Bagmane Prime Office REIT IPO

Bagmane Prime Office REIT IPO Details

Bagmane Prime Office REIT is a 100% book-built issue of ₹4,000 crore, comprising a fresh issue of ₹3,000 crore and an offer for sale (OFS) of ₹1,000 crore. The company filed its DRHP with SEBI on December 30, 2025.

The price band of this issue will be announced by the company later. This IPO will open from May 5 to 7, 2026, on the BSE and the NSE platforms with a tentative listing date fixed as May 12, 2026. The book-running lead managers of this issue include JM Financial Ltd., Kotak Mahindra Capital Company Ltd., Axis Capital Ltd., IIFL Capital Services Ltd., 360 ONE WAM Ltd., SBI Capital Markets Ltd. and HDFC Bank Ltd., while KFin Technologies Ltd. has been appointed as the registrar for the issue.

Bagmane Prime Office REIT IPO Date & Timeline

The Bagmane Prime Office REIT IPO is officially set to open for subscription on May 5, 2026 and will close on May 7, 2026. The company initially filed its Draft Red Herring Prospectus (DRHP) on December 30, 2025 and has now finalized its schedule following SEBI approval. Once the subscription window allotment is expected on May 8, 2026. Following this, the company will initiate refunds and credit shares to successful investors' demat accounts on May 11, 2026. Finally, the Bagmane Prime Office REIT Ltd.'s shares are tentatively scheduled to list on the stock exchanges on May 12, 2026.

Bagmane Prime Office REIT IPO GMP (Grey Market Premium)

“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.

The Bagmane Prime Office REIT IPO GMP is currently trading at ₹[.], reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹[.], which is [.]% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.

Company Background

Bagmane Prime Office REIT was settled as a contributory, determinate and irrevocable trust on May 30, 2025, in Bengaluru, Karnataka. It was subsequently registered as a real estate investment trust with the SEBI on July 15, 2025. The trust was established by its sponsor, Bagmane Realty and Infrastructure LLP, to hold a portfolio of high-quality office assets.

Over the years, the Bagmane Group has evolved into a prominent developer in the Bengaluru office market, known for creating large-scale integrated business parks that cater to global technology and multinational corporations.

Operations & Product Range

Bagmane Prime Office REIT’s key activities encompass the owning and managing of Grade A commercial properties. This includes mature business parks like Bagmane Tech Park, Bagmane Constellation Business Park and Bagmane World Technology Centre. In addition to the office space, the organisation also oversees solar energy plants that help generate income for the business. The primary services offered by the organisation include the provision of top-notch "plug-and-play" office facilities.

Facilities & Capacity

The operational infrastructure of Bagmane Prime Office REIT is primarily concentrated in Bengaluru, one of India's leading technology hubs. As of June 30, 2025, the portfolio featured a total area of approximately 20.3 million square feet (msf), with 16.1 msf already completed. The assets maintain a high committed occupancy rate of 97.9%. This offering aims to help with the under-construction projects and the development of two hotels with a combined 607 keys, totalling roughly 0.7 msf.

Brands & Market Presence

Bagmane Prime Office REIT has established a strong foothold as one of the largest providers of Grade-A office spaces in India. The firm’s business parks, which include Bagmane Rio and Bagmane Capital Tech Park, have attracted many prominent global companies such as Google and Samsung. The company has managed to develop a niche for itself in the market due to the consistently high occupancy rates in its finished projects. Although the firm’s operations are currently confined to domestic markets, its client base is mainly multinational corporations.

Revenue Streams & Business Model

The primary revenue source for Bagmane Prime Office REIT is the rental income and property maintenance services derived from its office portfolio. In FY23, the segment-wise revenue contribution showed Bagmane Tech Park contributing ₹713.9 crore, followed by Bagmane Constellation Business Park at ₹72.72 crore and Bagmane World Technology Center at ₹674.0 crore. The solar assets also contributed ₹74.64 crore during the same period. The business model focuses on long-term lease agreements with reputable tenants to ensure steady and predictable cash flows.

Management & Shareholding

The trust is sponsored by Bagmane Realty and Infrastructure LLP, with Bagmane Realty Investment Manager Private Ltd. serving as the manager. Before the IPO, the capital structure included equity capital and other equity totalling approximately ₹1,829.84 crore on a combined basis. After the IPO, the ownership will be diluted as the offering includes ₹1,000 crore OFS by existing unit holders.

Board & Key Management

The leadership of Bagmane Prime Office REIT is led by a team of experts with many years of experience. Raja Bagmane serves as the Non-Executive Chairman & Managing Director and gives strategic direction to the firm and the daily operations. To ensure good governance, the board includes Independent Directors, Abhishek Goenka, Rajeshwari Srinivasan and Korgi Shashikiran Shetty for oversight. Together, this team uses its knowledge to help the company grow and stay successful.