Bagmane Prime Office REIT raises ₹1,149 cr from anchor investors; Blackstone-backed IPO opens today

The ₹3,405-crore initial public offering (IPO) of Bagmane Prime Office REIT, backed by global investment firm Blackstone, opens for subscription today after garnering strong anchor investor interest.

Ahead of the issue launch, the Bengaluru-based office REIT raised ₹1,149 crore from anchor investors, which saw participation from domestic as well as global institutions. The company allotted 11,49,74,850 units at ₹100 apiece, according to its exchange filing.

The anchor book saw participation from institutions including SBI Pension, SBI Life Insurance, White Oak, Quant Mutual Fund, UTI Mutual Fund, Kotak Mutual Fund, Edelweiss Mutual Fund, Tata AIG General Insurance, Kotak Life, and Max Life Insurance, among others.

The institutional portion of ₹2,766 crore includes a fully allocated strategic book of ₹850 crore to marquee investors such as UTI Mutual Fund, Jhunjhunwala Discretionary Trust, Axis Max Life, ICICI Prudential Pension, 360One, Star Health and Allied Insurance, and Kotak Life. The remaining ₹639 crore is earmarked for retail and HNI investors.

Earlier, the company raised ₹1,360 crore through a pre-IPO placement, entirely via a primary issue.

IPO details

The IPO comprises a fresh issue of units worth up to ₹2,390 crore and an offer for sale (OFS) of up to ₹1,015 crore by existing unitholders. The issue will close on May 7. The allotment of unit is expected by May 12, with listing on the NSE and BSE slated for May 15, 2026.

The proceeds from the fresh issue will primarily fund acquisitions and strengthen the portfolio. Around ₹1,775 crore will be used to acquire Luxor at Bagmane Capital Tech Park, while ₹1,025 crore will partly fund the purchase of a 93% stake in another portfolio asset. The remaining funds will be used for general corporate purposes, as per the SEBI filing.

About Bagmane Prime Office REIT

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

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

In addition to office assets, the portfolio includes two under-construction hotels with a combined 607 keys, as well as four solar power projects with a total capacity of 164.4 MW, adding diversification to income streams.

For FY25, Bagmane Prime Office 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 SEBI in July 2025. It is sponsored by the Bagmane Group, a leading Bengaluru-based office developer with a strong track record in Grade A+ commercial real estate.

The book-running lead managers to the issue include Kotak Mahindra Capital Company, Axis Capital, and SBI Capital Markets, among others.

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