KRT REIT IPO receives around 3 times subscription applications by the end of Day 2

Mumbai, August 6, 2025 — The IPO of KRT REIT has received around 3 times subscription applications by the end of Day 2. The IPO will close tomorrow, 7th August.

Subscription Performance & Investor Activity

By 4:30 PM IST on Day 2, bidding totaled almost 49 crore units, exceeding the available 20.8 crore units. The Other Investors’ segment, which consists of corporates, HUFs, and NRIs, witnessed good subscription, covering more than 4× their allocated portion. Conversely, Institutional participation was relatively subdued, at 0.8× levels, although pick-up gained traction later in the day with discretionary bids building up for Day 3. Although interest was high in the beginning, there was little visible participation from FIIs, mutual funds, or domestic financial institutions, which could be indicative of late-stage allotments.

Interestingly, demand bunched towards the higher ₹100 price band, reflecting strong conviction among buyers concerning the REIT’s valuation.

Pre-IPO Sponsorship & Backing Strength

Prior to the public subscription, KRT REIT raised ₹2,820 crore: ₹1,620 crore from anchor investors (LIC and Jhunjhunwala Trust) and ₹1,200 crore through strategic institutional placements. Such overwhelming support reflects strong investor faith in the REIT’s assets and potential.

The REIT is sponsored jointly by Blackstone and Sattva Developers, and will launch as India’s largest office REIT by gross asset value (GAV) of ₹61,999 crore as of March 31, 2025. It has a well-diversified portfolio of 29 Grade‑A properties spread over six major cities and boasts good fundamentals: 91.4% occupation and an average lease expiry (WALE) of more than 8 years.

Supply & Issue Structure Overview

The issue of ₹4,800 crore is all fresh units, at a price range of ₹95–₹100. The minimum application is of 150 units. After listing, the REIT would have a market capitalization of around ₹44,344 crore with axes on both NSE and BSE. Tentative listing has been fixed for August 18, 2025.

Outlook

With Day 3 of bidding ahead, and retail already oversubscribed, focus now shifts to institutional investors who are expected to deploy larger capital in the final hours. Given the quality of KRT’s asset portfolio and the REIT’s pan-India presence, the offering remains a benchmark event in India’s commercial REIT landscape.

Stay tuned for final subscription figures on August 7, as the issue closes.

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