Bagmane Prime Office REIT to launch Rs 34.05 billion IPO

Bagmane Prime Office REIT, a Bengaluru-based commercial office REIT comprising business parks, has fixed a price band of Rs 95-Rs 100 per unit for its Rs 34.05 billion IPO, which opens on May 5. The IPO comprises a fresh issue of units aggregating up to Rs 23.90 billion by the REIT and an offer for sale of units aggregating up to Rs 10.15 billion by BREP Asia III India Holding, an affiliate of Blackstone. The IPO will close on May 7, 2026. Retail investors can bid for a minimum of 150 units and in multiples of 150 units thereafter. In addition to its core office assets, the portfolio includes four solar power projects (including one under construction) with an aggregate capacity of 164.4 MW (DC), as well as two hotels under construction with a total of 607 keys. The company has secured commitments for 85 million units worth Rs 8.50 billion at Rs 100 per unit from strategic investors including UTI Mutual Fund, Axis Max Life Insurance Limited, ICICI Pension Fund Management Limited, 360 One Real Assets Development Fund, Star Health & Allied Insurance Company Limited and Kotak Mahindra Life Insurance Company Limited.