Bagmane Prime Office was incorporated on May 30, 2025. The company owns and manages premium Grade A+ business parks in high-performing micro-markets in Bengaluru, recognized for strong office demand. Backed by the Bagmane Group, it leverages nearly three decades of expertise in developing and managing large-scale commercial real estate across key Indian cities
| Bidding Dates |
|---|
| 05 May 2026 - 07 May 2026 |
| Subscription |
|---|
| 23.71x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,250 | 1 | 13 | 150 | 340.5 M | ₹95 - ₹100 | - | ₹32347.5 M - ₹34050.0 M | RHP DOC |
Bagmane Prime Office REIT IPO SUBSCRIPTION STATUS
07 May '26Bagmane Prime Office REIT IPO overall subscription rate was 23.71 times the total available shares
Bagmane Prime Office REIT IPO non-institutional investor subscription rate was 21.87 times in the non-institutional investor category
Bagmane Prime Office REIT IPO Qualified Institutional Bidder subscription rate was 25.25 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | - | 25% | 75% |
07 May 2026 (Day 3) | - | 21.87x | 25.25x |
06 May 2026 (Day 2) | - | 2.17x | 0.9x |
05 May 2026 (Day 1) | - | 0.51x | 0.5x |
Bagmane Prime Office REIT FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| 9MFY26 | 1,942.9 | 829.0 | 1,247.5 | 712.0 | 83.9% |
| FY25 | 2,370.8 | 897.1 | 1,595.9 | 1,137.7 | 80.4% |
| FY24 | 2,205.4 | 809.4 | 1,215.3 | 816.9 | 78.9% |
| FY23 | 1,979.3 | 758.7 | 1,073.2 | 856.9 | 80.2% |
Bagmane Prime Office REIT IPO SUBSCRIPTION STATUS DETAILS
Bagmane Prime Office REIT had 340.5 M shares on offer
Bagmane Prime Office REIT IPO offer price was in the range ₹95 - ₹100
Bagmane Prime Office REIT IPO minimum Investment was ₹14250
Bagmane Prime Office REIT IPO issue size was ₹ 32347.5 M - ₹ 34050.0 M
Bagmane Prime Office REIT had a minimum lot size of 150 Shares per application
Bagmane Prime Office REIT NUMBER OF SHARES ON OFFER
Bagmane Prime Office REIT IPO IMPORTANT DATES
| Issue Open Date | 05 May 2026 |
| Issue close Date | 07 May 2026 |
| Allotment Date | 12 May 2026 |
| Refund Date | 13 May 2026 |
| Demat Account Credit Date | 13 May 2026 |
| Listing Date | 15 May 2026 |
| Listing on Exchange(s) | NSE and BSE |
| Bagmane Prime Office REIT Allotment Status | Exchange/ Registrar |
Bagmane Prime Office REIT IPO subscription opened on 05 May 2026, and closed on 07 May 2026
IPO allotment for Bagmane Prime Office REIT was finalized on Tuesday, 12 May 2026
IPO listing for Bagmane Prime Office REIT was on NSE and BSE on Friday, 15 May 2026
Bagmane Prime Office REIT IPO LISTING GAINS
| Issue Price (adjusted) | 100.0 |
| Listing Open Price | 103.9 |
| Listing Close Price | 104.1 |
| Listing Gain% | 3.9% |
| Current Gain% | 7.7% |
Bagmane Prime Office REIT Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Bagmane Prime Office REIT | 107.7 | 56.5 | 12.4 | 2390.9 | 6.9 | 896.5 | 10.8 | ||||||
| Knowledge Realty Trust | 116 | 51430.2 | 10.5 | 0.9 | 4146.9 | 15.6 | 222.5 | -34.5 | |||||
| Altius Telecom Infrastructure Trust | 171.5 | 44641.4 | 5.6 | 1.1 | 19623.7 | 47 | 839.9 | -25 | |||||
| Embassy Office Parks REIT | 452.6 | 42902.6 | 1.6 | 0.7 | 4675.8 | 11.8 | 338.5 | -79.2 | |||||
| National Highways Infra Trust | 168 | 32539.1 | 2.9 | 1.3 | 4322.2 | 78.9 | 685.5 | 110.9 | |||||
| Mindspace Business Parks REIT | 495.3 | 30171 | 39.9 | 0.8 | 8.8 | 4.3 | 2.1 | 3293.1 | 23.1 | 651.9 | 36.9 | 12.4 | 50 |
Bagmane Prime Office REIT INFORMATION ON IPO ISSUE
About Bagmane Prime Office REIT
Bagmane Prime Office was incorporated on May 30, 2025. The company owns and manages premium Grade A+ business parks in high-performing micro-markets in Bengaluru, recognized for strong office demand. Backed by the Bagmane Group, it leverages nearly three decades of expertise in developing and managing large-scale commercial real estate across key Indian cities
Object of the Issue
- Part funding of acquisition by BDPL of Luxor @ Bagmane Capital Tech Park
- Part funding of acquisition by BDPL of 93.00% of the issued and paid-up equity share capital of BRPL
- General purposes
Bagmane Prime Office REIT - PROMOTERS
| Name |
|---|
| Korgi Shashikiran Shetty |
Bagmane Prime Office REIT - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Raja Bagmane | Non-independent Director |
| Aditya Bagmane | Non-independent Director |
| Shashank Bagmane | Non-independent Director |
| Abhishek Goenka | Independent Director |
| Rajeshwari Srinivasan | Independent Director |
Bagmane Prime Office REIT Book Running Lead Manager
JM Financial Limited
bagmane.reit@jmfl.com
Kotak Mahindra Capital Company Limited
bagmane.reit@kotak.com
Axis Capital Limited
bagmanereit.ipo@axiscap.in
IIFL Capital Services Limited
bagmanereit.ipo@iiflcap.com
SBI Capital Markets Limited
bagmane.reit@sbicaps.com
360 ONE WAM Limited
bagmanegroup.ipo@360.one
HDFC Bank Limited
bagmane.reit@hdfcbank.com
Bagmane Prime Office REIT Registrar to the Offer
KFin Technologies Limited
bagmane.reit@kfintech.com
Bagmane Prime Office REIT Strengths
Premium assets
The company’s portfolio assets are high-quality, featuring large scale, strong connectivity, premium infrastructure, and sustainability focus, resulting in a committed occupancy of 98.8% as of December 31, 2025 the highest among listed office REITs in India. Its Grade A+ business parks, built as integrated campus-style developments in prime locations, supported by a multinational tenant base and strong amenities, drive industry-leading occupancy levels
Robust business model
The company’s portfolio comprises 16.6 msf of completed area with a 98.8% committed occupancy and a 7.4-year WALE as of December 31, 2025. It has demonstrated strong growth through 7.2 msf of leasing, achieving healthy re-leasing spreads and benefiting from contractual growth, lease-up of vacant space, and mark-to-market potential
Strong tenant relationships
The company differentiates itself through a leasing strategy focused on attracting high-quality multinational tenants, with foreign corporates contributing 98.7% of rentals, including a significant share from GCCs and Fortune 500 companies. This premium tenant mix enhances stability and ensures higher rents, longer lease terms, and predictable cash flows
Bagmane Prime Office REIT Risks
Depend on real estate market
The company’s business performance and profitability depend on conditions in India’s commercial real estate market, which may impact its ability to lease assets on favorable terms. Its revenues are primarily driven by lease rentals, along with ancillary income from construction, development, maintenance services, and utilities such as power and water charges
Geographically concentrated
The company’s portfolio is entirely concentrated in Karnataka, primarily Bengaluru, making it exposed to regional real estate market fluctuations that could impact its business and financial performance. However, its assets are strategically located in key high-demand micro-markets like ORR and SBD City, within India’s largest office market
Occupancy & rental income risk
The company’s revenues and financial performance depend on maintaining high occupancy and rental levels, as most income is derived from leasing its portfolio assets. Any decline in occupancy or rental rates due to market conditions, oversupply, competition, or economic factors could adversely impact its cash flows and results of operations
IPO FAQs
This IPO consists of an offer for sale of up to Rs 1,015.0 crore, of 101,500,000 shares. It also consists of a fresh issue of Rs 2,390.0 crore.
The promoter of the company is Korgi Shashikiran Shetty.
The category allocation of qualified institutional buyers is 75.0%, the category allocation of non individual investors or high networth individuals is 25.0% and for retail investors it is 0.0%.
The price band of the IPO is Rs 95.0 - 100.0.
The IPO application opens on May 05, 2026 and closes on May 07, 2026.
The minimum lot size for the IPO is 150. The maximum lot size for the IPO is 1950.
For all category investors, the minimum application amount for this IPO is Rs. 14,250.0, the maximum value for this IPO is Rs 195,000.0.
This IPO will be allotted on May 12, 2026.
The refund will be credited to your account on May 13, 2026.
The allotted shares will be credited to your demat on May 13, 2026.
Bagmane Prime Office REIT’s shares listed on the stock exchanges on May 15, 2026.