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Knowledge Realty Trust REIT IPO
Knowledge Realty Trust
₹14,250 /150 sharesMinimum Investment
Knowledge Realty Trust REIT IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| BSE | ₹100.00 | ₹103.00 | ₹3.00 (3.00%) |
Knowledge Realty Trust REIT IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 5 Aug ‘25 - 7 Aug ‘25 | ₹14,250 | 150 | ₹95 - ₹100 |
| Issue Size | IPO Doc |
|---|---|
| 4800.00Cr | RHP PDF |
Subscription rate
As of 07 Aug'25, 05:00 PM
| Qualified Institutional Buyers | 5.24x |
| Non-Institutional Investor | 14.99x |
| Retail Individual Investor | 0.00x |
| Total | 9.67x |
About Knowledge Realty Trust REIT
Founded in
2024
Managing director
Mr Rahul Choudhary
Parent organisation
Knowledge Realty Trust
Strengths & Financials of Knowledge Realty Trust REIT
Strengths
Risks
Knowledge Realty Trust claims to be the largest office REIT in India, with a gross asset value (GAV) of Rs 61,998.9 crore and a net operating income (NOI) of Rs 3,432.27 crore as of FY25. The company operates in key markets such as Bengaluru, Hyderabad, and Mumbai and is poised to become the most geographically diverse office REIT in India upon listing, making it a significant player in India’s office space sector.
The trust’s portfolio includes Grade A office spaces across prime locations, with an average capital value of Rs 16,108.3 per square foot. Knowledge Realty Trust claims to provide best-in-class developments in its sub-markets, offering amenities such as gyms, medical clinics, multi-cuisine food courts, and green spaces. These high-quality assets contribute to an elevated committed occupancy rate of 91.4 percent as of FY25 and a 5.8 percent compound annual growth rate (CAGR) in base rents over the last three years.
As of FY25, Knowledge Realty Trust claims to have more than 450 tenants, including prominent domestic corporates like Aditya Birla, HDFC Bank, and PhonePe, along with multinational companies such as Amazon, Cisco, and Google Connect. The company further states that 74.1 percent of the company's gross rentals come from multinational corporations, with 43.6 percent attributed to GCCs and 38.2 percent from Fortune 500 companies.
Knowledge Realty Trust claims to have a robust business model with a 91.4 percent committed occupancy as of FY25, and an 8.4-year weighted average lease expiry (WALE). The company has demonstrated strong growth, having leased 15.8 million square feet (msf) from FY23 to FY25, with a 19.3 percent average re-leasing spread. Its portfolio includes long-term leases with typical rent escalations of 15 percent every 3 years, providing stable cash flow and offering a natural hedge against inflation.
The company has reported a consistent increase in revenue from operations. It increased from Rs 2,900.30 crore in FY23 to Rs 3,339.39 crore in FY24 and Rs 3,930.10 crore in FY25.
Knowledge Realty Trust has a limited operating history, having been established as an irrevocable trust only in October 2024 and registered with SEBI as a real estate investment trust shortly thereafter. As a result, the trust has no operating track record by which its business performance can be assessed, and there is no assurance that it will be able to generate sufficient cash flows or operate profitably.
A significant portion of Knowledge Realty Trust’s revenue is derived from lease rentals. It accounted for Rs 3,354.55 crore (85.36 percent) of the trust’s revenue in FY25, Rs 2,863.94 crore (85.76 percent) in FY24, and Rs 2,528.67 crore (87.19 percent) in FY23. A decline in rental income could materially impact the trust’s ability to meet its financial obligations and achieve its investment objectives.
The success of Knowledge Realty Trust’s business is highly dependent on the performance of the commercial real estate market in India, particularly in its portfolio core markets of Bengaluru, Hyderabad, and Mumbai. Together, they accounted for Rs 3,221.37 crore (94.69 percent) of total revenue in FY25, Rs 3,202.17 crore (95.89 percent) in FY24, and Rs 2,808.12 crore (96.82 percent) in FY23. Any negative developments in these areas could adversely impact leasing demand, market rents, or the overall market value of the trust's assets, which could harm business performance and cash flows.
Knowledge Realty Trust derives a significant portion of its revenue from leasing activities at certain key portfolio assets. They accounted for Rs 2,912.92 crore (74.12 percent) of total revenue in FY25, Rs 2,478.09 crore (74.21 percent) in FY24, and Rs 2,202.85 crore (75.95 percent) in FY23. Any adverse developments affecting the performance of these key assets, such as a decline in occupancy rates, market value, or rental rates, could severely impact the trust’s revenue.
A significant portion of Knowledge Realty Trust's revenue is derived from large multinational tenants and tenants in the technology sector. Multinational tenants accounted for 74.1 percent of gross rentals in FY25, 76.9 percent in FY24, and 77.6 percent in FY23. Tenants in the technology sector accounted for 37.5 percent of gross rentals in FY25, 38.2 percent in FY24, and 42.9 percent in FY23. Any adverse conditions affecting these sectors or tenants could significantly impact the trust’s revenue and financial condition.
Certain asset SPVs of Knowledge Realty Trust are currently involved in various legal proceedings, including title litigation, regulatory issues, and direct/indirect tax matters. Any adverse rulings in any of these cases could significantly impact the trust’s operations, financial standing, and reputation.
As of FY25, Knowledge Realty Trust has contingent liabilities amounting to Rs 546.97 crore, representing 25.85 percent of total equity. This is a sharp increase from Rs 482.30 crore (19.75 percent) in FY24 and Rs 350.22 crore (23.97 percent) in FY23. If any of these contingent liabilities materialise, it could adversely affect the trust’s financial condition and cash flow.
As of July 2, 2025, Knowledge Realty Trust had outstanding financial indebtedness amounting to Rs 20,827.67 crore. Any failure to service or repay these loans on time could harm its operations and financial position.
Knowledge Realty Trust REIT Financials
*All values are in Rs. Cr
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Application Details of Knowledge Realty Trust REIT IPO
| Apply as | Price band | Apply upto |
|---|---|---|
| Regular | ₹95 - 100 | ₹2 Lakh |
| High Networth Individual | ₹95 - 100 | ₹2 - 5 Lakh |
For Knowledge Realty Trust REIT IPO, eligible investors can apply as Regular.