Blackstone-backed Bagmane Prime Office REIT is gearing up for an initial public offering (IPO) as early as next month, aiming for a valuation of approximately $3.9 billion, sources indicate.
The Bengaluru-based real estate firm has received regulatory approval and commenced investor roadshows. Sources requested anonymity due to the confidential nature of the information.
The proposed IPO seeks to raise 40 billion rupees ($440 million), which includes up to 30 billion rupees in new units and a secondary sale of 10 billion rupees by Blackstone, as detailed in the IPO prospectus that was filed in December.
Discussions are ongoing, and details like the size and timing of the share sale are subject to change. Bagmane REIT has not responded to requests for comments.
India’s market for initial public offerings has had a slow start in 2026 after achieving record fundraising in the previous two years. Stock performance has been affected by sluggish earnings growth, global trade uncertainties, and inconsistent foreign investments. Nevertheless, real estate developers are increasingly turning to capital markets for funding, reflecting their confidence in robust urban demand driven by population shifts.
India currently has seven registered Real Estate Investment Trusts (REITs), with listed entities including Knowledge Realty Trust, Mindspace Business Parks REIT, Brookfield India Real Estate Trust, Embassy Office Parks REIT, and Nexus Select Trust.
As of June 30, 2025, Bagmane’s portfolio includes six Grade A+ business parks totaling 20.3 million square feet, featuring 19.6 million square feet of leasable area. The REIT has reported a gross asset value of 387.9 billion rupees. According to the prospectus, net proceeds from the new issue will mainly be allocated for asset acquisitions and general corporate purposes.
Kotak Mahindra Capital Co., Axis Bank Ltd., JM Financial Ltd., IIFL Capital Services Ltd., SBI Capital Markets Ltd., 360 ONE WAM Ltd., and HDFC Bank Ltd. are the book-running lead managers for the offering.
