Bagmane Prime Office REIT IPO To Open On May 5; Price Band Fixed At ₹95-100 Per Unit

Bagmane Prime Office REIT will launch its ₹3,405-crore initial public offering (IPO) on May 5, becoming the fifth listed office real estate investment trust (REIT) in India’s commercial real estate segment.

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According to the offer document filed on April 27, 2026, the IPO consists of a fresh issue of ₹2,390 crore and an offer-for-sale (OFS) of up to ₹1,015 crore by existing unitholders.

The public issue will close on May 7, while the anchor investor portion will open for one day on May 4. The allotment of units is expected to be finalised on May 12, and listing on stock exchanges is scheduled for May 15.

Price Band And Lot Size

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

The size of the IPO has gone down from the ₹4,000 crore that was suggested in the draft offer papers that were filed in December 2025.

Blackstone-backed BREP Asia III India Holding Co VIII Pte Ltd, which owns a 7% stake each in Bagmane Developers Private Limited (BDPL) and Bagmane Rio Private Limited (BRPL), will participate as a selling unitholder in the OFS portion.

Use Of IPO Proceeds

The company said ₹1,420 crore from the fresh issue will be used for partial funding of the acquisition of Luxor at Bagmane Capital Tech Park by BDPL.

Another ₹820 crore will be used for partial funding of the acquisition of a 93% stake in Bagmane Rio Private Limited by BDPL. The remaining proceeds will be used for general corporate purposes.

Portfolio And Assets

Bagmane Prime Office REIT is sponsored by Bagmane Realty and Infrastructure LLP, part of the Bengaluru-based Bagmane Group, which operates Grade A+ office properties.

BDPL currently owns four office projects: Bagmane Tech Park, Bagmane World Technology Centre, Bagmane Constellation Business Park, and Bagmane Cosmos Business Park.

The company said BDPL will also acquire Luxor at Bagmane Capital Tech Park using IPO proceeds and additional funding through internal resources.

Bagmane Green Power LLP, which operates four solar parks, is also part of the group structure through BDPL.

Bagmane Rio Private Limited operates Bagmane Rio Business Park in Bengaluru and is proposed to be acquired through BDPL with a 93% ownership structure under the REIT.

REIT Market Expansion

After listing, Bagmane Prime Office REIT will join Embassy Office Parks REIT, Mindspace Business Parks REIT, Brookfield India Real Estate Trust, and Knowledge Realty Trust in the listed office REIT segment in India.

JM Financial, Kotak Mahindra Capital Company, Axis Capital, IIFL Capital Services, SBI Capital Markets, 360 ONE WAM, and HDFC Bank are the merchant bankers managing the public issue.