NEW DELHI: Bagmane Prime Office REIT, backed by Blackstone, has raised approximately ₹1,150 crore from anchor investors as its Initial Public Offering (IPO) opens for subscription today, with a total issue size of ₹3,405 crore concluding on May 7.
The anchor book attracted a diverse array of institutional investors, including NPS Trust (through SBI Pension Fund schemes for central and state governments), WhiteOak Capital funds, SBI Life Insurance, Quant Mutual Fund, UTI MF, Kotak MF, Nippon India MF, Edelweiss MF, and JM Financial MF, based on a circular posted on BSE’s website.
Additionally, global and domestic investors such as Societe Generale (ODI) and Capri Global Capital showed interest in the anchor portion.
The REIT allocated 11,49,74,850 units at ₹100 each, with a price band set between ₹95-100 per unit for its public offering in Bengaluru, focusing on Grade A+ office assets.
The IPO includes a fresh issue of units worth up to ₹2,390 crore and an Offer For Sale (OFS) of up to ₹1,015 crore from the selling unitholder.
Funds raised will be utilized to acquire Luxor at Bagmane Capital Tech Park (one million sq ft) and partially finance a 93% stake in Bagmane Rio, which encompasses the 1.1 million sq ft Bagmane Rio Business Park.
Bagmane Prime Office REIT’s portfolio contains six premium Grade A+ business parks, totaling 20.3 million square feet, situated in key Bengaluru areas like the Outer Ring Road (ORR) and Secondary Business District (SBD City).
As of December 31, 2025, the REIT reported an impressive committed occupancy rate of 98.8%, among the highest for listed office REITs in India. Its tenants include major multinational corporations like Google, Amazon, Nvidia, and Samsung.
Beyond office properties, the portfolio also features two under-construction hotels with 607 keys and four solar power projects with a combined capacity of 164.4 MW (DC).
Up to ₹850 crore has been allocated for strategic investors, bringing the net offer to ₹2,555 crore, with 75% reserved for qualified institutional buyers (QIBs) and 25% for non-institutional investors (NIIs).
Investors can bid for a minimum of 150 units and in multiples thereafter.
Real Estate Investment Trusts (REITs) serve as investment vehicles that own or manage income-generating real estate, allowing investors to share in the income without direct property ownership.
Currently, India has five listed REITs: Sattva Group and Blackstone-backed Knowledge Realty Trust (KRT), K Raheja Corp-backed Mindspace Business Parks REIT, Brookfield India Real Estate Trust, Embassy Office Parks REIT, and Nexus Select Trust.
Among these, only Nexus Select Trust is supported by rent-generating retail real estate (shopping malls); the other four are office REITs.
Units are anticipated to be listed on the BSE and NSE on May 15, with the allotment basis expected to be finalized by May 12, and refunds/credit of units around May 13.
The book-running lead managers for the issue include JM Financial, Kotak Mahindra Capital Company, Axis Capital, IIFL Capital Services, SBI Capital Markets, 360 ONE WAM, and HDFC Bank.
