Global law firm White & Case LLP has advised the book running lead managers on the INR 48 billion (US$576 million) Rule 144A/ Regulation S initial public offering (IPO) of Knowledge Realty Trust on the Bombay Stock Exchange and the National Stock Exchange of India.
"Knowledge Realty Trust's IPO has surpassed previous listings to become the largest and most subscribed REIT IPO in India's history with an oversubscription of 13 times, indicating very high demand from institutional and non-institutional investors," said White & Case partner Rahul Guptan, who co-led the Firm's deal team. "The scale and success of this offering represents a significant milestone for REITs in India and is a reflection of investor confidence in India's commercial real estate sector. With this important transaction, White & Case has advised on transactions involving three of India's five listed REITs. I am pleased to have personally advised on three of India's five REIT IPOs, commencing with the first Indian REIT IPO, and now, the latest IPO of Knowledge Realty Trust."
The book running lead managers were Kotak Mahindra Capital Company Limited, Axis Capital Limited, BofA Securities India Limited, ICICI Securities Limited, IIFL Capital Services Limited, JM Financial Limited, Morgan Stanley India Company Private Limited and SBI Capital Markets Limited.
At the time of listing, Knowledge Realty Trust is the largest office real estate investment trust (REIT) in India based on Gross Asset Value (GAV) and Net Operating Income (NOI) as of and for the full year 2025. It is the second largest office REIT in Asia and one of the largest office REITs globally in terms of leasable area, with 46.3 million square feet as of March 31, 2025. With 29 Grade A office assets spread across six cities, Knowledge Realty Trust is also the most geographically diverse office REIT in India. It is co-sponsored by Blackstone, the world's largest alternative asset manager, and Sattva Group, one of India's leading real estate development groups, which have worked together closely for more than a decade to establish a transformational partnership.
The White & Case team which advised on the transaction was co-led by partners Rahul Guptan (London) and Kaya Proudian (Singapore) and included partners Kristen DiLemmo (London), Elodie Gal and Steven Gee (both New York), local partner James Hsiao (Hong Kong), counsel Heidi Schmid (New York) and associates Stephanie Zhao, Ji Yang Lim (both Singapore), Royston Tan (Hong Kong), Daniel Park (New York) and Rosie Wang (Shanghai).
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