Bagmane Prime Office REIT IPO 2026: ₹3,405 Cr Issue

Overview

Bagmane Prime Office REIT’s book-built public issue of ₹3,405 crore opened on May 5, 2026 and closes on May 7, 2026. The REIT is positioned as a Bengaluru-based real estate investment trust that owns and develops Grade A+ office assets. The offer is slated to list on NSE and BSE, with multiple market trackers citing May 15, 2026 as the expected listing date. With the subscription window ending today, investor focus has been on category-wise demand and grey market premium (GMP) trends.

Issue structure and price band

The IPO is described as a book-built issue of 85,000,000 units, with a fresh issue of units worth ₹2,390 crore and an offer for sale (OFS) of units worth ₹1,015 crore by a selling unitholder. The price band is fixed at ₹95 per unit to ₹100 per unit. Several datasets in the provided material repeat the same ₹2,390 crore fresh issue and ₹1,015 crore OFS split, although one table reverses these labels. The repeated narrative and the detailed unit counts also align with the ₹2,390 crore fresh issue and ₹1,015 crore OFS figures.

Key dates, lot size, and minimum application amount

The offer opened on May 5, 2026 and closes on May 7, 2026. The lot size is 150 units. At the lower end of the band, a retail bid works out to ₹14,250 (₹95 x 150), while at the upper end it is ₹15,000 (₹100 x 150), which explains why both minimum investment figures appear across trackers. Some trackers also mention an allotment date of May 12, 2026 and a listing date of May 15, 2026.

IPO snapshot (as reported)

Subscription trend during the three-day window

Day-wise subscription data shared in the material shows demand building through the window, led by non-institutional investors (NIIs). In one table, the total subscription moved from 0.71x on Day 1 to 2.23x on Day 2 and 3.14x on Day 3, with QIBs at 0.69x, 0.90x, and 0.94x, respectively, and NIIs at 0.74x, 3.83x, and 5.69x. A separate snapshot (timestamped “As of 07 May’26, 02:02 PM”) reports materially higher category subscriptions: QIB 4.53x, NII 10.97x, Retail 0.00x, and total 7.46x. Another dataset in the same compilation claims a much higher “total 24.96x” with QIB 26.58x and “Other Investors 23.02x”.

Why the subscription numbers look inconsistent across sources

The supplied text mixes multiple trackers, timestamps, and definitions for categories like “Others” and “Retail”. Some tables only show QIB and NII, while others add “Others”, and at least one snapshot keeps retail at 0x throughout. There is also evidence of different cut-off times: some tables are explicitly Day 1 and Day 2 close numbers, while another is time-stamped mid-afternoon on Day 3. Because these figures are not presented as a single consolidated exchange bulletin in the input, the most defensible takeaway is directional: NIIs appear to have shown stronger demand than QIBs in several snapshots, while retail is shown as 0.00x in the provided data.

Grey market premium (GMP) and implied listing range

GMP data in the material indicates a modest premium during the window. On May 5 (open), GMP is shown at about ₹4.5, implying an estimated listing price of ₹104.5 if the issue prices at the upper band of ₹100. The same table shows GMP at about ₹4.2 by May 6 and May 7, and around ₹4 to ₹5 in the days immediately preceding the issue. Another line cites GMP around ₹4.25 as of May 6, implying an estimated price of about ₹104.25.

The same source material also cautions that GMP is unregulated, can change quickly, and should be treated as a sentiment indicator rather than a forecast.

Anchor book and issue intermediaries

Ahead of the public issue, the REIT is stated to have raised about ₹1,150 crore from anchor investors. The compilation names multiple book running lead managers, including JM Financial, Kotak Mahindra Capital Company, Axis Capital, IIFL Capital Services, SBI Capital Markets, 360 ONE WAM and HDFC Bank. KFin Technologies Limited is listed as the registrar in the provided text.

What matters for REIT investors as listing approaches

For a REIT IPO, investors typically track demand quality by investor class, the final issue price within the band, and liquidity expectations after listing. In the supplied data, NIIs show higher participation in several snapshots, while QIB demand ranges widely depending on the source and timestamp. With GMP holding in a narrow ₹4-₹5 band in the days leading up to close, the grey market narrative remains one of modest optimism rather than a sharp re-rating.

Conclusion and next milestones

Bagmane Prime Office REIT’s ₹3,405 crore IPO closes on May 7, 2026 at a price band of ₹95-₹100 per unit, with a 150-unit lot size and listing planned on NSE and BSE. Subscription data in the input varies by source and time, but shows stronger interest from NIIs in multiple snapshots alongside a small, steady GMP. Next dated checkpoints mentioned across trackers include allotment on May 12, 2026 and listing on May 15, 2026.