by Suman Gupta
Price Band fixed at Rs 95 to Rs 100 per Unit
Bid/Offer Opening Date – Tuesday, May 05, 2026 and Bid/Offer Closing Date – Thursday, May 07, 2026
Anchor Investor Bid/Offer Period – The Anchor Investor Bid/Offer Period is one working day prior to bid/offer opening date, being Monday, May 04, 2026
Bids can be made for a minimum of 150 Units and in multiples of 150 Units thereafter by bidders other than Anchor Investors and Strategic Investors
The company has tied up commitments for 8.5 crore units for Rs 850 crore (at Rs 100 per unit) with Strategic Investors including UTI Mutual Fund, Nishtha Jhunjhunwala Discretionary Trust, Aryaman Jhunjhunwala Discretionary Trust, Aryavir Jhunjhunwala Discretionary Trust, Axis Max Life Insurance Limited, ICICI Pension Fund Management Limited, 360 One Real Assets Development Fund, Star Health & Allied Insurance Company Limited, Kotak Mahindra Life Insurance Company Limited and others
MUMBAI, APRIL 30, 2026: Bagmane Prime Office REIT (“REIT”), a Bengaluru-based commercial office REIT, comprising Grade A+ business parks, has fixed the price band for the [Offer} at Rs 95 to Rs 100 per Unit.The Bid/Offer will open on Tuesday, May 05, 2026 and close on Thursday, May 07, 2026. Bids can be made for a minimum of 150 Units and in multiples of 150 Units thereafter by bidders other than Anchor Investors and Strategic Investors.
The initial public offer comprises a fresh issuance of Units aggregating up to Rs 2,390 crore by the REIT (“Fresh Issue”) and an offer for sale of Units by BREP Asia III India Holding Co VIII Pte. Ltd. (an affiliate of Blackstone) aggregating upto Rs 1,015 crore (“Offer for Sale” and together with the Fresh Issue, the (“Offer”). Primary proceeds from the Fresh Issue will be utilized to part-fund acquisition of Luxor at Bagmane Capital Tech Park, a premium 1.0 million square feet completed asset, as well as part-fund the acquisition of a 93% stake in Bagmane Rio Business Park, a marquee 1.1 million square feet building, which is completely leased to marquee foreign-headquartered multinational tenant.
The Offer is being made through the Book Building Process and in compliance with the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 (“REIT Regulations”) and the REIT Master Circular dated July 11, 2025, wherein not more than 75% of the Issue (excluding the Strategic Investor portion) shall be available for allocation on a proportionate basis to Institutional Investors and not less than 25% of the Issue (excluding the Strategic Investor portion) shall be available for allocation to Non-Institutional Investors, in accordance with the REIT Regulations.
The Sponsor to the REIT, Bagmane Realty and Infrastructure LLP (holding entity of the Bagmane Group), is one of India’s leading and Bengaluru’s largest pure play Grade A+ office owner and developer*. Axis Trustee Services Limited is the Trustee and Bagmane Realty Investment Manager Private Limited is the Manager to the REIT.
The REIT’s portfolio comprises 6 premium Grade A+ business parks with 20.3 million square feet total area, and it is located in the world’s best performing micro-markets (by net absorption since from CY2021 to CY2025). The portfolio consists of 19.6 million square feet of leasable area, including 16.6 million square feet completed area which is ~ 99% occupied, the highest occupancy amongst Indian REITs post listing.* The tenant roster comprises ~ 89% global capability centers and marquee foreign-headquartered multinational tenants, who rank among the largest companies globally in terms of market capitalization.* In addition to its core office assets, the portfolio features four solar power projects (including 1 under construction) with an aggregate capacity of 164.4 MW (DC) and two under-construction hotels (607 keys).* The REIT is poised for sustained growth given its ROFO pipeline of 47+ million square feet, the largest amongst Indian office REITs post listing.*
As of March 2026 Bagmane Prime Office REIT had appointed Richard Hugh Andrew as CEO, Ashay Shailesh Shah as CFO, and Raj Kumar T as COO. These appointments prepared the REIT for its planned public listing. The company had filed draft papers for a Rs 4,000-crore REIT issue.The offer size has been reduced from Rs 4,000 crore, which was mentioned in the draft offer document filed in December 2025. The selling unitholder in the offer-for-sale is Blackstone-backed BREP Asia III India Holding Co VIII Pte Ltd, which holds a 7 per cent stake each in Bagmane Developers Private Ltd and Bagmane Rio Private Ltd. This move signals strong institutional interest in India’s commercial real estate sector.
After listing, Bagmane Prime Office REIT will become the fifth real estate investment trust in the commercial realty segment available for trading, after Embassy Office Parks REIT, Mindspace Business Parks REIT, Brookfield India Real Estate Trust, and Knowledge Realty Trust.
Lead Managers to the Offer are JM Financial Limited, Axis Capital Limited, IIFL Capital Services Limited, Kotak Mahindra Capital Company Limited, SBI Capital Markets Limited, 360 ONE WAM Limited and HDFC Bank Limited. Registrar to the Offer is Kfin Technologies Limited. The Units are proposed to be listed on BSE Limited and National Stock Exchange of India Limited.With the issue set to open on May 5, the offer brings together a fresh fund raise, an offer-for-sale by the existing unitholder, and the planned acquisition of office and related assets within the Bagmane portfolio.
BDPL currently holds four projects: Bagmane Tech Park, Bagmane World Technology Centre, including the hotel assets, Bagmane Constellation Business Park, and Bagmane Cosmos Business Park. BDPL is also set to acquire Luxor at Bagmane Capital Tech Park from Bagmane Constructions using the offer proceeds and the balance through its balance sheet capacity, including mobilisation of capital resources.
BDPL, along with its nominees, holds a 100 per cent interest in Bagmane Green Power LLP, which owns four solar parks. Bagmane Rio Pvt Ltd, a special purpose vehicle that operates Bagmane Rio Business Park in Bengaluru, is proposed to be owned by Bagmane Prime Office REIT with a 93 per cent holding through BDPL.
