Bagmane Prime Office REIT IPO opens on May 5, 2026 and closes on May 7, 2026. The issue size is ₹3,405 Cr with a price band of ₹95 to ₹100. Our view is Subscribe for Medium to Long Term Horizon based on strong asset quality, global tenant base and stable cash flow visibility.
IPO Details
Issue Size: ₹3,405 Cr
Fresh Issue: ₹2,390 Cr
Offer for Sale: ₹1,015 Cr
Price Band: ₹95 - ₹100
IPO Open Date: May 5, 2026
IPO Close Date: May 7, 2026
Our View: Subscribe for Medium to Long Term Horizon
Company Overview
Bagmane Prime Office REIT is a real estate investment trust focused on owning and managing premium Grade A+ business parks in Bengaluru. It is backed by the Bagmane Group, which has nearly three decades of experience in office development.
As of December 31, 2025, the REIT portfolio consists of approximately 19.6 million square feet of leasable area across six business parks.
Industry Overview
The REIT operates in Bengaluru’s premier micro-markets such as Outer Ring Road and Secondary Business District, which are global leaders in office space demand and absorption.
Portfolio Strength & Tenant Profile
98.8% committed occupancy
Weighted Average Lease Expiry (WALE): 7.4 years
Tenants include Google, Amazon, Nvidia, Volvo
98.7% rentals from foreign-headquartered tenants
Infrastructure & Additional Assets
Solar power capacity: 164.4 MW
2 under-construction hotels with 607 keys
Growth Strategy
Built-to-suit leasing model
Contractual rent escalations
Mark-to-market potential (17.6% higher rents)
Financial Highlights
Projected Net Distributable Cash Flow (NDCF):
FY2027P: ₹20,956 million
FY2030P: ₹25,337 million
Objects of the Issue
Acquisition of Luxor @ Bagmane Capital Tech Park (~1.0 msf)
Acquisition of 93% stake in Bagmane Rio Business Park
General corporate purposes
The company will not receive proceeds from Offer for Sale.
Strengths of the Company
Strong multinational tenant relationships
Premium assets in prime locations
Strategic presence in fast-growing economy
Integrated infrastructure and services
Difficult-to-replicate assets
Risk Factors
Dependence on Bengaluru commercial real estate
Interest rate sensitivity
Tenant stickiness due to BTS model
Valuation & Price Band
The IPO is priced in the range of ₹95 to ₹100 per unit.
IPO Timeline
Opening Date: May 5, 2026
Closing Date: May 7, 2026
Our View - Subscribe for Medium to Long Term
This REIT offers a combination of stable income and long-term growth backed by premium assets, strong tenants and a robust pipeline. Investors should focus on long-term NDCF growth and portfolio expansion.
Frequently Asked Questions (FAQs)
What does the REIT do?
It owns and manages premium office parks in Bengaluru.
What is the price band?
₹ 95 to ₹ 100.
What are the key risks?
Real estate dependency, interest rate risks and tenant concentration.
Is it suitable for long term?
Yes, recommended for medium to long term investors.
Brief Financials
| PARTICULARS |
₹ in Million |
As at
Dec 31, 2025 |
FY ‘25 |
FY ‘24 |
FY ‘23 |
| Total Income |
19,597.94 |
23,908.77 |
22,373.25 |
20,025.21 |
| Total Expenditure |
7,172.07 |
10,470.63 |
10,117.98 |
8,597.81 |
| EBITDA |
15,870.76 |
17,402.97 |
19,066.70 |
16,300.93 |
| Profit before Tax |
12,425.87 |
13,438.14 |
12,255.27 |
11,427.40 |
| Net Operating Income (NOI) |
16,692.26 |
18,659.48 |
20,843.68 |
17,589.76 |
| Profit after Tax |
8,290.18 |
8,971.01 |
8,093.57 |
7,587.01 |
Indicative Time Table
| Tentative Events |
| Indicative Dates |
| Finalisation of Basis of Allotment with the Designated Stock Exchange |
12/05/2026 |
| Initiation of refunds/unblocking ASBA Fund |
13/05/2026 |
| Credit of Equity Shares to demat accounts of Allottees |
13/05/2026 |
| Commencement of trading of the Equity Shares on the Stock Exchanges |
15/05/2026 |
Disclaimer:
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
