Bagmane Prime Office REIT has fixed a price band of ₹95–₹100 per unit for its ₹3,405 crore initial public offering (IPO), which will open for subscription on Tuesday, May 5, 2026, and close on Thursday, May 7, 2026.
The anchor investor bidding will take place on May 4, a day ahead of the issue opening. Investors can bid for a minimum of 150 units and in multiples thereof, excluding anchor and strategic investors.
The IPO comprises a fresh issue of units aggregating up to ₹2,390 crore and an offer for sale (OFS) of up to ₹1,015 crore by BREP Asia III India Holding Co VIII Pte. Ltd., an affiliate of Blackstone.
Ahead of the public issue, the REIT has secured commitments for 8.5 crore units worth ₹850 crore from strategic investors. These include UTI Mutual Fund, Nishtha Jhunjhunwala Discretionary Trust, Aryaman Jhunjhunwala Discretionary Trust, Aryavir Jhunjhunwala Discretionary Trust, Axis Max Life Insurance, ICICI Pension Fund Management, 360 One Real Assets Development Fund, Star Health & Allied Insurance, and Kotak Mahindra Life Insurance, among others.
Proceeds from the fresh issue will be used to part-fund the acquisition of Luxor at Bagmane Capital Tech Park, a completed 1.0 million sq ft premium office asset, and to acquire a 93% stake in Bagmane Rio Business Park, a 1.1 million sq ft building fully leased to a multinational tenant.
The offer is being made through the book-building process in compliance with SEBI’s REIT Regulations, which mandate that up to 75% of the issue (excluding strategic investors) be allocated to institutional investors, and at least 25% to non-institutional investors.
The REIT is sponsored by Bagmane Realty and Infrastructure LLP, a leading Grade A+ office developer in Bengaluru. Axis Trustee Services Limited is the trustee, while Bagmane Realty Investment Manager Private Limited is the manager.
The portfolio comprises six Grade A+ business parks spanning 20.3 million sq ft, including 19.6 million sq ft leasable area. Of this, 16.6 million sq ft is completed and approximately 99% occupied—among the highest occupancy levels for listed Indian REITs.
The tenant mix is dominated by global capability centres and multinational corporations, accounting for around 89% of occupancy. The platform also includes four solar projects with a combined capacity of 164.4 MW and two under-construction hotels with 607 keys.
Lead managers to the issue include JM Financial, Axis Capital, IIFL Capital Services, Kotak Mahindra Capital, SBI Capital Markets, 360 ONE WAM and HDFC Bank. The units are proposed to be listed on BSE and NSE.