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Bagmane Prime Office REIT IPO

Bagmane Prime Office REIT IPO

Construction - Real Estate
upcoming
₹14,250Min. investment
  1. Pre-apply
    TBA
  2. Bid start
    5 May
  3. Bid end
    7 May
  4. Allotment
    12 May
  5. Release of funds
    13 May
  6. Demat transfer
    13 May
  7. Listing
    15 May

Bagmane Prime Office REIT IPO Details

SectorConstruction - Real Estate
Price range₹95.00 – ₹100
IPO type
Regular
Lot size150 shares
Issue size₹3,405Cr
Red Herring Prospectus
Read
RevenueApr 20NaN - Mar 20FY
₹2,370.7CrHigher than sector avg
Growth rate3Y CAGR
9.44%

Bagmane Prime Office REIT IPO Overview

Bagmane Prime Office REIT date

Bagmane Prime Office REIT will open for subscription on May 05, 2026, and the closing date for the IPO is May 07, 2026. After this, investors are expected to be updated about the allotment status on May 12, 2026.

Investors who have been allotted shares can expect them to be credited to their demat account on May 13, 2026. The shares will be listed on the NSE and the BSE on Friday, May 15, 2026.

Bagmane Prime Office REIT price band

This REIT is a combination of fresh issue and offer-for-sale. The IPO price band has been set between ₹95 and ₹100 per share. Interested investors can choose a price within this band to apply for the IPO. The IPO is a book-building issue, comprising a fresh issue of ₹2,390 crore and an offer for sale of ₹1,015 crore. Bagmane Prime Office REIT IPO listing price will be determined on May 15, 2026. The listing price is the price at which a company’s shares debut on the stock exchanges.

Bagmane Prime Office REIT lot size

Bagmane Prime Office REIT lot size is 150 shares, while the REIT has an issue size of approximately ₹3,405 crore.

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₹2,370.7Cr
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₹459.59Cr
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Objectives

Funds for acquisition
59.40%
Equity stake acquisition
34.30%
General corporate purposes
6.20%

Strength and Weakness

Best-in-class occupancy

The company’s six parks across ORR & Secondary Business District (SBD) areas of Bengaluru have performed extremely well on account of strong fundamentals with only 4.3% vacancy rate and 5.5% average annual rental growth, performing better than other major cities of India by 164 basis points. Bagmane REIT boasts an impressive occupancy of 98.8%, surpassing ORR at 95.7% and Bengaluru at 89.5%.

High-quality tenant base

The company gets 98.7% of its rental income from MNCs, 88.5% from GCCs, and 65.2% from Fortune 500 companies, where the top 10 account for 63.0% and have a WALE of 8.3 years. In Bengaluru, it has 37.8% of GCC leases in India, while around 65% of global Fortune 500 companies do not have any GCCs established in India.

High tenant stickiness

The firm’s 42.8% BTS portfolio of 21 buildings creates tenant stickiness as the tenants spend ₹2,000 to ₹12,000 on their fit-outs, thus making exit difficult. This can be seen from the fact that 91.7% of leases were done by existing tenants, and 67.5% of tenants have been retained, and massive expansions like Google and Volvo, highlighting deep, long-term relationships.

Strong backing and visible growth pipeline

The REIT is supported by Bagmane Group with a ROFO portfolio of 47.1 msf spread across 11 properties, having strong sponsor management with a 31.8% absorption rate and 31.6% supply rate on ORR. Given its low debt-to-equity ratio of around 5%, 29.7 msf already developed, and 6.5 msf currently being developed, the REIT still has room to grow.

About Bagmane Prime Office REIT

Bagmane Prime Office REIT, backed by the Bagmane Group, is a real estate investment trust that owns and manages high-quality Grade A+ office parks in Bengaluru. The Bagmane group is Bengaluru's largest and one of India’s leading developers, which focuses on premium office spaces.
Since 1999, the group has delivered 29.7+ msf across seven commercial projects. As of Dec 2025, it accounts for ~12.8% of Bengaluru's total Grade A office stock. The Bagmane group had a dominant position in the Outer Ring Road (ORR) market with 31.8% share in leasing demand and 31.6% share in new supply between CY21 and CY25. The REIT's total portfolio size is 20.3 msf as of December 2025, of which 96.55% is leasable (19.6 msf) with 98.8% committed occupancy.
The REIT’s portfolio includes six premium office parks, of which 16.6 msf is already completed, 1.0 msf is under construction and 2.0 msf is planned for future development. Additionally, the REIT also has two under-construction hotels with 607 rooms (0.7 msf total area) and four solar power projects (3 operational, 1 under construction) with a total capacity of 164.4 MW (DC), of which 91.9 MW is already operational. The six office parks together are valued at ₹40,263 crore.
The company’s office park has a very strong profile of tenants, primarily made up of multinational corporations and global firms. As of December 2025, 98.7% of the gross contracted rental income derives from MNCs with a foreign headquarters, 88.5% of gross contracted rental income comes from Global Capability Centres (GCC), while 65.2% comes from Fortune 500 companies. The REIT serves over 60 tenants in 11 industries, with the bulk of the tenants concentrated in the technology (34.3%), semiconductor (20.7%), electronics and e-commerce (19.8%) industries. Since FY21, the REIT has consistently maintained a committed occupancy greater than 94.0%, including throughout the COVID-19 pandemic. Currently, the committed occupancy rate of 98.8% is 725 bps higher than the average for listed Indian office REITs (91.6%), 933 bps higher than the overall Bengaluru average (89.5%), and 319 bps higher than the Portfolio Micro-Markets average (95.7%). Between FY23 and 9MFY26, the REIT leased 7.2 msf in total, of which 91.7% was to existing tenants.
The top ten tenants make up 63% of total rent, with no single tenant making up 20% or more. Google is the largest tenant, with 2.8 msf of leases across four properties and 18.9% of total rental income, with a WALE of 10.8 years. Several of the REIT's tenants have established their most significant global facilities within the portfolio. Google’s India headquarters for its AI business is in Bagmane Rio and is its largest standalone building outside the US. Samsung’s R&D center here is its largest outside South Korea, with 11,000+ patents filed.
As of December 31, 2025, BTS properties represent 42.8% of the total area in 21 properties. Major tenants include Google, Amazon, Samsung, TI & Volvo. Build-to-suit (BTS) buildings foster deeper landlord-tenant relationships, higher retention ratios, and longer lease tenures, as tenants invest significant fit-out capital in customised spaces. From FY23 to 9MFY26, 52.9% of the 1.1 msf of newly completed area was developed as BTS solutions. During FY23 to 9MFY26, the REIT has achieved a retention rate of 67.5%. This includes major tenants like Google, Amazon, TXI, Samsung and Volvo, who have all been tenants for more than 10+ years and have increased their total development area by 33.1x, 13.7x, 10.5x, 6.5x, and 20.4x, respectively. The average re-leasing spread achieved over the period FY23 to 9MFY26 was 15.5% on ~5.3 msf of area released.
The size of India's office property market has grown by 1.8 times, from ~516 msf in 2016 to ~908 msf by 2025; with India's top seven cities experiencing the highest cumulative net absorption globally of 210.9 msf between CY21 and CY25. A major contributor to this growth was the rapid proliferation of Global Capability Centres ("GCCs"), which represented 37.1% (or 114 msf) of total office leasing during the cycle. The increasingly large Grade A occupied footprint of GCCs is expected to expand from 263 msf in 2025 to 330+ msf by 2030.
India's structural advantages, including the largest working-age population in the world, approximately 25 lakhs graduates each year from STEM fields, operating costs of up to 81% lower than in US secondary markets, and average monthly office rent rates of US$0.80 to US$1.60 per square foot ("psf") versus US$7.00 to US$14.00 psf in comparable global markets, will continue to reinforce India's position as the leading region for technology outsourcing, establishment of GCCs, and provision of other corporate services. Bengaluru, which is the only market in which the entire Bagmane REIT portfolio is located, is the largest and best-performing office market in India, supporting approximately 25.6% of the total national office supply of 231.9 msf. Bengaluru has experienced the highest net absorption of 57.5 msf among any city globally from CY21 to CY25, and with one of the lowest office vacancy rates in the world of just 10.5%.
Bengaluru is home to all portfolio assets, accounting for 27.2% of total cumulative net absorption from CY21–CY25 and 25.6% of total office inventory in India. The majority of the assets are concentrated in two micro-markets, the ORR and SBD City, both of which have been above the top global office markets in cumulative net absorption from CY21 through CY25. As of December 31, 2025, the ORR and SBD City micro-markets had the second-lowest vacancy rate of 4.3% of any major global city. The ORR micro-market has Grade A office space comprising a total of 95.9 msf of office space, which is the largest of any micro-market in India. It has a vacancy rate of 4.1%.
Now, Bagmane Prime Office is launching its Real Estate Investment Trust (REIT), which consists of a fresh issue of ₹2,390 crore and an Offer for sale of ₹1,015 crore. The total issue size of the IPO is ₹3,405 crore, and its shares will be listed on the NSE and BSE.
**How to pre-apply for Bagmane Prime Office REIT?### **
You can pre-apply for Bagmane Prime Office REIT on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription.
Follow these steps to pre-apply for the IPO:
  • Login to your Upstox account, using your six-digit PIN
  • After successfully logging in, click on ‘Discover’
  • On the Discover tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Bagmane Prime Office REIT tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Pre-Apply’
  • Accept the mandate on your UPI app
**How to apply for Bagmane Prime Office REIT?### **
If you are interested in this investment opportunity but unsure how to apply for Bagmane Prime Office REIT, here are the steps that you need to follow.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for Bagmane Prime Office REIT on Upstox:
  • Log in to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Bagmane Prime Office REIT’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Apply’
  • Accept the mandate on your UPI app
**How to check the Bagmane Prime Office REIT allotment status? ### **
When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes.
Here’s a step-by-step guide on how to check the Bagmane Prime Office REIT allotment status:
  • Login to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ page, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, you will find the ‘View all’ option
  • Once you click on ‘View all’, you will be directed to the ‘IPO’ tab
  • In the ‘IPO’ tab, click on ‘My applications’
  • In ‘My applications’, under the History section, your Bagmane Prime Office REIT allotment status will be mentioned

Latest News on Bagmane Prime Office REIT IPO

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According to the preliminary papers, the issue of Bagmane Group-backed Bagmane Prime Office REIT is a combination of a fresh issuance of units aggregating to ₹3,000 crore and an offer for sale component worth ₹1,000 crore.

2 min read

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Bengaluru-based Bagmane Developers leased 2.23 lakh sq ft office space in their Tech Park to Texas Instrument for a monthly rent of Rs 1.4 crore. The lease includes six floors with deposit of Rs 12.8 crore and has a rental escalation of 5% every year. They will also pay Rs 13.3 per sq ft for maintenance charges and have access to 288 parking slots charged at Rs 4,000 per slot.
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Bagmane Group is acquiring Cognizant's Chennai office property for around Rs 800 crore. The 13.39-acre site offers 560,000 sq ft of office space. The sale aligns with Cognizant's $400 million cost-cutting plan, involving a global reduction of 11 million sq ft. Bagmane plans to develop an additional 3 million sq ft on the property.

Frequently asked questions

How to invest in the Bagmane Prime Office REIT IPO ?

Investors can apply for the Bagmane Prime Office REIT IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of Bagmane Prime Office REIT IPO ?

The issue size of the Bagmane Prime Office REIT IPO is 3405 Cr.

What is 'pre-apply' for Bagmane Prime Office REIT IPO ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will Bagmane Prime Office REIT IPO shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Opens on 5 May 2026