Bagmane Prime REIT IPO: Investment Details and Portfolio Overview

Bagmane Prime Office REIT, backed by Blackstone, has announced the price band for its Rs 3,405-crore initial public offering (IPO) at Rs 95-100 per unit. The public issue of this Bengaluru-based real estate investment trust (REIT), known for its Grade A+ office assets, will open for subscription on May 5 and conclude on May 7. Anchor investor bidding is scheduled for May 4.

The proposed IPO comprises a fresh issue of units aggregating up to Rs 2,390 crore and an offer-for-sale (OFS) of units worth up to Rs 1,015 crore by the selling unitholder. The proceeds from the IPO will be used to acquire Luxor at Bagmane Capital Tech Park, which spans one million square feet, and to part-fund the acquisition of a 93 per cent stake in Bagmane Rio, which owns the 1.1 million square feet Bagmane Rio Business Park.

Bagmane Prime Office REIT's portfolio includes six premium Grade A+ business parks totaling 20.3 million square feet, strategically located in key micro-markets of Bengaluru, such as the Outer Ring Road (ORR) and the Secondary Business District (SBD City). As of December 31, 2025, the REIT reported a committed occupancy of 98.8 per cent, making it one of the highest for listed office REITs in India. The tenant base includes prominent multinational corporations like Google, Amazon, Nvidia, and Samsung.

In addition to office assets, the portfolio also comprises two under-construction hotels with 607 keys and four solar power projects with a combined capacity of 164.4 MW (DC). The REIT has allocated up to Rs 850 crore for strategic investors, bringing the net offer to Rs 2,555 crore. Of this, 75 per cent is reserved for qualified institutional buyers (QIBs), and the remaining 25 per cent for non-institutional investors (NIIs).

Investors can bid for a minimum of 150 units and in multiples thereof. Real Estate Investment Trusts (REITs) are investment vehicles that own or operate income-generating real estate, allowing investors to earn a share of the income produced without directly purchasing the properties. In India, there are currently 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 the listed REITs, only Nexus Select Trust is backed by rent-yielding retail real estate (shopping malls), while the other four are office REITs. The units of Bagmane Prime Office REIT are expected to be listed on the BSE and NSE on May 15. The basis of allotment is expected to be finalized by May 12, with refunds and credit of units scheduled for May 13.

The book running lead managers for the issue are JM Financial, Kotak Mahindra Capital Company, Axis Capital, IIFL Capital Services, SBI Capital Markets, 360 ONE WAM, and HDFC Bank.