backed Bagmane Group eyeing REIT IPO launch between May 5

Private equity major Blackstone-backed Bengaluru realty firm Bagmane Group is gearing up to launch its real estate investment trust (REIT) IPO targeting a valuation of around $3.63 bn ( Rs 34,000 crore), multiple industry sources in the know told Moneycontrol.

“ The firm is likely to file it’s red herring prospectus shortly and is planning to launch the issue between May 5 and May 7, with the anchor portion reserved for May 4,” said one of the persons above.

A second person said the firm was going to market with an issue size of Rs 3,405 crore IPO , including a Rs 2,390 crore primary component and a secondary component of Rs 1,015 crore by the investor Blackstone.

A third person added that the firm had also recently sealed a Rs 600 crore pre -IPO round from 360 One Asset Management. The total funds raised by the firm including other primary pre-IPO rounds stood at around Rs 4,765 crore, this person added.

All the three persons above spoke to Moneycontrol on the condition of anonymity.

When contacted, Blackstone and 360 One Asset Management declined to comment. An email query to Bagmane Group was left unanswered at the time of publishing this article and reminders have been sent.

According to the draft papers filed in December by Bagmane Group for its REIT IPO, JM Financial, Kotak Mahindra Capital, Axis Capital, IIFL Capital, SBI Caps, 360 One Capital and HDFC Bank are the investment banks working on the deal.

On July 23, 2025, Moneycontrol had reported Bagmane Group’s REIT IPO plans, back then, the fifth office REIT in the Indian markets after Embassy Office Parks, Mindspace Business Parks, Brookfield India and Blackstone-backed Sattva group’s Knowledge Realty Trust.

Examining the Bagmane portfolio

In December 2024, Blackstone acquired a minority pre-IPO stake in Bagmane Group. As per the draft papers, the shareholding of the global investment major stands at 7 per cent.

The REIT sponsor Bagmane Group has set aside a portfolio of 20 mn sq. ft. (17 mn sq. ft. completed) across six Grade A office assets in Bangalore, leased majorly to MNC’s and GCCs.

The six assets meant for the REIT include Bagmane Constellation Business Park, Bagmane World Technology Centre, Bagmane Tech Park, Bagmane Cosmos, Bagmane Rio Business Park and Luxor at Bagmane Capital.

The portfolio , which has a gross asset value of around Rs 40,260 crore, also includes 2 under construction hotels with 607 keys and a solar capacity of around 164 MW ( 92 MW completed). It’s projected net operating income (NOI) growth for FY27-30 stands at 12 per cent.