Private real estate investment trust supported by Blackstone secures financial institutions and insurers as vital backers in preparation for initial public offering
Knowledge Realty Trust, a Bengaluru-based real estate investment trust (REIT), is bringing about a dozen strategic investors on board, including insurance companies and families, as it prepares for its initial public offering (IPO).
The strategic investors are not specified further, but it is known that the trust is sponsored by private equity firm Blackstone and Bengaluru-based Sattva Group.
The IPO, which was originally intended to raise ₹5,600 crore, has been reduced to ₹4,800 crore. This reduction is due to a pre-IPO round undertaken by Knowledge Realty Trust, which had already secured ₹1,400 crore.
After securing ₹1,620 crore from anchor investors and ₹1,200 crore through a strategic allocation, 70% of the IPO, or ₹4,220 crore, is already committed. The remaining public offering amounts to ₹1,980 crore, divided into ₹1,080 crore for institutional investors and ₹900 crore for retail and high net-worth investors.
The IPO price band is set between ₹95-100 per unit. The funds raised will primarily be used for debt repayment and general corporate purposes.
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It is important to note that the article does not provide information about any changes in the role or involvement of Blackstone or Sattva Group in Knowledge Realty Trust, nor does it mention any new investors for the trust or any new properties or projects associated with it.
[1] Source: Business Standard [2] Source: Economic Times [3] Source: Livemint
The strategic investors for the Knowledge Realty Trust's IPO include insurance companies and families, and they are not involved in the management of the trust, as it is sponsored by private equity firm Blackstone and Bengaluru-based Sattva Group. The funds raised from the IPO will mainly be used for debt repayment and general corporate purposes.
