Blackstone-Backed Bagmane Group Considers REIT IPO Launch Around May 5-7 at $3.6 Billion Valuation
Blackstone-Backed Bagmane Group Readies for $3.63 Billion REIT IPO
Bengaluru-based real estate firm Bagmane Group, backed by private equity major Blackstone, is gearing up to launch its real estate investment trust (REIT) initial public offering (IPO) targeting a valuation of around $3.63 billion (Rs 34,000 crore). According to multiple industry sources, the firm plans to file its red herring prospectus shortly and launch the issue between May 5 and May 7, with the anchor portion reserved for May 4.
The IPO is expected to include an issue size of Rs 3,405 crore, comprising a primary component of Rs 2,390 crore and a secondary component of Rs 1,015 crore by the investor Blackstone. Notably, Bagmane Group has also recently secured a pre-IPO funding of Rs 600 crore from 360 One Asset Management, taking the total funds raised by the firm, including other primary pre-IPO rounds, to around Rs 4,765 crore.
IPO Details
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| Component | Amount (Rs crore) |
|---|---|
| Primary component | 2,390 |
| Secondary component | 1,015 |
| Total issue size | 3,405 |
The investment banks working on the deal, as per the draft papers filed in December, include JM Financial, Kotak Mahindra Capital, Axis Capital, IIFL Capital, SBI Caps, 360 One Capital, and HDFC Bank.
Bagmane Group's REIT IPO plans were first reported by Moneycontrol on July 23, 2025, marking the fifth office REIT in the Indian market after Embassy Office Parks, Mindspace Business Parks, Brookfield India, and Blackstone-backed Sattva group's Knowledge Realty Trust.
Bagmane Group's Portfolio
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The REIT sponsor, Bagmane Group, has set aside a portfolio of 20 million square feet (17 million square feet completed) across six Grade A office assets in Bangalore, leased majorly to multinational corporations (MNCs) and global companies (GCCs). The portfolio includes:
- Bagmane Constellation Business Park
- Bagmane World Technology Centre
- Bagmane Tech Park
- Bagmane Cosmos
- Bagmane Rio Business Park
- Luxor at Bagmane Capital
The portfolio's gross asset value stands at around Rs 40,260 crore, including two under-construction hotels with 607 keys and a solar capacity of around 164 MW (92 MW completed). The projected net operating income (NOI) growth for FY27-30 stands at 12 percent.
Investor Takeaway
Bagmane Group is planning to launch its REIT IPO with a valuation of $3.63 billion.
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