Bengaluru-based Bagmane Group is set to launch the Initial Public Offering (IPO) for its Bagmane Prime Office REIT. The issue is scheduled to open on May 5, 2026, and will be the first major office REIT listing of the year.
This provides an opportunity for investors to participate in a portfolio of high-value commercial real estate assets.
This article breaks down the key details of the IPO, including its financials, objectives, and timeline.
Bagmane Prime Office REIT IPO: Issue Details & Timeline
The IPO is a combination of a fresh issue of units and an Offer for Sale (OFS) by existing unitholders.
| IPO Dates | May 5, 2026 – May 7, 2026 |
| Price Band | ₹95 – ₹100 per Unit |
| Lot Size | 150 Units |
| Min. Investment | ₹14,250 (at the lower price band) |
| Issue Size | ₹3,405 Cr |
| ↳ Fresh Issue | ₹2,390 Cr |
| ↳ OFS | ₹1,015 Cr |
| Listing Date | Estimated May 15, 2026 |
| Listing On | BSE & NSE |
About the Company
Bagmane Prime Office REIT is a real estate investment trust that owns, operates, and invests in income-generating commercial real estate, with a portfolio exclusively focused on the Bengaluru office market. The REIT is managed by the Bagmane Group, a prominent name in Indian commercial real estate development.
The portfolio includes several large-scale business parks that house multinational corporations.
- Portfolio Size: The REIT's portfolio comprises 20.3 million square feet of Grade A+ office space spread across six business parks in Bengaluru.
- Occupancy Rate: The committed occupancy rate stands at 98.8% across its properties.
- Key Tenants: The tenant list includes major global technology and consulting firms such as Google, Amazon, Samsung, and Nvidia.
- Sustainability Initiatives: The REIT also includes four solar parks with a combined capacity of 164.4 MW DC.
Financial Snapshot
The table below presents a summary of the REIT's financial performance over the last few years.
(Figures in ₹ Cr)
| Particulars | Dec 31, 2025 | FY 2025 | FY 2024 |
|---|---|---|---|
| Total Income | ₹ 1,959.7 Cr | ₹ 2,390.9 Cr | ₹ 2,237.3 Cr |
| Profit After Tax (PAT) | ₹ 829.0 Cr | ₹ 897.1 Cr | ₹ 809.3 Cr |
| Total Assets | ₹ 7,674.8 Cr | ₹ 7,238.4 Cr | ₹ 6,816.1 Cr |
Objects of the Issue
The net proceeds from the fresh issue component, amounting to ₹2,390 Cr, are intended to be used for the following purposes:
- Acquisition of Assets: A significant portion of the funds will be used to purchase Luxor @ Bagmane Capital Tech Park.
- Strategic Stake Purchase: The REIT plans to acquire a 93% stake in Bagmane Rio Private Limited (BRPL).
- Debt Reduction: Repayment of existing borrowings of the portfolio companies to help reduce interest costs and potentially improve the Net Distributable Cash Flow (NDCF).
- General Corporate Purposes: The remaining funds will be allocated for general corporate expenses and to cover issue-related costs.
Final Note
This IPO presents investors with an opportunity to invest in a portfolio of rent-yielding office assets.
The information presented is for informational purposes only and should not be construed as investment advice. Investors should conduct their own due diligence or consult a financial advisor before making any investment decisions.
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