Blackstone-Backed Bagmane REIT IPO in Focus: ₹3,000 Crore Fresh Issue, ₹1,000 Crore OFS at $3.9 Billion Valuation

Blackstone-backed Bagmane REIT, a Bengaluru based real estate developer, has received regulatory approval and begun investor roadshows for an initial public offering expected to launch in the coming weeks. 

IPO Structure and Valuation 

The offering is structured to raise ₹4,000 crore in total. Up to ₹3,000 crore will be raised through newly issued units, while a secondary sale of ₹1,000 crore will be conducted by Blackstone. The combined size positions the REIT at an implied valuation of approximately $3.9 billion. 

Use of Proceeds 

Net proceeds from the fresh issue are earmarked primarily for the acquisition of additional office assets and for general corporate purposes. The strategy reflects a focus on expanding the REIT’s portfolio of Grade A+ business parks. 

Read More: Infra.Market to Raise ₹1,250 Crore Debt Funding Ahead of IPO! 

Current Portfolio and Asset Value 

As of June 30, 2025, Bagmane’s portfolio comprised six Grade A+ business parks covering 20.3 million square feet, of which 19.6 million square feet is leasable. The REIT reported a gross asset value of ₹387.9 billion. 

Lead Managers and Market Context 

Book‑running lead managers include Kotak Mahindra Capital, Axis Bank, JM Financial, IIFL Capital Services, SBI Capital Markets, 360 ONE WAM and HDFC Bank. The IPO arrives as India’s first time share sales market shows a subdued start in 2026, following two years of record fundraising. 

Conclusion 

Bagmane REIT’s upcoming IPO seeks a $3.9 billion valuation, targeting ₹4,000 crore in total proceeds. The funds will support asset acquisitions and corporate needs, while the existing portfolio already holds significant Grade A+ office space. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities or companies mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

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