Bagmane REIT Seeks $3.9 Billion Valuation in Upcoming India IPO Listing

Bagmane Prime Office REIT Aims for $3.9 Billion Valuation in Upcoming IPO

Bagmane Prime Office REIT, a Bengaluru-based real estate developer backed by Blackstone, is preparing to launch an initial public offering (IPO) in the next month. The company is seeking a valuation of approximately $3.9 billion and has secured regulatory approval, according to sources familiar with the matter.

The proposed IPO will comprise a primary issue of Rs 3,000 crore of newly issued units and a secondary sale of Rs 1,000 crore by Blackstone. The total offering size is expected to be Rs 4,000 crore, as per the IPO prospectus filed in December 2025. However, discussions are ongoing, and the size and timing of the share sale may change.

Bagmane REIT has a diverse portfolio, which as of June 30, 2025, comprised six Grade A+ business parks totaling 20.3 million square feet, including 19.6 million square feet of leasable area. The REIT reported a gross asset value of Rs 387.9 billion. The net proceeds from the fresh issue will primarily be used for asset acquisitions and general corporate purposes.

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India's REIT Market

India has seven registered REITs, with five listed entities: Knowledge Realty Trust, Mindspace Business Parks REIT, Brookfield India Real Estate Trust, Embassy Office Parks REIT, and Nexus Select Trust. The nation's REIT market has seen subdued activity in 2026, following two consecutive years of record fundraising. However, real estate developers are increasingly turning to capital markets to raise funds, driven by robust demand for office space in cities.

Mandated Lead Managers

A team of leading financial institutions has been appointed as book-running lead managers to the offering, including Kotak Mahindra Capital Co., Axis Bank Ltd., JM Financial Ltd., IIFL Capital Services Ltd., SBI Capital Markets Ltd., 360 ONE WAM Ltd., and HDFC Bank Ltd.

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