Blackstone-backed Bagman Prime Office REIT for Rs. 3,405 crore IPO filed

Blackstone-backed Bagmane Prime Office REIT has raised Rs. has filed its offer document (OD) to raise up to 3,405 crore, marking another significant listing in India’s growing office real estate investment trust (REIT) space.

This will be India’s sixth listed REIT and fourth backed by office assets.

In the proposed offer Rs. 2,390 crore through fresh issue of units and selling unit holders for Rs. Includes an offer for sale (OFS) of units up to 1,015 crore. Proceeds from the fresh issue are expected to support the REIT’s growth and capital structure.

The issue will open on Tuesday, May 5 and close on May 7, with the anchor investor bid-offer period set for Monday, May 4.

Bagmane Prime Office REIT has a portfolio of six premium grade A business parks with a total area of ​​20.3 million square feet located in the prime office micro-markets of Bengaluru including Outer Ring Road (ORR) and Secondary Business District (SBD City). These markets have consistently been among the strongest performing office corridors in the country.

As of December 31, 2025, the portfolio recorded a committed occupancy of 98.8%, the highest among Indian office REITs post-listing. The tenant base includes global technology and multinational corporations such as Google, Amazon, Nvidia and Samsung, reflecting the portfolio’s institutional-grade status and strong demand from occupiers.

Beyond its core office assets, the REIT also has diversification through two under-construction hotels with a total of 607 keys, along with four solar power projects with a total capacity of 164.4 MW, adding an infrastructure and sustainability component to its portfolio.

JM Financial, Kotak Mahindra Capital Company, Axis Capital, IIFL Capital Services, SBI Capital Markets, 360 ONE WAM, and HDFC Bank are the book running lead managers of the issue.

The IPO comes amid continued investor interest in income-generating commercial real estate assets, particularly high-occupancy office portfolios backed by global institutional sponsors.

India’s office market continues to chart new highs despite geopolitical uncertainties and expected AI-led disruption, with gross leasing reaching 21.5 million sq ft in the first quarter, the highest ever recorded for the January-March period.

The strong start to the year not only sets a new benchmark for first-quarter performance but also exceeds the quarterly average seen in 2025, pointing to continued occupier confidence and bolstering expectations for another strong year for the sector.