NEW DELHI: Backed by Blackstone, Bagmane Prime Office REIT is set to launch its initial public offering (IPO) of Rs 3,405 crore, which is scheduled to open on May 5 and conclude on May 7. The anchor investor bidding will occur on May 4, as indicated in the offer document.
The IPO includes a fresh issue of units worth up to Rs 2,390 crore and an offer-for-sale (OFS) of units totaling up to Rs 1,015 crore from the selling unitholder.
Funds raised from the IPO will be used to acquire Luxor at Bagmane Capital Tech Park (comprising one million sq ft) and to finance part of the acquisition of a 93% stake in Bagmane Rio, which operates the 1.1 million sq ft Bagmane Rio Business Park.
Bagmane Prime Office REIT boasts a portfolio of six premium Grade A+ business parks, totaling 20.3 million square feet, located in prime areas of Bengaluru, including the Outer Ring Road (ORR) and the Secondary Business District (SBD City).
As of December 31, 2025, the REIT achieved a committed occupancy rate of 98.8%, one of the highest among listed office REITs in India. Its tenant roster features multinational giants such as Google, Amazon, Nvidia, and Samsung.
In addition to office properties, the portfolio includes two under-construction hotels with a total of 607 keys, along with four solar power projects boasting a combined capacity of 164.4 MW (DC).
Real Estate Investment Trusts (REITs) serve as investment vehicles that own or operate income-generating real estate, allowing investors to earn a share of the income produced without direct property purchase.
Currently, India has five listed REITs: Sattva Group’s Knowledge Realty Trust (KRT) backed by Blackstone, K Raheja Corp’s Mindspace Business Parks REIT, Brookfield India Real Estate Trust, Embassy Office Parks REIT, and Nexus Select Trust. Among these, only Nexus Select Trust is backed by retail real estate (shopping malls), while the others focus on office properties.
The book running lead managers for this issue include JM Financial, Kotak Mahindra Capital Company, Axis Capital, IIFL Capital Services, SBI Capital Markets, 360 ONE WAM, and HDFC Bank.
