Knowledge Realty Trust Receives SEBI Nod for ₹4,800 Crore REIT IPO

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Knowledge Realty Trust (KRT), sponsored by Bengaluru-based Sattva Group and global investment firm Blackstone, has secured regulatory approval from SEBI to launch a ₹4,800 crore real estate investment trust (REIT) initial public offering. The REIT is expected to be one of the largest in India by gross asset value once listed in early August.

KRT recently raised ₹1,400 crore through a pre-IPO placement with institutional investors, reinforcing confidence in its portfolio and market positioning. The sale of units in the public issue will help monetise a collection of 30 premium office assets across major cities.

The REIT holds ownership of more than 46 million square feet of office space spread across 29 buildings in six cities, including marquee properties such as One BKC and One World Center in Mumbai, Knowledge City and Knowledge Park in Hyderabad, and Sattva Softzone and Cessna Business Park in Bengaluru. Its gross asset value is estimated at ₹62,000 crore, and net operating income stood at ₹3,432 crore in the previous fiscal year.

Proceeds from the IPO will be deployed for debt reduction and general corporate purposes. According to public filings, KRT plans to use nearly 21 percent of the funds to lower borrowing levels from its special-purpose vehicles. Sponsorship after listing will remain with Blackstone and Sattva Group, who together will retain approximately 80 percent of KRT while allowing for a brand-neutral structure designed to support future acquisitions and growth.

Industry observers expect strong investor participation in the IPO, citing the quality of assets, stable rental yield prospects, and rising acceptance of REITs as a transparent investment vehicle in India. KRT’s IPO will mark the country’s fifth listed REIT, joining Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, and Nexus Select Trust. Among these, KRT will be the largest by asset size and intended fundraise amount.

Investor roadshows are set to begin later this week with the IPO opening in early August. The price band is expected to be announced by late August.