NEW DELHI: Bagmane Prime Office REIT, backed by Blackstone, made a strong debut on the stock market on Thursday, listing with a premium of 3.5% over its issue price.
On the NSE, the unit debuted at ₹103.50, marking a 3.5% increase from the issue price of ₹100, before settling at ₹103.10.
On the BSE, the unit opened at ₹103.40, up by 3.4% from the issue price.
The company’s market capitalization reached ₹35,071 crore on the NSE.
Bagmane Prime Office REIT’s ₹3,405-crore initial public offering (IPO) was oversubscribed 23.71 times by the end of bidding on May 7, reflecting robust investor interest.
The IPO received over 200,000 applications, surpassing previous REIT offerings, including Knowledge Realty Trust, Nexus Select Trust, Mindspace Business Parks REIT, Brookfield India REIT, and Embassy Office Parks REIT.
Bagmane Prime Office REIT secured approximately ₹1,150 crore from anchor investors.
The issue’s price range was set at ₹95-100 per unit for the Bengaluru-based REIT, which owns and develops Grade A+ office properties.
The public offering included a fresh issue of units up to ₹2,390 crore and an Offer for Sale (OFS) of units worth up to ₹1,015 crore by the selling unitholder.
Bagmane Prime Office REIT’s portfolio encompasses six Grade A+ business parks, totaling 20.3 million square feet, strategically located in Bengaluru’s Outer Ring Road (ORR) and Secondary Business District (SBD City).
Real Estate Investment Trusts (REITs) are vehicles that own and manage income-generating real estate, allowing investors to benefit from profits without directly buying properties.
Currently, there are five listed REITs in India: Knowledge Realty Trust (backed by Sattva Group and Blackstone), Mindspace Business Parks REIT (backed by K Raheja Corp), Brookfield India Real Estate Trust, Embassy Office Parks REIT, and Nexus Select Trust. Among these, only Nexus Select Trust is focused on retail real estate (shopping malls), while the rest are office-focused REITs.
