Blackstone-backed Bagmane REIT records highest-ever applications among Indian REIT IPOs

The initial public offering (IPO) of Blackstone-backed Bagmane Prime Office Park REIT has received the highest number of applications ever recorded among all Real Estate Investment Trust (REIT) public issues in India, underscoring strong investor interest in the commercial office asset segment.

As of 3:29 pm on May 7, the REIT issue had garnered more than 1.82 lakh applications, surpassing previous REIT listings including Embassy Office Parks REIT, Mindspace Business Parks REIT, Brookfield India Real Estate Trust, Nexus Select Trust and Knowledge Realty Trust.

The issue was subscribed 20.36 times overall by 3:29 pm on the final day of bidding. The Qualified Institutional Buyers (QIBs) portion, excluding anchor investors, was subscribed 19.97 times, while the Non-Institutional Investors (NII) category saw subscriptions of 20.66 times.

According to the subscription data available on the exchange, the institutional investors’ category received bids for 1,10,74,81,050 units against 8,06,84,100 units on offer, translating into a subscription of 13.73 times. Within this segment, foreign institutional investors bid for 24,00,49,350 units, domestic financial institutions for 25,32,56,250 units, mutual funds for 25,36,25,100 units, and other institutional investors for 36,05,50,350 units.

The other investors’ category was subscribed 18.94 times, receiving bids for 1,27,34,84,100 units against 6,72,36,900 units reserved. Individual investors, NRIs and HUFs together bid for 81,55,14,150 units, while corporates bid for 32,83,59,900 units.

Bagmane Prime Office REIT

The Rs 3,405 crore REIT IPO is a combination of a fresh issue of 23.90 crore shares aggregating to Rs 2,390 crore and an offer for sale (OFS) of 10.15 crore shares worth Rs 1,015 crore.

The issue opened for subscription on May 5 and closes on May 7, 2026. The allotment is expected to be finalised on May 12, while the REIT is scheduled to list on the NSE and BSE on May 15, 2026.

The price band for the issue has been fixed at Rs 95 to Rs 100 per share. JM Financial Ltd is acting as the book-running lead manager, while KFin Technologies Ltd is the registrar to the issue.

Ahead of the IPO, Bagmane REIT raised Rs 1,149.75 crore from anchor investors on May 4, 2026.

The company plans to utilise the net proceeds primarily for acquisitions. Around Rs 1,420 crore will be used for the acquisition of Luxor@Bagmane Capital Tech Park by BDPL, while Rs 820 crore will be deployed toward funding the acquisition of 93 per cent equity stake in BRPL. The remaining proceeds will be used for general corporate purposes.

About Bagmane Prime Office REIT

Bagmane Prime Office REIT owns and manages premium Grade A+ commercial office parks concentrated in Bengaluru, one of India’s largest office real estate markets. As of June 30, 2025, its portfolio comprised six Grade A+ business parks with a total area of 20.3 million square feet and a leasable area of 19.6 million square feet, with committed occupancy of 97.9 per cent.

The REIT is sponsored by the Bengaluru-based Bagmane Group, a Grade A+ office developer with a sizeable development pipeline across multiple Indian cities.