Bengaluru-based Bagmane Group has filed draft papers with the market regulator to launch a public issue of its Bagmane Prime Office REIT, aiming to raise up to ₹4,000 crore.
According to the draft prospectus, the IPO will comprise a fresh issue of units worth up to ₹3,000 crore and an offer-for-sale of up to ₹1,000 crore. The proceeds will be used primarily to acquire the Luxor asset at Bagmane Capital Tech Park for ₹1,775 crore and to partly fund the purchase of a 93% stake in Bagmane Rio Business Park, valued at up to ₹1,025 crore.
Bagmane Office REIT owns six Grade A+ office parks with a total portfolio of 20.3 million sq ft, including under-construction hotels. As of June 30, 2025, the portfolio had nearly 98% committed occupancy and a gross asset value of ₹38,790 crore.
Sources indicate that global investor Blackstone has acquired a minority pre-IPO stake. With office demand remaining strong post-pandemic, developers and institutional owners are increasingly tapping REIT listings to monetise commercial assets.
