Indian office developer Bagman Prime Office files trust for $445 million IPO

Blackstone-backed Indian office developer Bagman Prime Office REIT has filed for a $445.6 million initial public offering, its draft prospectus showed on Tuesday.

Main reference

REITs, or real estate investment trusts, own and manage real estate assets, similar to how mutual funds own stocks. They receive rent from the properties they manage, which they distribute to investors as dividends.

Bengaluru-based Bagmane competes with the likes of Mindspace Business Parks REIT, Embassy Office Parks REIT, Knowledge Realty Trust and Brookfield India Real Estate Trust.

The investment trust counts Google, Amazon and Samsung among its biggest tenants.

Why is it important?

Bagmane’s IPO will follow the public listings of small office managers SmartWork, VWork India and Indicube as companies are ending remote working.

by number

Bagman proposes to sell 30 billion rupees ($334.5 million) worth of new units, while existing investors will sell 10 billion rupees worth of units.

The investment trust did not disclose details about the entities selling their units.

For the year to March 2025, Bagman reported a 7.5% rise in revenue and around 11% rise in profits.

($1 = 89.7760 Indian Rupees)