Bagmane Prime Office REIT is set to raise ₹3,405.00 crore through a book-built issue of 85,000,000 shares comprising a fresh issuance of units worth ₹2,390.00 crore alongside an offer for sale aggregating to ₹1,015.00 crore.
The Bagmane Prime Office REIT IPO subscription window will open on 5 May 2026 and conclude on 7 May 2026, with the basis of allotment likely to be finalised by 12 May 2026. The shares are expected to be listed on both the NSE and BSE, with a tentative debut scheduled for 15 May 2026.
The price band for the Bagmane Prime Office REIT offering is finalised in the range of ₹95/share to ₹100/share.
Details of the Bagmane Prime Office REIT IPO
The following table summarises the structure and key data points of the issue:
| Opening on | 5 May 2026 |
| Closes on | 7 May 2026 |
| Face value | Not applicable |
| Price Band | ₹95/share to ₹100/share |
| Issue price | – |
| Lot Size | – |
| Offer-for-sale | Units worth ₹2,390.00 crore |
| Fresh issue | Units worth ₹1,015.00 crore |
| Issue Type | Bookbuilding REIT |
| Listing | NSE & BSE |
| Total Issue Size (₹ Crore) | ₹3,405.00 crore |
| Minimum Retail Investment | – |
Timeline of the Bagmane Prime Office REIT IPO
The Bagmane Prime Office REIT IPO timeline, including key events from subscription to listing, is stated in the table below:
| Bid Open Date | 5 May 2026 |
| Bid Close Date | 7 May 2026 |
| Allotment | 12 May 2026 |
| Refunds Initiated | 13 May 2026 |
| Share Credit Date | 13 May 2026 |
| Listing | 15 May 2026 |
| UPI mandate Cut-off time | 7 May 2026 (05:00 PM) |
Bagmane Prime Office REIT Limited–Key Performance Indicators (KPIs)
The key performance indicators of the company are not presented in the available disclosures and may be updated at a later stage.
| KPIs | 2025 | 2024 | 2023 |
| ROE (%) | – | – | – |
| ROCE (%) | – | – | – |
| Debt-Equity Ratio (in times) | – | – | – |
| RoNW (%) | – | – | – |
| PAT Margin (%) | – | – | – |
| EBITDA Margin (%) | – | – | – |
| Price-Book Value | – | – | – |
Bagmane Prime Office REIT Ltd–Financial Information
| 2025 | 2024 | 2023 | |
| Revenue | 2,370.75 | 2,205.37 | 1,979.31 |
| Assets | 7,238.48 | 6,816.04 | 6,296.89 |
| Profit After Tax | 897.10 | 809.36 | 758.70 |
(Amount in ₹ Crore)
Bagmane Prime Office REIT IPO –Subscription Status
Subscription Data Unavailable!
Note: Your applications can be submitted between 10:00 AM and 5:00 PM on each day the issue remains open for subscription.
Bagmane Prime Office REIT IPO–Grey Premium Market (GMP)
The grey market premium (GMP) for Bagmane REIT is not available yet, and updates will be provided once available.
The GMP for Bagmane REIT has begun over the past two sessions, though it is too early to draw any meaningful conclusions on its trend or direction.
To monitor daily GMP movements and the likely listing outlook, refer to this section:
| Date | GMP (₹) | Est. Listing Price | Est. Listing Profit | Trend | Latest Updated |
| 29 April 2026 | ₹0.00 | ₹178.50 | ₹652.00(4.39%) | – | 29/04/2026 (02:59 PM) |
| 28 April 2026 | ₹0.00 | ₹178.50 | ₹652.00(4.39%) | – | 20/04/2026 (10:00 AM) |
Note: The GMP serves as an indicator and can change based on subscription demand, investor appetite and overall market conditions.
Bagmane Prime Office REIT IPO –Reservation
The entire issue is allocated to the Strategic Investor segment, with no portion reserved for QIBs, NIIs, or any other category.
| Category of Investor | % of the Shares Offered |
| QIBs | – |
| NIIs | Minimum 25% |
| Retail Investor Portion | Maximum 75% |
| Total | 100% |
Bagmane REIT IPO–Lot Size
The lot size details for Bagmane Prime Office REIT IPO are currently unavailable, and the minimum bid size has not been disclosed.
Bagmane REIT IPO–Anchor Investors Details
The anchor investor bidding window is scheduled for a working day before the issue opens, during which bids are placed and allocations are finalised.
| Bidding Opens On | 4 May 2026 |
Bagmane Prime Office REIT IPO –Prospectus
Please refer to the official documents below, filed with SEBI, for detailed reference:
About Bagmane Prime Office REIT Limited
Bagmane Prime Office REIT IPO is a commercial real estate trust centred on premium Grade A+ office parks in Bengaluru, a key business hub in India. Its assets are largely located in major micro-markets and leased to global corporations and technology firms.
By 30 June 2025, the portfolio comprised six Grade A+ office parks covering 20.3 million square feet. It also comprises completed assets, ongoing developments, and planned projects, along with hotel and solar assets.
The tenant mix features leading global names such as Google, Amazon and Nvidia, alongside other multinational firms. The leasing approach focuses on long-term contracts, customised office spaces and expansion within existing parks.
The REIT is backed by the Bagmane Group, a Bengaluru-based developer with a strong presence in Grade A+ office projects and a sizable pipeline across India.
| Name | |
| Book Running Lead Managers (BRLM) | JM Financial Ltd |
| Kotak Mahindra Capital Company Ltd | |
| Axis Capital Ltd | |
| IIFL Capital Services Ltd | |
| SBI Capital Markets Ltd | |
| 360 ONE WAM Ltd | |
| HDFC Bank Ltd | |
| Registrar | KFin Technologies Ltd |
Objectives of Bagmane REIT
The use of proceeds is directed towards the following key objectives:
| Details | Amount (in ₹ crore) |
| Funding BDPL acquisition of Luxor at Bagmane Capital Tech Park | 1,420.00 |
| Funding BDPL acquisition of 93.00% stake in BRPL | 820.00 |
| Corporate requirements | – |
Bagmane Prime Office REIT Limited–Strengths
- Prime and hard-to-replicate locations: The portfolio comprises strategically positioned assets in Bengaluru’s top-performing micro-markets, delivering strong absorption levels and consistently high occupancy.
- Established tenant relationships: The assets benefit from long-standing associations with multinational and GCC tenants across sectors, reflected in a notably high tenant retention rate.
- Favourable macroeconomic backdrop: The portfolio is situated in India, one of the fastest-growing major economies, where the services sector continues to drive office space demand.
- Strong built-to-suit portfolio mix: A substantial portion of the assets comprises built-to-suit developments, supporting stability and resilience across the overall portfolio.
Bagmane Prime Office REIT Limited–Risks
- Single-city concentration risk: The entire portfolio is located in Bengaluru, making performance closely tied to local real estate conditions, regulatory changes and demand trends.
- Regulatory constraints on operations: The REIT operates under SEBI regulations that may restrict asset acquisitions, disposals and expansion opportunities, limiting strategic flexibility.
- Limited REIT track record: As a recently established trust, its operating history is short, requiring reliance on sponsor experience and asset-level performance.
- Exposure to debt and interest rates: The future borrowings could increase financing costs, and rising interest rates may reduce distributable income for unitholders.
Bagmane Prime Office REIT IPO–Review
The Bagmane Prime Office REIT IPO presents a strong office asset portfolio backed by high occupancy levels and a credible multinational tenant base. Its positioning in Bengaluru’s leading office micro-markets supports stable rental demand, though geographic concentration remains a key consideration.
The support of an established sponsor and institutional interest adds comfort, while the absence of KPI disclosures and early-stage GMP trends suggests a measured approach for investors evaluating long-term income potential.
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Bagmane Prime Office REIT IPO FAQs
The Bagmane Prime Office REIT IPO is a ₹3,405 crore issue through which the trust raises funds by offering units backed by premium office assets in Bengaluru. It combines a fresh issue and an offer for sale, allowing investors to participate in income-generating commercial real estate.
You can apply for the Bagmane Prime Office REIT IPO through your demat account using ASBA via net banking or UPI. Applications must be placed during the subscription window between 10:00 AM and 5:00 PM on the days the issue remains open.
The Bagmane Prime Office REIT IPO is backed by a portfolio with high occupancy levels and a strong multinational tenant base, which supports stable income visibility. However, its concentration in Bengaluru and regulatory constraints should be carefully considered before making an investment decision.
The returns from the Bagmane Prime Office REIT IPO depend on listing performance, which is influenced by subscription demand and market conditions. Over the longer term, investors may earn regular income through distributions generated from the underlying office assets, subject to occupancy levels and interest rate trends.
The Bagmane Prime Office REIT IPO will open for subscription on 5 May 2026 and close on 7 May 2026. Investors can submit their bids within this period through eligible application channels.
The lot size for the Bagmane Prime Office REIT IPO has not been specified in the available disclosures. Investors may need to check updated filings closer to the issue date for clarity on minimum investment requirements.
The allotment for the Bagmane Prime Office REIT IPO is expected to be finalised on 12 May 2026. Investors can track their allotment status through the registrar once the process is completed.
The Bagmane Prime Office REIT IPO is expected to be listed on the NSE and BSE on 15 May 2026. The listing timeline may be subject to changes depending on regulatory and procedural factors.
