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Bagmane Prime Office REIT lists at premium

14-May-26   10:55 Hrs IST
The REIT debuted at Rs 103.40, marking a premium of 3.4% to the issue price.

So far, the REIT has hit a high of Rs 104.48 and a low of Rs 102.88.

The initial public offer of Bagmane Prime Office REIT IPO received bids for 2,44,00,17,750 units as against 14,79,21,000 units on offer. The issue was subscribed 16.50 times.

The issue opened for bidding on Tuesday, 5 May 2026 and it closed on Thursday, 7 May 2026. The price band of the IPO was fixed at Rs 95 per share to 100 per share.

The REIT IPO comprised a fresh issue of Rs 2,390 crore and an offer for sale of Rs 1,015 crore, aggregating to a total issue size of Rs 3,405 crore.

The proceeds from the offer will be utilized towards part-funding the acquisition by BDPL of Luxor at Bagmane Capital Tech Park, as well as part-funding the acquisition by BDPL of a 93.00% stake in the issued and paid-up equity share capital of BRPL. The remaining funds will be used for general corporate purposes.

Bagmane Prime Office REIT IPO owns and manages premium Grade A+ business parks located in Bengaluru. The REIT follows a well-established leasing strategy focused on attracting high-quality tenants and positioning itself as a preferred partner for foreign-headquartered multinational corporations. Its approach includes offering built-to-suit (BTS) office solutions tailored to tenant requirements, as well as enabling expansion opportunities within its portfolio to drive tenant retention and long-term growth.

The REIT has a strong tenant profile, with foreign-headquartered multinational corporations and Global Capability Centers (GCCs) contributing 98.7% and 88.5%, respectively, to its Gross Contracted Rentals for the month ended December 31, 2025.

Its portfolio comprises six premium Grade A+ business parks with a total area of 20.3 million square feet (msf), including 19.6 msf of leasable area as of December 31, 2025. This includes 16.6 msf of completed area, 1.0 msf under construction, and 2.0 msf earmarked for future development. In addition, the portfolio includes two under-construction hotels with a total of 607 keys and a built-up area of 0.7 msf. The REIT also has four solar power projects (three operational and one under construction) with an aggregate annual capacity of 164.4 MW (DC), of which 91.9 MW (DC) is operational as of December 31, 2025.

In FY25, the REIT's revenue from operations stood at Rs 2370.75 crore.

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