NEW DELHI: The initial public offering (IPO) of National Securities Depository Ltd (NSDL) achieved a subscription rate of 3.42 times on the second day of bidding, which occurred on Wednesday.
The ₹4,800-crore REIT IPO received bids for 71,19,79,950 units against the 20,84,20,800 units available, reflecting a subscription rate of 3.42 times, based on data from the NSE.
The segment allocated for other investor categories, including corporate and individual investors/NRI and HUF, was subscribed 5.88 times, while the institutional investors’ portion saw a subscription rate of 1.36 times.
Knowledge Realty Trust announced on Monday that it has secured ₹1,620 crore from anchor investors and received a strategic allocation of ₹1,200 crore from institutional investors.
This IPO is set to conclude on Thursday, with a price band set between ₹95 and ₹100 per unit. It represents a complete issuance of new units by Knowledge Realty Trust.
In early March, KRT filed the draft red herring prospectus (DRHP) with SEBI to initiate the IPO, which aims to list the REIT on stock exchanges and monetise its 30 premium office assets across major cities.
The company initially intended to raise ₹6,200 crore through this public offering. However, it raised ₹1,400 crore from investors in June, leading to a revised issue size of ₹4,800 crore.
KRT is poised to become India’s largest REIT by gross asset value, estimated at around ₹62,000 crore. Its net operating income for the last financial year was ₹3,432 crore.
Currently, KRT owns over 46 million sq ft of office assets spread across 29 properties in six cities, predominantly in Mumbai, Bengaluru, and Hyderabad.
Blackstone and Sattva will maintain approximately 80% ownership of the REIT.
In India, there are currently four listed REITs: Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, and Nexus Select Trust. Apart from Nexus, the other three are backed by rent-generating office properties, while Nexus focuses on retail real estate.
Bengaluru-based Sattva Developers has constructed 74 million sq ft across seven Indian cities in sectors such as commercial, residential, co-living, co-working, hospitality, and data centers, with an additional 75 million sq ft under planning and development.
Blackstone, a major global investment firm, has significant investments in the Indian real estate market.
