Bagmane Prime Office REIT ₹3,405 Crore IPO From May 5

Mumbai: Bagmane Prime Office REIT (Real Estate Investment Trust), a Bengaluru-based commercial office REIT comprising business parks, has fixed a price band of ₹95 to ₹100 per unit for its ₹3,405 crore initial public offering (IPO), which opens on May 5.

The IPO comprises a fresh issue of units aggregating up to ₹2,390 crore by the REIT and an offer for sale of units aggregating up to ₹1,015 crore by BREP Asia III India Holding, an affiliate of Blackstone. The IPO will close on May 7, 2026.

Retail investors can bid for a minimum of 150 units and in multiples of 150 units thereafter.

The sponsor of the REIT, Bagmane Realty and Infrastructure LLP—the holding entity of the Bagmane Group—is Bengaluru’s largest pure-play Grade A+ office owner and developer. The REIT’s portfolio comprises six business parks with a total area of 20.3 million square feet. Its tenant base consists of approximately 89% global capability centres and foreign-headquartered multinational companies.

In addition to its core office assets, the portfolio includes four solar power projects (including one under construction) with an aggregate capacity of 164.4 MW (DC), as well as two hotels under construction with a total of 607 keys.

The company has secured commitments for 8.5 crore units worth ₹850 crore at ₹100 per unit from strategic investors, including UTI Mutual Fund, Axis Max Life Insurance Limited, ICICI Pension Fund Management Limited, 360 One Real Assets Development Fund, Star Health & Allied Insurance Company Limited, and Kotak Mahindra Life Insurance Company Limited, among others.