Bagmane Prime Office REIT Sees Potential Listing Gains on Day One: GMP Indicates Over 4% Price Appreciation

Bagmane Prime Office REIT IPO Opens for Bidding

The initial public offering (IPO) of Bagmane Prime Office REIT, which owns and operates a premium-grade office portfolio in Bengaluru, opened for bidding on 5 May. The offer will close later this week on Thursday, 7 May.

The Bagmane Prime Office REIT IPO price band has been fixed at ₹95 to ₹100 per share. The offer, worth ₹3,405 crore at the upper end of the range, consists of a fresh share sale of ₹2,390 crore and an offer for sale of ₹1,015 crore. The company plans to use the funds from the fresh proceeds raised for funding acquisition and general corporate purposes.

Investors can apply for a lot of 150 shares and multiples thereof.

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IPO Subscription Status

As of 2.15 pm, the offer has received a tepid response from investors, booking just 8% of the total shares on offer. According to data available on the National Stock Exchange (NSE), the offer has received bids for 114,10,950 shares as against 14,79,21,000 shares on offer.

The institutional category remained unsubscribed.

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IPO GMP

The Bagmane Prime Office REIT IPO grey market premium (GMP) was at ₹4.25 per share. This means that the Bagmane Prime Office REIT share was trading at ₹104.25 in the unofficial market. At the current GMP, Bagmane Prime Office REIT IPO listing could occur at a premium of 4.25% on NSE and BSE. Shares of Bagmane Prime Office REIT IPO are slated to list on 15 May.

About Bagmane Prime Office REIT

Bagmane Prime has a portfolio of 6 large business parks with a total area of 20.3 msf, including 19.6 msf of leasable area. The portfolio also includes 2 under-construction hotels (607 keys) and solar assets with 164.4 MW (DC) capacity. All assets are located in Bengaluru.

The REIT follows an integrated, tenant-first model, leveraging built-to-suit (BTS) office solutions, active asset management, fit-out services, and renewable solar energy infrastructure to serve marquee multinational tenants across its portfolio. It boasts a strong and diversified tenant base, dominated by leading global MNCs and GCCs, including several Fortune 500 companies.

The REIT's portfolio integrates large-scale campus-style office parks with strong on-campus amenities and strategic location.

Financial Highlights

The revenue from operations grew to ₹2370.75 crore in FY2025 from ₹2205.37 crore in FY2024, registering a 7.5% YoY increase. Meanwhile, EBITDA margin expanded to 80.4% in FY2025 from 78.9% in FY2024.

The book-running lead managers for the offer are SBI Capital Markets, JM Financial, Kotak Mahindra Capital Co, Axis Capital, IIFL Capital Services, 360 One WAM, and HDFC Bank. KFin Technologies is the registrar for the offer.