Bagmane Prime Office REIT IPO 2026: Price Band, Dates

IPO opens May 5 as Bagmane REIT heads to market

Bagmane Realty and Infrastructure-sponsored Bagmane Prime Office REIT is set to open its initial public offering on May 5, 2026. The issue is sized at Rs 3,405 crore, according to the offer document filed on April 27, 2026. The IPO will remain open for subscription till May 7. The REIT is based in Bengaluru and is managed by Bagmane Realty Investment Manager. The listing is scheduled for May 15 as per the indicative offer timeline. With this offer, Bagmane Prime Office REIT is positioned to add another traded option in India’s office REIT segment.

Issue structure: Rs 2,390 crore fresh issue plus Rs 1,015 crore OFS

The proposed offering includes a fresh issue of units aggregating up to Rs 2,390 crore. It also includes an offer-for-sale (OFS) of units worth up to Rs 1,015 crore by a selling unitholder. The overall IPO size has been reduced from Rs 4,000 crore mentioned in the draft offer document filed in December 2025. The offer is a book-built issue. Blackstone-backed BREP Asia III India Holding Co VIII Pte Ltd is identified as the selling unitholder in the OFS. The entity holds 7 percent stake each in BDPL and BRPL, as stated in the offer document summary provided.

Price band, minimum bid size, and who can bid

The price band for the issue has been fixed at Rs 95-100 per unit. Investors, other than anchor investors and strategic investors, can bid for a minimum of 150 units. Bids can be placed in multiples of 150 units thereafter. The one-day anchor book is scheduled to open on May 4, ahead of the public issue. These parameters set the entry ticket for retail and other non-anchor categories. The final demand picture is typically clearer after the anchor portion and the first day of subscription, but the document only confirms the timelines and bid rules.

Key dates: anchor on May 4, allotment by May 12, listing May 15

The timeline in the offer details indicates a tight schedule across the week of launch. Anchor investor bidding is slated for May 4. The IPO opens May 5 and closes May 7. Units allotment is expected to be finalised by May 12. The REIT is proposed to list on stock exchanges on May 15. These dates are relevant for investors planning to apply and track allocation and listing.

Portfolio snapshot: six Grade A+ business parks in Bengaluru

Bagmane Prime Office REIT’s portfolio includes six premium Grade A+ business parks. The portfolio spans 20.3 million square feet and is located in key Bengaluru office micro-markets, including the Outer Ring Road (ORR) and the Secondary Business District (SBD City). The leasable area is stated at 19.6 million square feet in the IPO filing referenced in the provided text. As of December 31, 2025, the REIT reported committed occupancy of 98.8 percent. The occupancy figure is presented as among the highest for listed office REITs in India in the same context. The tenant roster cited in the provided material includes large global firms such as Google, Amazon, Nvidia and Samsung.

What the fresh issue money is earmarked for

The proceeds from the fresh issue are linked to acquisitions within the sponsor ecosystem. One utilisation split cited from the offer document says Rs 1,420 crore will be used for part funding of acquisition by Bagmane Developers (BDPL) of Luxor at Bagmane Capital Tech Park. Another Rs 820 crore is earmarked for part funding of BDPL’s acquisition of 93 percent stake in Bagmane Rio Private Limited (BRPL). The remaining amount is to be used for general purposes. Separately, another report excerpt in the provided text cites around Rs 1,775 crore toward acquiring Luxor and Rs 1,025 crore toward partly funding the purchase of a 93 percent stake in another portfolio asset, with the balance for general corporate purposes. The common thread across the versions is that the fresh issue is intended to support acquisitions and related corporate needs.

Assets being acquired: Luxor and Bagmane Rio Business Park

Luxor at Bagmane Capital Tech Park is described as spanning one million square feet. Bagmane Rio Business Park is described as 1.1 million square feet and sits within the Bagmane Rio Private Limited structure. The REIT proposes to hold 93 percent ownership in BRPL through BDPL. The sponsor structure described includes BDPL as the HoldCo that directly and indirectly holds portfolio assets. Bagmane Realty and Infrastructure LLP is described as the holding entity of the Bagmane Group, and the promoter of the HoldCo. The offer notes Raja Bagmane and Nagamani Raja as designated partners of the sponsor entity.

Diversification: solar parks and under-construction hotels

Beyond office buildings, the portfolio and associated entities also include other assets mentioned in the filing excerpts. BDPL (along with its nominees) holds 100 percent interest in Bagmane Green Power LLP, which holds four solar parks. Another report excerpt states the REIT’s portfolio includes four solar power projects with an aggregate capacity of 164.4 MW. The same excerpt mentions two under-construction hotels with a total of 607 keys. These details are presented as additional diversification alongside the office-heavy portfolio.

Where it fits in India’s listed REIT landscape

Post listing, Bagmane Prime Office REIT is expected to become another listed REIT available for trading alongside existing names. The provided material states that, after listing, it will be the fifth commercial office REIT available for trading after Embassy Office Parks REIT, Mindspace Business Parks REIT, Brookfield India Real Estate Trust, and Knowledge Realty Trust. Another excerpt also describes it as India’s sixth listed REIT overall and the fifth backed by office assets, with Nexus Select Trust as the retail (mall) REIT among currently listed trusts. The positioning matters because office REITs compete on occupancy stability, tenant quality, asset quality, and acquisition discipline.

Financial highlights and asset base (as stated in filings/excerpts)

For the financial year ended March 2025, Bagmane Prime Office REIT reported total income of Rs 2,390.88 crore and profit after tax of Rs 897.10 crore, as per the provided filing-based excerpt. Its asset base was stated at over Rs 7,200 crore as of June 2025. The REIT was set up in May 2025 and registered with the Securities and Exchange Board of India in July 2025, according to the same excerpt. These numbers provide context on scale ahead of listing, but investors typically review the full offer document for detailed line items and risk disclosures.

Lead managers and the transaction’s institutional lineup

The merchant bankers and book running lead managers named for the issue include JM Financial, Kotak Mahindra Capital Company, Axis Capital, IIFL Capital Services, SBI Capital Markets, 360 ONE WAM, and HDFC Bank. The selling unitholder in the OFS is linked to Blackstone through BREP Asia III India Holding Co VIII Pte Ltd. Blackstone is described as having strategic equity exposure, with about 7 percent in Bagmane Developers and another 7 percent in one of the portfolio entities, based on the provided text. The sponsor, however, remains Bagmane Realty and Infrastructure as the Bagmane Group holding entity.

Quick facts table

Why the IPO matters for investors and the office REIT sector

The offer adds another large Bengaluru-focused office portfolio to India’s listed REIT universe. A committed occupancy of 98.8 percent, if sustained, supports steady rental cash flows, which is central to the REIT model. The stated use of proceeds indicates an acquisition-led consolidation into the listed structure, including Luxor and a 93 percent stake in Bagmane Rio. For investors, the key diligence points typically include tenant concentration, lease expiries, vacancy risk, and the sustainability of distributions, although those specifics are beyond what is explicitly provided here. The listing also expands choice within office REITs, where investors compare assets across Bengaluru, Mumbai, Pune, Hyderabad, and NCR exposures depending on each trust’s portfolio.

Conclusion

Bagmane Prime Office REIT’s Rs 3,405 crore IPO is scheduled to open on May 5 with a Rs 95-100 price band and will close on May 7, with anchor bidding on May 4. The fresh issue and OFS structure, acquisition-linked use of proceeds, and a large Bengaluru office footprint frame the offering’s core narrative. The next confirmed milestones are allotment finalisation by May 12 and the planned listing on May 15. Investors tracking India’s income-focused listed products will watch subscription trends and the final allocation as the issue progresses.