Blackstone-Backed Bagmane Prime Office REIT Plans $3.9 Billion Valuation IPO in India, Aims to Raise ₹4,000 Crore
Mumbai, February 26, 2026: Blackstone-backed Bagmane Prime Office REIT is preparing to launch an initial public offering as soon as next month, seeking a valuation of about $3.9 billion, according to people familiar with the matter. The Bengaluru-based real estate developer has secured regulatory approval and begun investor roadshows, the people said, asking not to be identified because the information is private .
IPO Details
The proposed offering will aim to raise ₹4,000 crore (approximately $440 million), including as much as ₹3,000 crore of newly issued units and a secondary sale of ₹1,000 crore by Blackstone, according to the IPO prospectus filed in December . Discussions are ongoing and details such as the size and timing of the share sale could change .
Portfolio and Asset Base
As of June 30, 2025, Bagmane's portfolio comprised six Grade A+ business parks totaling 20.3 million square feet, including 19.6 million square feet of leasable area . The properties have achieved a committed occupancy rate of 97.9%, underscoring the strong demand and quality of leasing in Bengaluru .
The REIT's portfolio includes six large business parks: Bagmane World Technology Centre, Bagmane Constellation Business Park, Bagmane Rio Business Park, Bagmane Tech Park, Bagmane Cosmos Business Park, and Luxor at Bagmane Capital Tech Park. In addition to its office portfolio, the REIT also owns two under-development hotels with 607 room keys and four solar energy assets totaling 164.4 megawatts of DC-rated capacity .
The tenant base is predominantly composed of foreign-headquartered multinationals and Global Capability Centers, which collectively account for about 99% of the gross leased income. The weighted average lease expiry of the properties stands at 7.3 years, ensuring a stable income stream .
The REIT reported a gross asset value of ₹38,790 crore as of June 30, 2025 .
Use of Proceeds
According to the prospectus, net proceeds from the fresh issue will primarily be used for asset acquisitions and general corporate purposes. Up to ₹1,775 crore is proposed to be utilized for acquiring Luxor at Bagmane Capital Tech Park, a completed office asset with a leasable area of approximately one million square feet. Additionally, up to ₹1,025 crore will be deployed to part-fund the acquisition of a 93% stake in Bagmane Rio, which owns the 1.1 million square feet Bagmane Rio Business Park .
Market Context
India's market for first-time share sales is off to a subdued start in 2026, following two consecutive years of record fundraising. The nation's stocks have been pressured by slowing earnings growth, global trade uncertainty and uneven foreign inflows. However, real estate developers are increasingly turning to capital markets to raise funds, signaling their confidence that the shift of millions of people toward cities will ensure robust demand .
India has seven registered REITs, of which Knowledge Realty Trust, Mindspace Business Parks REIT, Brookfield India Real Estate Trust, Embassy Office Parks REIT and Nexus Select Trust are listed .
Bankers to the Issue
Kotak Mahindra Capital Co., Axis Bank Ltd., JM Financial Ltd., IIFL Capital Services Ltd., SBI Capital Markets Ltd., 360 ONE WAM Ltd. and HDFC Bank Ltd. are acting as book-running lead managers to the offering . Notably, all seven banks working on this REIT IPO are domestic investment banks, reflecting the growing dominance of domestic capital in REIT transactions .