Blackstone and Jhunjhunwala-backed Bagmane draws 2 lakh applications, highest for all REIT IPOs

Synopsis

Bagmane Prime Office REIT received record investor participation and strong oversubscription in its Rs 3,405 crore IPO. Backed by Blackstone and Bagmane Group, the trust offers exposure to premium Bengaluru office assets, high occupancy levels and global technology tenants ahead of its market listing.

The Bagmane Prime Office REIT has set a new benchmark for India's REIT market, attracting the highest number of investor applications ever for a REIT IPO in the country, as the Rs 3,405 crore public issue closed on Thursday with overwhelming demand from institutional and high-net-worth investors.

As of 5 pm on May 7, the issue had received 2,01,146 applications, surpassing all previous listed REIT offerings in India, including Embassy Office Parks REIT, Mindspace Business Parks REIT, Brookfield India Real Estate Trust, Nexus Select Trust and Knowledge Realty Trust.

The issue was subscribed 24.96 times overall by the close of bidding. The institutional portion saw the strongest response, with the QIB category, excluding anchor investors, subscribed 26.58 times, while the non-institutional investor segment was subscribed 22.82 times.

Investors bid for 350.77 crore units against 14.05 crore units on offer, reflecting strong demand despite muted grey market signals.

The REIT had opened for subscription on May 5 with a price band of Rs 95–100 per unit and is scheduled to list on the BSE and NSE on May 15.

Live Events

Ahead of the IPO, Bagmane had already raised Rs 1,150 crore from anchor investors, with participation from large domestic institutions including SBI Life, UTI Mutual Fund, Kotak Mutual Fund, WhiteOak Capital, Quant Mutual Fund and Max Life.

The issue had also seen participation from the Jhunjhunwala Discretionary Trust, adding to institutional interest.

Bagmane had raised another Rs 1,360 crore through a pre-IPO placement, entirely via primary issuance, even before the anchor round.

Sponsored by Bengaluru-based Bagmane Group and backed by Blackstone Inc., the trust gives investors exposure to premium office assets in one of India’s strongest commercial leasing markets. Its portfolio includes six Grade A+ business parks in Bengaluru, spanning 20.3 million square feet, with a leasable area of 19.6 million square feet.

As of June 2025, the portfolio reported 97.9% committed occupancy, among the highest in India’s listed office REIT universe. Its tenant roster includes global technology majors such as Google, Amazon, NVIDIA Corporation and Samsung Electronics.

Financially, the trust reported Rs 1,960 crore in total income and Rs 829 crore in profit after tax for the nine months ended December 2025. With record retail participation and heavy institutional oversubscription, Bagmane is now set to become India’s sixth listed REIT, adding another milestone to the country’s fast-growing listed real estate investment market.

(You can now subscribe to our ETMarkets WhatsApp channel)

(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today.

Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

...moreless

(You can now subscribe to our ETMarkets WhatsApp channel)

(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today.

Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

...moreless

Falling prices, Gulf risks: A spice king’s growth recipe falters

Why Jio BlackRock is taking a U-turn to reach investors

How this man proved M&As need not be disasters even if tough

3 years on, India rebuilds aircraft lessors’ trust that Go First broke

Natural diamonds lose sheen globally, in India they’re still ‘forever’

These mid-cap stocks with ‘Strong Buy’ & ‘Buy’ recos can rally over 25%, according to analysts

1

2

3