Blackstone-backed Bagmane Prime Office REIT made a positive debut on the domestic stock exchanges on Thursday after raising ₹3,405 crore through its initial public offering (IPO). The REIT units listed at ₹103.50 on the NSE, a 3.5% premium over the issue price of ₹100. On the BSE, the units debuted at ₹103.40, up 3.4% from the IPO price.

The units maintained their gains through the session. On the BSE, Bagmane Prime Office REIT settled 3.66% higher at ₹103.66, valuing the company at around ₹35,244 crore. On the NSE, the units closed at ₹103.54, up 3.54% over the issue price.

The listing performance was largely in line with Street expectations after the IPO received a strong response from investors. The issue was subscribed 23.71 times overall and attracted more than two lakh applications, the highest ever for a REIT IPO in India. The qualified institutional buyer (QIB) portion was subscribed 26.58 times, while the non-institutional investor (NII) category saw 22.82 times subscription.

Ahead of the public issue, the Bengaluru-based office REIT raised ₹1,149 crore from anchor investors, drawing participation from both domestic and global institutions. The IPO opened for subscription on May 5 and closed on May 7, while anchor bidding took place on May 4.

Prior to the IPO, the company had also raised ₹1,360 crore through a pre-IPO placement, entirely via a primary issuance.

The IPO consisted of a fresh issue of units worth up to ₹2,390 crore along with an offer for sale (OFS) of up to ₹1,015 crore by existing unitholders. Proceeds from the fresh issue will largely be utilised for acquisitions and portfolio expansion. Around ₹1,775 crore will be deployed to acquire Luxor at Bagmane Capital Tech Park, while ₹1,025 crore will be used to partly fund the acquisition of a 93% stake in another portfolio asset. The remaining proceeds will be allocated toward general corporate purposes, according to the company’s filing with the Securities and Exchange Board of India.

Bagmane Prime Office REIT owns six Grade A+ business parks across key Bengaluru office micro-markets, including the Outer Ring Road (ORR) and Secondary Business District (SBD). Its portfolio spans 20.3 million square feet, including a leasable area of 19.6 million square feet.

As of December 2025, the REIT reported a committed occupancy level of 98.8%, among the highest for listed office REITs in India, reflecting strong demand for premium office assets. Its tenant roster includes global technology giants such as Google, Amazon, Nvidia and Samsung.

For the financial year ended March 2025, the REIT reported total income of ₹2,390.88 crore and a profit after tax of ₹897.10 crore. Its asset base stood at over ₹7,200 crore as of June 2025.

The REIT was established in May 2025 and registered with the Securities and Exchange Board of India in July 2025. It is sponsored by the Bagmane Group, a Bengaluru-based commercial real estate developer known for its Grade A+ office portfolio.