Bagmane Prime Office REIT IPO fully subscribed on Day 2; check key dates

Bagmane Prime Office REIT IPO: The initial public offering (IPO) of Blackstone-backed Bagmane Prime Office REIT was fully subscribed on the second day of subscription on Wednesday, May 6.

The IPO received bids for 15,77,45,400 units against 14,79,21,000 units on offer, translating to 1.07 times subscription, as per NSE data until 1:52 pm.

The category for other investors attracted 1.42 times subscription, while the portion for institutional investors was booked 77%.

Before the IPO, the company mobilised ₹1,150 crore from anchor investors, including Societe Generale (ODI), NPS Trust (via SBI Pension Fund schemes for central and state government), Capri Global Capital, WhiteOak Capital funds, SBI Life Insurance, Quant Mutual Fund (MF), UTI MF, Kotak MF, Edelweiss MF, JM Financial MF and Nippon India MF.

The IPO is a mix of a fresh issue of units valued at ₹2,390 crore and an offer for sale (OFS) of units worth ₹1,015 crore by the selling unitholder.

The price band has been set at ₹95-₹100 per unit for the initial share sale of Bengaluru-based real estate investment trust (REIT), which owns and develops Grade A+ office assets.

The funds raised will be used to acquire Luxor at Bagmane Capital Tech Park (spanning one million sq ft) and part-fund the acquisition of a 93% stake in Bagmane Rio, which owns the 1.1 million sq ft Bagmane Rio Business Park.

Bagmane Prime Office REIT IPO: key dates

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

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

The issue's book-running lead managers are JM Financial, Axis Capital, IIFL Capital Services, Kotak Mahindra Capital Company, SBI Capital Markets, HDFC Bank and 360 ONE WAM.