Bagmane Prime Office REIT IPO

About Bagmane REIT IPO

The Bagmane REIT IPO opens on Tuesday, May 5, 2026 and closes on Thursday, May 7, 2026. The allotment of shares will take place on Tuesday, May 12, 2026. The credit of shares to the demat account will take place on Wednesday, May 13, 2026. The initiation of refunds will take place on Wednesday, May 13, 2026. The listing of shares will take place on Friday, May 15, 2026.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 23,90,00,000 shares aggregating up to ₹2,390 crores. The offer for sale portion includes 10,15,00,000 units aggregating up to ₹1,015 crores. The total number of shares is 34,05,00,000 and the aggregate amount is up to ₹3,405 crores. Bagmane REIT IPO's price band is set at ₹95.00 to ₹100.00 per share.

Bagmane Prime Office REIT owns and manages premium Grade A+ business parks located in the world’s best performing micro-markets in terms of cumulative net absorption from CY2021 to CY2025 in Bengaluru, the “Silicon Valley” of India, according to the JLL Report.

Objectives of Bagmane REIT IPO

• 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 corporate purposes.
  

Industry Outlook

India's office market has witnessed significant growth over the past two and half decades, establishing itself as a prominent player in the global commercial real estate industry. The top seven markets (Bengaluru, Chennai, Mumbai, Delhi NCR, Hyderabad, Pune and Kolkata) in India have experienced a surge in supply of Grade A office stock. With its robust economy, abundant cost-effective talent pool, and favorable business environment, India has become an attractive destination for both domestic and international companies looking to establish their presence in the country. Looking ahead, the Grade A stock is forecasted to grow at a CAGR of ~6.6% between CY2026 and CY2028F to reach 1,100 msf. Bengaluru, where the Bagmane Prime Office REIT’s (“Bagmane REIT”) assets are located, has established itself as a leading force in the global commercial real estate landscape, boasting the largest office stock in India and one of the largest Grade A office stock in the APAC region.

India’s four major office-led REITs cumulatively account for 141.9 msf, which equates to 15.6% of the total operational Grade A office stock across the top seven cities as of December 31, 2025. Within the existing REITs, there is a construction pipeline of ~27.2 msf as of December 31, 2025. Also, all of the REITs hold Right of First Offer on other sponsor assets as of December 31, 2025.

About Bagmane Prime Office REIT

Bagmane Prime Office REIT owns and manages premium Grade A+ business parks located in the world’s best performing micro-markets in terms of cumulative net absorption from CY2021 to CY2025 in Bengaluru, the “Silicon Valley” of India, according to the JLL Report. Their portfolio comprises 20.3 msf of Total Area and 19.6 msf of Leasable Area, with 98.8% Committed Occupancy as of December 31, 2025, which will be the highest among Indian office REITs post-listing, according to the JLL Report. Their tenant roster includes marquee foreign-headquartered multinational tenants such as Google, Amazon, a leading technology company and Nvidia, who rank among the largest companies globally in terms of market capitalization as of December 31, 2025, according to the JLL Report.

They are backed by their sponsor, the Bagmane Group, Bengaluru’s largest and one of India’s leading pure-play Grade A+ office owner and developer as of December 31, 2025, according to the JLL Report, with almost 3 decades of experience in operating, developing, leasing and managing large format commercial real estate in Bengaluru, with a pipeline across Bengaluru, Delhi and Chennai. Their sponsor is one of the pioneers in commercial real estate development in Bengaluru, contributing to the city’s transformation into a global business hub, according to the JLL Report, with its core focus on location, quality and tenant relationships.

Strengths of Bagmane Prime Office REIT

• Difficult-to-replicate assets strategically located in the best performing micro-markets globally in terms of cumulative net absorption in Bengaluru, recording a best-in-class occupancy.
• Strong tenant relationships with a leading share of GCC and multinational tenants across diversified sectors with a high tenant Retention Rate.
• Located in India, the world’s fastest growing major economy with the services sector serving as a pivotal driver.
• Significant share of BTS assets comprising 42.8% of Completed Area (46.1% of Total Completed Development Area) across 21 buildings as of December 31, 2025, creating a stable and resilient Portfolio.
• Premium assets, robust campus-style infrastructure and amenities, supported by integrated asset maintenance services.
• Robust business model with substantial embedded growth opportunities, stable cash flows, a strong development track record and the highest ROFO acquisition potential.
• Backed by a renowned sponsor in India with deep-rooted market expertise.
• Experienced management team with a strong past track record.
• Commitment to sustainability and high corporate governance standards across their operations.

Risks of Bagmane Prime Office REIT

• Their actual results may be materially different from the expectations expressed or implied, or the projections, included in this offer document.
• The actual rents they receive for the properties in their portfolio may be less than the estimated Asset Market Rents for future leasing, and they may not achieve their MTM Potential at the levels they expect, or at all.
• They do not provide any assurance or guarantee of any distributions to the unitholders.
• The REIT Regulations impose restrictions on the investments made by them and require them to adhere to certain investment conditions.
• The ROFO Agreement entered into by them is subject to various terms and conditions and their Manager cannot assure that they will be offered the ROFO Assets on terms acceptable to them or at all.
• The Bagmane REIT has a limited operating history and may not be able to operate their business successfully or generate sufficient cash flows to make or sustain distributions.
• Their business, revenues and profitability are dependent on the performance of the commercial real estate market in India.
• All of their Portfolio Assets are located in the state of Karnataka.
• A significant portion of their revenues is derived from a limited number of large tenants, multinational tenants, including global capability centers (“GCCs”), and tenants in the technology (development and processes), electronics and e-commerce and semiconductor sectors.

(1) NAV as of September 30, 2025 (Source: Stock exchange filings); For Mindspace Business Parks REIT, the NAV is adjusted for acquisitions of The Square Avenue 98 (BKC Annex), Ascent-Worli and an office building in Pune, completed on January 09, 2026; For Brookfield India Real Estate Trust, the NAV is proforma NAV including acquisition of Ecoworld, Bengaluru as disclosed in the acquisition presentation

(2) Premium/ (Discount to NAV) % is calculated as closing unit price on NSE on April 22, 2026. Calculated as Unit Price divided by NAV minus one

Anchor Investor Bidding Date: Monday, May 4, 2026

Registrar: Kfin Technologies Limited
Book Running Lead Managers:

• JM Financial Limited
  
• Kotak Mahindra Capital Company Limited
  
• Axis Capital Limited
  
• IIFL Capital Services Limited (Formerly known as IIFL Securities Limited)
  
• SBI Capital Markets Limited
  
• 360 ONE WAM Limited
  
• HDFC Bank Limited
  
• KFin Technologies Limited
  

Bagmane Prime Office REIT Business Model

The company earns its revenue through the ownership and management of premium Grade A+ business parks located in Bengaluru.

Bagmane Prime Office REIT Growth Trajectory

Bagmane Prime Office REIT’s Total Income for FY25 was ₹2390.877 crores, whereas in FY24 and FY23 it was ₹2237.325 crores and ₹2002.521 crores, respectively.

The Profit After Tax for FY25 was ₹897.101 crores, whereas in FY24 and FY23 it was ₹809.357 crores and ₹758.701 crores, respectively.

Their EBITDA for FY25 was ₹1906.670 crores, whereas in FY24 and FY23 it was ₹1740.297 crores and ₹1587.076 crores, respectively.

Bagmane Prime Office REIT Market Position

Their portfolio comprises 6 premium Grade A+ business parks with 20.3 msf of Total Area, comprising 19.6 msf of Leasable Area as of December 31, 2025, including 16.6 msf of Completed Area, 1.0 msf of Under Construction Area, 2.0 msf of Future Development Area, 2 under-construction hotels totaling 607 keys with a Built-up Area of 0.7 msf and 4 solar power projects (3 operational and 1 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.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹2390.877 crores, ₹897.101 crores, and ₹1906.670 crores, respectively.

How to apply for Bagmane Prime Office REIT?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.