IPO gets responding response, gets bids for 2,59,52,26,800 shares against the offered 20,84,20,800 at a price band of ₹95–₹100.
MUMBAI, Aug 8 (The CONNECT)- Knowledge Realty Trust REIT, co-sponsored by the Sattva Group and Blackstone, received over 13 times subscription on the final day of bidding yesterday, making it India’s largest and most subscribed REIT IPO to date.
The issue received bids for 2,59,52,26,800 shares against the offered 20,84,20,800 equity shares, at a price band of ₹95–₹100, according to data available on the stock exchanges.
Shirish Godbole, Chief Executive Officer of Knowledge Realty Trust REIT, said, REITs in India have truly come of age — evolving from a novel concept to a trusted, mainstream investment vehicle.
The growing participation from both institutional and retail investors is a testament to the confidence in the asset class and the underlying fundamentals of India’s commercial real estate sector, he said.
Quaiser Parvez, Chief Operating Officer of Knowledge Realty Trust REIT, said the total number of applications we have received for Knowledge REIT is more than the sum of all past Indian REITs put together. This is not just a milestone — it’s a resounding vote of confidence in REITs as a product of stable income and growth avenue, he said.
The proceeds from the issue to the extend Rs. 4,640 crores are proposed to be used in partial or full repayment or prepayment of certain financial indebtedness of the Asset SPVs and the Investment Entities and rest for general corporate purposes.
The Sponsors to the issue are Sattva Developers Private Limited and BREP Asia SG L&T Holding (NQ) Pte. Ltd. Axis Trustee Services Limited is the trustee and Knowledge Realty Office Management Services Private Limited (Formerly known as Trinity Office Management Services Private Limited) is the manager to the issue.
The IPO comprises of fresh issuance of Units up to ₹4,800 crore by the Knowledge Realty Trust.
