IPO Timeline and Key Dates
Bagmane Prime Office REIT is preparing to enter the capital markets with its IPO opening for subscription on May 5, 2026. The offer will remain open until May 7, providing a three-day window for participation.
Ahead of the public issue, the anchor investor portion is scheduled for May 4, which typically helps establish institutional demand. Based on the indicative schedule, the allotment of units is expected to be finalised by May 12, while the listing on stock exchanges is likely to take place on May 15.
Price Band and Investment Structure
The price band for the IPO has been fixed in the range of ₹95 to ₹100 per unit. Investors, excluding anchor and strategic participants, can bid for a minimum of 150 units, with applications required to be in multiples thereafter.
The total issue size stands at ₹3,405 crore, which is lower than the earlier proposed ₹4,000 crore mentioned in the draft documents filed in late 2025. This revision reflects adjustments in the offering structure ahead of the launch.
Composition of the Offer
The IPO consists of two key components—a fresh issue of units worth up to ₹2,390 crore and an offer-for-sale (OFS) amounting to ₹1,015 crore. The OFS portion includes participation from an affiliate of Blackstone Inc., which is among the key stakeholders in the REIT.
Funds raised through the fresh issue are intended to support asset acquisitions and meet general corporate requirements, aligning with the REIT’s growth and expansion strategy.
Portfolio and Asset Base
Bagmane Prime Office REIT owns a portfolio of six Grade A+ office parks located in Bengaluru, one of India’s leading commercial real estate markets. The total leasable area across these properties is approximately 20.3 million square feet.
These assets are strategically positioned in key business corridors such as Outer Ring Road and the Secondary Business District, both of which are known for their concentration of technology and multinational companies.
As of December 31, 2025, the REIT reported a committed occupancy level of 98.8%, indicating strong leasing demand and tenant retention.
Tenant Profile and Additional Assets
The tenant base includes several globally recognised corporations such as Google LLC, Amazon, Nvidia, and Samsung Electronics. This diversified tenant mix reflects the portfolio’s positioning within premium office real estate.
In addition to office properties, the portfolio also includes two hotels currently under development with a combined capacity of 607 keys. Further, the REIT has exposure to renewable energy through four solar power assets with a total capacity of 164.4 MW.
Utilisation of Funds
A significant portion of the proceeds from the fresh issue is allocated toward expanding the asset base. Around ₹1,420 crore is earmarked for partially funding the acquisition of the Luxor asset located within Bagmane Capital Tech Park.
Additionally, approximately ₹820 crore will be utilised to acquire a 93% stake in Bagmane Rio Private Limited, which owns another business park in Bengaluru. The remaining funds will be directed toward general corporate purposes.
Positioning Within India’s REIT Market
The proposed listing will expand the footprint of the REIT segment in India, which currently includes established players such as Embassy Office Parks REIT, Mindspace Business Parks REIT, and Brookfield India Real Estate Trust.
The addition of Bagmane Prime Office REIT is expected to further deepen the market, offering another avenue for exposure to commercial real estate assets through listed instruments.
Conclusion
The upcoming ₹3,405 crore IPO of Bagmane Prime Office REIT marks a significant development in India’s real estate investment trust space. With a portfolio of high-quality office assets, strong occupancy levels, and backing from a global investment firm, the REIT is positioned as a notable entrant in the segment.
As the subscription window approaches, the offering is set to draw attention for its scale, asset quality, and role in expanding the listed commercial real estate landscape in India.
Summary
Bagmane Prime Office REIT, backed by Blackstone Inc., is set to launch its ₹3,405 crore Initial Public Offering (IPO) on May 5, 2026. The issue will close on May 7, with anchor investor participation scheduled a day earlier on May 4. The REIT portfolio includes premium office assets in Bengaluru with high occupancy levels and a diversified tenant base comprising global corporations. The IPO consists of a mix of fresh issue and offer-for-sale, with proceeds primarily earmarked for asset acquisitions and corporate requirements.
