IPO Alert: Blackstone-Backed Bagmane Prime Office REIT ₹3,405 Crore IPO to Open on May 5, 2026

Bagmane Prime Office REIT will open its ₹3,405 crore Initial Public Offering (IPO) on May 5, with the issue set to close on May 7, as per a PTI report. The anchor investor portion is scheduled for May 4. 

The allotment of units is expected by May 12, while listing on the stock exchanges is likely on May 15, as per the indicative timeline. 

Price Band and Lot Size 

The price band for the issue has been fixed at ₹95-100 per unit. Investors, other than anchor and strategic participants, can apply for a minimum of 150 units and in multiples thereafter. 

The issue size is lower than the ₹4,000 crore proposed in the draft documents filed in December 2025. 

Issue Structure 

The offering consists of a fresh issue of units aggregating up to ₹2,390 crore and an offer-for-sale of ₹1,015 crore. The selling unitholder includes an affiliate of Blackstone. 

The proceeds from the fresh issue are intended to fund asset acquisitions and meet general corporate requirements. 

Assets and Operations 

The REIT owns 6 Grade A+ office parks in Bengaluru, with a total leasable area of around 20.3 million square feet. These properties are located across established office markets such as Outer Ring Road and the Secondary Business District. 

As of December 31, 2025, the portfolio reported a committed occupancy of 98.8%. Tenants include multinational firms such as Google, Amazon, Nvidia, and Samsung. 

The portfolio also includes 2 hotels under development with 607 keys and 4 solar power assets with a combined capacity of 164.4 MW. 

Use of Proceeds 

Of the fresh issue proceeds, about ₹1,420 crore is allocated for part funding the acquisition of the Luxor asset at Bagmane Capital Tech Park. 

Another ₹820 crore will be used to acquire a 93% stake in Bagmane Rio Private Limited, which owns a business park in Bengaluru. The remaining funds are set aside for general purposes. 

Read More: NSE IPO Update: Temasek, LIC & Canadian Pension Fund Among 20 Investors to Sell Stakes Worth $2.75 Billion! 

Conclusion 

The listing will add to the existing office REIT segment in India, which includes Embassy Office Parks REIT, Mindspace Business Parks REIT and Brookfield India Real Estate Trust. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/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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