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Open Date
May 5, 2026
Close Date
May 7, 2026
Min Investment
₹15,000
Lot Size
150 Shares
Issue Size
₹3405 Cr
Price Range
₹95 - ₹95
Listing Date
Bagmane Prime Office is the owner and manager of top-quality Grade A+ office parks situated in Bengaluru, Karnataka. It has six Grade A+ office parks with a total built-up area of 20.3 million square feet (msf), having 19.6 msf of leasable space, with 98.8% committed occupancy as on 31 December 2025. Some of its occupiers include global MNCs like Google, Amazon, and Nvidia. On June 30, 2025, the REIT had 6 Grade A+ office business parks in its portfolio with a total size of 20.3 million sq. ft. and leasable space of 19.6 million sq. ft., with an occupancy rate of 97.9%. This includes office properties that have been completed, office properties under construction, office properties planned for future development, hotels, and solar power generation plants. The tenants of the REIT include international companies such as Google, Amazon, Nvidia, among others. The portfolio operates under a lease strategy which emphasizes tenant retention, built-to-suit office space, and expansion within existing business parks. Bagmane Prime Office REIT is backed by the Bagmane Group, which is a Grade A+ office developer and owner in Bengaluru. It has a large project pipeline across many Indian cities.
Sotefin Bharat
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Sotefin Bharat SME | 16th Jul 2026 - 20th Jul 2026 | 89.76 Cr | 600 Shares | ₹ 178.00 | |
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May 14, 2026
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Net IPO proceeds of ₹1,420 crore to part-fund BDPL’s Luxor @ Bagmane Tech Park acquisition ₹820 cr to part-fund BDPL’s 93% stake buy in BRPL, boosting ownership & control of assets Part of the IPO proceeds will be used for general corporate purposes and issue expenses
Funds for acquisition
59.4%
Equity stake acquisition
34.3%
General corporate purposes
6.2%
Net IPO proceeds of ₹1,420 crore to part-fund BDPL’s Luxor @ Bagmane Tech Park acquisition
₹820 cr to part-fund BDPL’s 93% stake buy in BRPL, boosting ownership & control of assets
Part of the IPO proceeds will be used for general corporate purposes and issue expenses
Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).
In Cr.
Bagmane Prime Office REIT
5th Floor, 'B' Block, Laurel Building, C.V. Raman Nagar, Bagmane Tech Park, Bengaluru, Karnataka - 560093.
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.
The REIT is very sensitive to interest rates, having ₹3,017 crore worth of debt, with around 95% being on floating rates as of 9MFY26. Finance costs have increased sharply from ₹284 crore in FY23 to ₹394 crore in FY25 due to higher interest costs. There are regulatory limits on leverage ratios, reducing options for refinancing.
There are many ongoing and planned development activities in the portfolio, including the recent capital expenditure of ₹1,620 crore and exposure to under-construction offices, hotels, and a delayed solar park. The risk elements include the possibility of cost overruns, delays, and tenant changes, along with a lack of agreements with hotel operators.
The REIT has several risks in terms of operations and regulation, including a previous incident involving ransomware that did not have any insurance coverage, along with approvals needed for regulatory purposes on several properties. In addition, there are currently 20 cases in litigation with contingent liabilities worth ₹107 crore, or about 4% of equity.