NEW DELHI: Units of Knowledge Realty Trust, backed by Sattva Group and Blackstone, closed with a premium exceeding 6% on Monday from the issue price of ₹100 per unit.
The unit debuted at ₹104, showing a 4% rise from the issue price on the BSE. Throughout the day, it peaked at ₹109.14, realizing a 9.14% increase. Ultimately, the unit finished at ₹106.15, a rise of 6.15%.
On the NSE, the listing commenced at ₹103, reflecting a 3% premium. It eventually stabilized at ₹106.24 per unit, marking a 6.24% increase.
The company’s total market valuation is approximately ₹47,071.15 crore.
The ₹4,800-crore REIT initial public offering (IPO) saw a subscription rate of 12.48 times, with a price band set between ₹95 and ₹100 per unit for its initial offering.
This IPO was entirely comprised of new unit issuance by Knowledge Realty Trust.
KRT manages over 46 million sq ft of office real estate across 29 projects in six cities, mainly focusing on Mumbai, Bengaluru, and Hyderabad.
The portfolio includes properties such as One BKC and One World Center in Mumbai, Knowledge City and Knowledge Park in Hyderabad, as well as Cessna Business Park and Sattva Softzone in Bengaluru.
Currently, there are four other listed REITs in India: Brookfield India Real Estate Trust, Embassy Office Parks REIT, Mindspace Business Parks REIT, and Nexus Select Trust.
Bengaluru-based Sattva Developers has successfully constructed 74 million sq ft across seven Indian cities in diverse sectors including commercial, residential, co-living, co-working, hospitality, and data centers.
