Knowledge Realty Trust (Sattva–Blackstone REIT) Lists on BSE & NSE, Raises ₹4,800 Crore; 13x Oversubscribed
Knowledge Realty Trust Lists at 3% Premium in India's Largest REIT IPO
Knowledge Realty Trust's ₹4,800 crore IPO is India's largest REIT offering to date, 13 times oversubscribed. The REIT listed on August 18 on both BSE and NSE, with Blackstone and Sattva retaining a combined 80% stake in the vehicle, which owns a ₹619 billion portfolio of 30 office buildings in six cities including Hyderabad, Bangalore and Mumbai.
Record Oversubscription Reflects Investor Confidence
The IPO opened August 5, 2025 to August 7, 2025. Before the issue opened, Knowledge Realty Trust had garnered ₹1,620 crore from anchor investors, in addition to ₹1,200 crore from strategic investors and a pre-IPO round of ₹1,400 crore. The issue comprised 48 crore fresh units, priced between ₹95 and ₹100 per unit, with a lot size of 150 units.
The COO of Knowledge Realty Trust stated that the total applications received exceeded the sum total of all past Indian REITs combined, representing a resounding vote of confidence in REITs as a stable income and growth avenue.
Portfolio Scale and Tenant Profile
The REIT holds a total leasable area of 48 million square feet—the second largest in Asia—and is the largest in India in terms of net operating income and gross asset value. With an occupancy rate of 89.9%, the properties are leased to blue-chip tenants of over 450 clients, including global giants like Amazon, Google, Apple, Goldman Sachs, and Cisco.
About 95 per cent of the REIT's assets are concentrated in the top three Indian office markets—Mumbai, Bengaluru, and Hyderabad—with properties including One BKC, One International Centre, and One World Centre in Mumbai.
The Sponsors: Blackstone and Sattva Group
Salarpuria Sattva, known for high-quality homes and commercial spaces, was set up in 1986 and is headquartered in Bangalore, having built 121 projects on 74 million square feet in seven cities. The Knowledge Series spans more than 14 million square feet and houses Fortune 500 companies, with Sattva having built 43 million square feet of commercial space.
The group holds a stable 'A plus' rating from CRISIL since 2010 year on year, and is the largest development partner of global private equity firm Blackstone and Apollo Global Management.
Market Position Post-Listing
Knowledge Realty Trust topped the chart for quarterly distributions at ₹716.6 crore in Q4 FY26 and is the largest listed Indian REIT by market capitalisation, having been listed in August 2025. Together, the five REITs in India manage a portfolio spanning over 187 million square feet of Grade A office and retail real estate.