Blackstone-Backed Bagmane Prime Office REIT IPO Fully Subscribed

On Wednesday, the Blackstone-backed Bagmane Prime Office REIT's initial public offering (IPO) achieved full subscription within the second day of bidding, signaling strong investor demand. By receiving bids totaling 32,99,70,750 units against the available 14,79,21,000 units, the IPO registered a 2.23 times subscription, based on NSE data.

Notably, the category reserved for other investors attracted 3.83 times the available subscription, while the institutional investors' segment reached 90 percent subscription. The Bengaluru-based real estate trust, owning Grade A+ office properties, aims to utilize proceeds for acquisitions, including the Luxor project at Bagmane Capital Tech Park and a stake in Bagmane Rio Business Park.

Setting the price band at Rs 95-100 per unit, the REIT anticipates completing the public issue by May 7. Part of the five listed REITs in India, this offering includes fresh units worth Rs 2,390 crore and an offer for sale by existing unitholders amounting to Rs 1,015 crore.