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06 Aug, 2025
Bagmane Developers, which is a major commercial real-estate player based in Bengaluru, is making plans for its Real Estate Investment Trust (REIT) IPO in late 2025. The company is backed by major global private equity giants like Blackstone, holding an expectation to raise around ₹4,000 crore through its Initial Public Offering. The company’s upcoming IPO will highlight a significant addition to the growing office space REIT of India.
Bagmane Developers was founded in 1996 and became a prominent corporation in Bengaluru’s commercial real-estate landscape. The company operates approximately 30 million square feet of office space for well-established tenants like Google, Dell, Microsoft and Amazon.
The firm also boasts of a robust portfolio comprising properties such as Bagmane World Technology Centre, Bagmane Tech Park, as well as business parks in the Whitefield area and Outer Ring Road. Bagmane primarily provides services for the IT/ITeS sector, along with Global Enterprise clients, with a strong emphasis on well-situated office spaces and technology parks.
The Blackstone-backed company plans to raise approximately ₹4,000 from its REIT IPO with a strong focus on the Delhi and Bengaluru Markets. The listing of Bagmane Developers IPO will mark India’s 5th REIT IPO after various other companies like Mindspace Business Parks, Brookfield India, Embassy Office Parks and Sattva’s Knowledge Realty Trust, which was also backed by Blackstone.
Further details on the IPO are yet to be released by the corporation in order to mention the listing details. However, the IPO will help enhance the focus of company to expand in the northern regions of India.
Bagmane’s revenue has witnessed an increase through the increase of around 16% in the rental income to ₹2,130 crore for FY2024 and the income further increased by approximately 15% in FY2025. The company is also supporting the continuous growth of its existing operational area with around 6.7 million square feet currently under development. It has a vibrant tenant profile with 95% occupancy rates, some of the tenants are companies like Google, Amazon and Samsung with long-term leases averaging 5-15 years. Bagmane’s financial information from FY23 to FY25 represents steady revenue growth along with profit margins.
The goal of Bagmane Developers IPO is to monetise the company’s current office portfolio and gain capital through the listing of these commercial properties. The company wants to strengthen its balance sheet, hence some part of the proceeds will be used for repayment of debt availed by the company. The IPO has a goal to leverage Delhi and Bengaluru’s technology corridors and create shareholder value in order to present the investors with premium income-generating office assets.
Bagmane Developers IPO of ₹4,000 crore is prepared to become a landmark event for the real-estate market of India. The company is well-placed and capable of capitalising on the growing demands of office spaces in the tech sectors of Bangalore and Delhi. The company’s IPO will mark its transition to a publicly listed property trust and will provide support to its long-term growth plans.
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