Rs 20,827.7 crore till July 2.
Knowledge Realty is managed by the Knowledge Realty Office Management Services, and is owned by several strategic investors like Life Insurance Corporation, SBI Life Insurance, UTI AMC, HDFC Life, Kotak Mahindra Life, Bengani Leasing, Subham Capital, and Supriyata Capital.
On the financial front, the company had Rs 222.5 crore profit in fiscal 2025, down 34.5% from the previous year due to exceptional losses of Rs 350.2 crore. Revenue in the year to March 2025 rose 15.8% to Rs 3,930 crore.
Knowledge would be the fourth REIT to list by Blackstone, an affiliate of Blackstone Inc which is the world’s largest alternative asset manager. It had previously listed three realty investment trusts in the country--Embassy Office Parks Reit, Mindspace Business Parks Reit and Nexus Select Trust.