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HomeIPOBagmane Prime Office REIT

About Bagmane Prime Office REIT

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.

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National Stock Exchange of India

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Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
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Issue Size22.98 Cr
Min. Qty2000 Shares
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National Stock Exchange of India logo

National Stock Exchange of India

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17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
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Antala Industries

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29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
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Bagmane Prime Office REIT

Bagmane Prime Office REIT

Open Date

May 5, 2026

Close Date

May 7, 2026

listed

Min Investment

₹15,000

Lot Size

150 Shares

Issue Size

₹3405 Cr

Price Range

₹95 - ₹95

Listing Date

May 14, 2026

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Revenue Growth

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The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

₹4(+4.21%)GMP
4%Prediction Listing Gain

Grey Market Premium (GMP) Trend

Bagmane Prime Office REIT IPO - Issue Objectives

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%

1

Funds for acquisition

Net IPO proceeds of ₹1,420 crore to part-fund BDPL’s Luxor @ Bagmane Tech Park acquisition

59.40%
2

Equity stake acquisition

₹820 cr to part-fund BDPL’s 93% stake buy in BRPL, boosting ownership & control of assets

34.30%
3

General corporate purposes

Part of the IPO proceeds will be used for general corporate purposes and issue expenses

6.20%

IPO Subscription Status

QIB
26.58x
Individual
0.00x
Total
24.96x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Bagmane Prime Office REIT

In Cr.

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Best-in-class occupancy

The company’s six parks across ORR & Secondary Business District (SBD) areas of Bengaluru have performed extremely well on account of strong fundamentals with only 4.3% vacancy rate and 5.5% average annual rental growth, performing better than other major cities of India by 164 basis points. Bagmane REIT boasts an impressive occupancy of 98.8%, surpassing ORR at 95.7% and Bengaluru at 89.5%.

02

High-quality tenant base

The company gets 98.7% of its rental income from MNCs, 88.5% from GCCs, and 65.2% from Fortune 500 companies, where the top 10 account for 63.0% and have a WALE of 8.3 years. In Bengaluru, it has 37.8% of GCC leases in India, while around 65% of global Fortune 500 companies do not have any GCCs established in India.

03

High tenant stickiness

The firm’s 42.8% BTS portfolio of 21 buildings creates tenant stickiness as the tenants spend ₹2,000 to ₹12,000 on their fit-outs, thus making exit difficult. This can be seen from the fact that 91.7% of leases were done by existing tenants, and 67.5% of tenants have been retained, and massive expansions like Google and Volvo, highlighting deep, long-term relationships.

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

Geographic concentration

All of the revenue is earned from the Karnataka state, and specifically from the Outer Ring Road and SBD City projects in Bengaluru, with 9MFY26 revenue of ₹1,943 crore and FY25 of ₹2,371 crore. Even though fundamentals seem positive because of the very low vacancy rate of 4.3%, the company’s operations do not diversify geographically and thus remain exposed to any risks from Karnataka.

02

Tenant concentration risk

The revenue is highly concentrated on the two major tenants, who contribute about 28.6% of the rental income, while the 10 major tenants contribute 63%. The revenue stream depends on the MNC/GCC tenants, with ~98.7% of the revenue stream, where about 65% comes from the technology, semiconductor, and e-commerce sectors. Furthermore, there is an asset that is completely leased by a single tenant.

Contact Details

Bagmane Prime Office REIT

5th Floor, 'B' Block, Laurel Building, C.V. Raman Nagar, Bagmane Tech Park, Bengaluru, Karnataka - 560093.

+918040329901
reitcompliance@bagmanereit.com
https://www.bagmanereit.com

Bagmane Prime Office REIT IPO - FAQs

Bagmane Prime Office REIT IPO is a Mainboard IPO. The issue is priced at 95-₹100. The minimum order quantity is 150 Shares. The IPO opens on 5 May, and closes on 7 May. TBA is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.








IPO Timeline

  • Pre Apply2026-05-04
  • Bidding Starts2026-05-05
  • Bidding Ends2026-05-07
  • Allotment Finalisation2026-05-08
  • Release of Funds2026-05-11
  • Demat Transfer2026-05-11
  • Listing2026-05-15
04

Strong backing and visible growth pipeline

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.

03

Floating-rate debt exposure

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.

04

Development and execution risk

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.

05

Regulatory, legal and cyber risks

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.