On the second day of bidding, the Knowledge Realty Trust REIT IPO's subscription status and Grey Market Premium (GMP) are key indicators for investors. The IPO, which opened on August 5, 2025, and closes on August 7, 2025, aims to raise ₹4,800 crores.

Subscription Status

On day 1, the IPO was subscribed 0.62 times. * The public issue saw 0 times subscription in the retail category. * Qualified Institutional Buyers (QIB) showed cautious interest, subscribing 0.35 times. * Non-Institutional Investors (NII) category was subscribed 0.93 times. As of August 6, 2025, at 11:04 AM (Day 2), the Knowledge Realty Trust REIT was subscribed: * QIB: 0.67 times * NII: 2.09 times

Grey Market Premium (GMP)

As of August 5, 2025, the Grey Market Premium (GMP) for Knowledge Realty Trust REIT is ₹0. This suggests that the estimated listing price would be ₹100, based on the upper price band, indicating no gain per share at the time. The GMP is an unofficial indicator and can fluctuate based on market sentiment. Some experts suggest focusing on the subscription numbers provided by exchanges as a more reliable way to gauge IPO interest.

IPO Details

• Issue Size: ₹4,800 crores
• Price Band: ₹95 to ₹100 per share
• Lot Size: 150 units, requiring a minimum investment of ₹14,250 for retail investors
• Listing: The shares are proposed to be listed on both the BSE and NSE. Tentative listing date is August 18, 2025.
• Allotment Finalization: Expected on August 12, 2025
• Registrar: Kfin Technologies Limited
• Book-Running Lead Manager: Kotak Mahindra Capital Company Limited

Objects of the Issue

The REIT intends to use the net proceeds from the IPO for the following purposes:

• Partial or full repayment/prepayment of certain financial indebtedness of the Asset SPVs and the Investment Entities (₹4,640.00 crores)
• General corporate purposes

Company Overview

Knowledge Realty Trust is the largest office REIT in India by Gross Asset Value. As of March 31, 2025, its portfolio was valued at ₹61,998.9 crore. It ranks as the second-largest office REIT globally in terms of leasable area. The trust has a diversified portfolio of 30 Grade A office properties, covering 46.3 million sq ft. The portfolio includes completed space (37.1 million sq. ft.), space under construction (1.2 million sq. ft.), and space planned for future development (8.0 million sq. ft.). The company's properties are located in Mumbai, Bengaluru, and Hyderabad, which account for over 90% of its total revenue. Knowledge Realty Trust serves over 450 tenants, including Fortune 500 companies, multinational corporations, and Global Capability Centers. Key clients include Amazon, Google, Apple, Goldman Sachs and Cisco.

Financial Performance

Knowledge Realty Trust's revenue increased by 16%, but its profit after tax (PAT) decreased by 34% between the financial year ending March 31, 2025, and March 31, 2024.

Strengths

• Strategic presence in India's top-performing office markets across six cities
• Grade A assets with amenities like food courts, sports facilities, and medical clinics
• Diversified tenant base including Fortune 500 companies
• Strong tenant retention rate of 63.5%
• Stable cash flow model with an 89.9% occupancy rate
• Joint sponsorship by Blackstone and Sattva Group