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Bagmane Prime Office REIT is set to launch its INR 3,405 crore initial public offering, with the issue opening for subscription on May 5 and closing on May 7. The offering comprises a fresh issue of INR 2,390 crore and an offer-for-sale of INR 1,015 crore. Proceeds will be used to acquire office assets in Bengaluru, including properties within Bagmane Capital Tech Park and Bagmane Rio Business Park. The REIT holds a portfolio of six Grade A+ office parks spanning over 20 million sq ft, with high occupancy and a tenant base comprising multinational corporations.
Bagmane Prime Office REIT is preparing to launch its initial public offering worth INR 3,405 crore, with the issue scheduled to open on May 5 and close on May 7, according to its offer document. Advertisement
The IPO comprises a fresh issue of units aggregating up to INR 2,390 crore and an offer-for-sale of units worth up to INR 1,015 crore by an existing unitholder. Anchor investor bidding is expected to take place a day prior to the issue opening.
Proceeds from the fresh issue will be utilised for the acquisition of Luxor at Bagmane Capital Tech Park, which spans approximately one million sq ft, and for part-funding the acquisition of a 93 per cent stake in Bagmane Rio, the entity that owns Bagmane Rio Business Park with a leasable area of around 1.1 million sq ft.
The REIT’s portfolio comprises six Grade A+ office business parks with a total leasable area of 20.3 million sq ft, located across key micro-markets in Bengaluru, including the Outer Ring Road and the Secondary Business District. As of the end of December 2025, the portfolio reported a committed occupancy level of 98.8 per cent.
The tenant base includes multinational corporations such as Google, Amazon, Nvidia and Samsung, reflecting the concentration of global occupiers in Bengaluru’s office market.
In addition to office assets, the portfolio includes two under-construction hotels with a total of 607 keys and four solar power projects with a combined installed capacity of 164.4 MW (DC), indicating diversification within the asset base.
Real Estate Investment Trusts (REITs) are investment platforms that own and manage income-generating real estate, allowing investors to participate in rental income without direct ownership of physical assets. In India, listed REITs primarily focus on commercial office assets, with one platform dedicated to retail real estate.
The book running lead managers for the issue include JM Financial, Kotak Mahindra Capital Company, Axis Capital, IIFL Capital Services, SBI Capital Markets, 360 ONE WAM and HDFC Bank.
The proposed listing is expected to expand the universe of office-focused REITs in India, reflecting continued institutional interest in stabilised, income-generating commercial real estate assets.
Source - PTI
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