Knowledge Realty Trust REIT Subscription Day 1: 60% Booked, Flat GMP; Retail Response in Focus; Apply/ Avoid?

The Knowledge Realty Trust REIT IPO saw a lukewarm response on the first day of subscription as the issues opened today. Supported by global investment giant Blackstone and leading developer Sattva Group, the Knowledge Realty Trust REIT IPO is worth Rs. 4,800 crore issue. Despite generating a lot of attention the REIT IPO saw no activity in the grey market on the first day. The Issue will remain open till 7th August.

Knowledge Realty Trust REIT Subscription Status Day 1

At the end of day 1, August 5th, the Knowledge Realty Trust REIT IPO had been subscribed 0.62 times overall. With QIBs subscribing to it 0.35 times and the Non-Institutional Investors (NIIs or HNIs) bidding for it 0.93 times
While the QIB response has started off cautiously, the strong interest from high net-worth individuals (HNIs) is noteworthy. Retail participation is expected to pick up momentum on Day 2 and Day 3, which is often the trend in large IPOs and REIT listings.

Issue Size and IPO Structure

The Knowledge Realty Trust REIT IPO is a pure fresh issue of 48 crore units, aggregating up to Rs. 4,800 crore. The price band has been fixed at Rs. 95 to Rs. 100 per unit, with a lot size of 150 units. For retail investors, the minimum investment works out to Rs. 14,250. The REIT is expected to be listed on both BSE and NSE with a tentative listing date of August 18.
Ahead of the IPO opening, Knowledge Realty Trust REIT raised Rs. 1,620 crore from anchor investors on August 4, 2025. This pre-IPO funding from institutional anchors reflects early confidence in the REIT's potential. Market experts believe this could help boost QIB interest in the remaining two days of bidding.

Knowledge Realty Trust REIT GMP

As of August 5th, the Grey Market Premium for the Knowledge Realty Trust REIT stands at Rs. 0, indicating no premium or discount over the upper end of the IPO price band. The estimated listing price remains Rs. 100, matching the cap price with no gains as of now. However, GMP trends may change closer to the listing depending on overall demand and market sentiment.

Should You Subscribe?

Two out of five brokerage firms that reviewed the IPO have given an Apply rating.

Marwadi Shares and Finance Limited, in its IPO report, stated, "With all assumptions considered, the Gross Asset Value of the subject assets, comprising a total leasable area of 46.3 msf, as of 31 March 2025, is estimated at approximately INR 61,999 crore.st We assign a 'Subscribe' rating to this IPO, as the company is the largest office REIT in India by GAV and NOI and the most geographically diverse, with several best-in-class assets located in the best-performing office markets of India, along with a diversified tenant base with an increasing focus on leading domestic corporates and GCCs."

About Knowledge Realty Trust REIT

Knowledge Realty Trust is India's largest office REIT by gross asset value (Rs. 61,998.9 crore as of March 2025) and the second-largest globally by leasable area. Its portfolio includes 30 Grade A office assets spread across six major cities: Mumbai, Bengaluru, Hyderabad, Chennai, Gurugram, and GIFT City Ahmedabad. The REIT has a total leasable area of 46.3 million square feet (msf), which includes 37.1 msf completed, 1.2 msf under construction, and 8.0 msf in the future pipeline. Notably, the committed occupancy stands at 91.4%, making it an attractive option for investors looking for consistent rental yield and capital appreciation in the commercial property segment.

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