Bagmane Prime Office REIT to launch ₹3,405 crore IPO on May 5; price band set at ₹95–₹100 per unit

Bagmane Prime REIT sets ₹95–₹100 price band for ₹3,405 crore IPO

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Hugh Andrew highlights strong occupancy and growth outlook ahead of Bagmane REIT IPO

Harsh Maheshwari sees India office market momentum driving Bagmane REIT issue

Bilkul Bazaar

Ahmedabad | 2 May 2026

Bengaluru-based commercial office platform Bagmane Prime Office REIT has announced the launch of its ₹3,405 crore Initial Public Offering (IPO), with the issue set to open for subscription on Tuesday, May 5, 2026, and close on Thursday, May 7, 2026. The price band has been fixed at ₹95 to ₹100 per unit.

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 Blackstone Inc. affiliate BREP Asia III India Holding Co VIII Pte. Ltd.

The Anchor Investor Bid/Offer Period will open on Monday, May 4, 2026, a day prior to the issue launch. Investors can bid for a minimum of 150 units and in multiples thereof.

The REIT has already secured commitments worth ₹850 crore from prominent strategic investors, including UTI Mutual Fund, Axis Max Life Insurance, ICICI Pension Fund, Kotak Mahindra Life Insurance, Star Health & Allied Insurance, and entities associated with the Jhunjhunwala family, among others.

Strong asset base and expansion plans

The proceeds from the fresh issue will primarily be used to part-fund the acquisition of two marquee commercial assets—Luxor at Bagmane Capital Tech Park (1 million sq. ft.) and a 93% stake in Bagmane Rio Business Park (1.1 million sq. ft.), which is fully leased to a global multinational tenant.

Bagmane Prime Office REIT’s portfolio spans six premium Grade A+ business parks with a total area of 20.3 million square feet, including 19.6 million square feet of leasable space. The completed portfolio, comprising 16.6 million square feet, boasts an occupancy rate of around 99%, among the highest in India’s listed REIT space.

The tenant mix is dominated by global capability centers and multinational corporations, accounting for approximately 89% of the portfolio.

Leadership commentary

Hugh Andrew, CEO of Bagmane Prime Office REIT, said, “Our portfolio represents some of India’s most sought-after commercial real estate assets, with strong occupancy and a high-quality tenant base. This IPO marks an important milestone as we aim to scale further and unlock long-term value for investors.”

Ashay Shah, CFO, added, “The proceeds will enable us to strengthen our asset base through strategic acquisitions while maintaining financial discipline. Our near-full occupancy and stable cash flows position us well for sustainable distributions.”

Harsh Maheshwari, Principal at Blackstone Inc., noted, “India’s office market continues to demonstrate resilience, driven by global capability centers. Bagmane REIT is well-positioned to capitalize on this growth with its high-quality assets and strong pipeline.”

Growth pipeline and diversification

The REIT also has a robust right-of-first-offer (ROFO) pipeline exceeding 47 million square feet, the largest among Indian office REITs. Additionally, it features four solar power projects with a combined capacity of 164.4 MW and two under-construction hotels with 607 keys, indicating diversification beyond core office assets.

Issue structure and listing

The IPO is being conducted via the book-building process in compliance with SEBI’s REIT Regulations. Up to 75% of the issue (excluding strategic investors) is reserved for institutional investors, while at least 25% is allocated to non-institutional investors.

The units are proposed to be listed on BSE Limited and National Stock Exchange of India.

The 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, while Kfin Technologies is the registrar.

Snapshot: Bagmane Prime Office REIT IPO