Bagmane REIT will open today for public subscription at a price band of ₹95 to ₹100. Bagmane REIT is raising ₹2,390 crore by issuing fresh units, while selling unitholder (Blackstone) will be offloading units worth up to ₹1,015 crore via offer-for-sale.
The proceeds from the fresh issue will be primarily used to fund acquisitions and strengthen the portfolio.
As part of IPO, the Company on Monday raised ₹1,360 crore from anchor investors. The anchor round included marquee institutions like SBI Pension, SBI Life, White Oak, Quant MF, UTI MF, Kotak MF, Edelweiss MF, Tata AIG, Kotak Life, Max Life and more. As per the circular updated on the stock exchanges, Bagmane Prime Office REIT has allotted 11,49,74,850 units to anchor investors at ₹100 a unit.
Bagmane Prime Office REIT has a portfolio of six grade A+ business parks spread across Bengaluru’s key micro-markets, including the Outer Ring Road (ORR) and the Secondary Business District (SBD). The portfolio has a total area of 20.3 million square feet, with a leasable area of 19.6 million square feet.
As of December 2025, the portfolio reported a committed occupancy of 98.8%, among the highest for listed office REITs in India, reflecting strong demand for premium office assets. Its tenant base includes global technology giants such as Google, Amazon, Nvidia, and Samsung.
Bagmane Prime Office will be the 6th REIT to be listed in India. These include Embassy Office Parks REIT, Mindspace Business Parks REIT, Brookfield India Real Estate Trust, Nexus Select Trust and Knowledge Realty Trust. Blackstone has backed five out of the six REITs, making it the most influential investor in India’s REIT space. It is one of the leading global investment firms and has a huge exposure in the Indian real estate market.
The Book Running Lead Managers for the offer are JM Financial Ltd, Kotak Mahindra Capital Company Ltd Axis Capital Ltd, IIFL Capital Services Ltd, SBI Capital Markets Ltd, 360 ONE WAM Ltd and HDFC Bank Limited.
SBI Securities views
Competitive Strength:
• High‐quality Grade A+ office portfolio concentrated in ORR and SBD City, Bengaluru, among the best‐performing office micro‐markets in India.
• One of the highest occupancies among Indian office REITs, with 98.8% committed occupancy and a long WALE of 7.4 years, providing strong cash‐flow visibility.
• Strong and diversified tenant base, dominated by leading global MNCs and GCCs, including several Fortune 500 companies.
• High share of built‐to‐suit (BTS) assets, supporting long‐term tenant retention and stable rental income.
Risks
All portfolio assets are entirely concentrated in Bengaluru. Any slowdown or adverse developments in the Bengaluru commercial real estate market may adversely affect occupancy levels, rentals and business performance.
• It has a concentrated tenant base, with the top 10 tenants contributing 63.0% of Gross Contracted Rentals and a dominant exposure to foreign MNCs (98.7%) and GCCs (88.5%) for the month ended Dec’25. Any downsizing or early exit by these tenants could adversely impact rental income and cash flows.
• Tenant leases across the portfolio are subject to the risk of non‐renewal, early termination, default or delays in tenant replacement, which may lead to vacancies and lower rental income.
• The tenant mix is largely exposed to technology‐led sectors, including IT, GCCs, semiconductors and e‐commerce. Any prolonged slowdown in these sectors could impact leasing demand.
• Under‐construction assets such as office space, hotels and solar projects, any delay in construction, cost overruns or regulatory approvals may affect cash flows and returns.