Bagmane REIT lines up ₹3,405 crore IPO; secures ₹850 crore anchor backing ahead of issue

Bagmane Prime Office REIT is set to tap capital markets with a ₹3,405 crore IPO opening May 5, after securing strong pre-commitments of ₹850 crore from strategic investors.

The price band has been fixed at ₹95–₹100 per unit, with anchor investor bidding scheduled for May 4. The issue will close on May 7.

The IPO includes a ₹2,390 crore fresh issue and a ₹1,015 crore OFS by an affiliate of Blackstone.

Strategic investors backing the issue include UTI Mutual Fund, Axis Max Life Insurance, ICICI Pension Fund Management, Star Health & Allied Insurance and Kotak Mahindra Life Insurance, among others.

The capital raised will be used to acquire premium office assets in Bengaluru, strengthening the REIT’s income-generating portfolio.

The REIT’s assets span 20.3 million sq ft with nearly full occupancy in completed properties, positioning it as one of the most tightly leased office REIT portfolios in India.