Bagmane Prime Office REIT Files for $445.6 Million IPO Backed by Blackstone
Blackstone-backed Bagmane Prime Office REIT has filed for an initial public offering worth $445.6 million, according to its draft prospectus submitted on Tuesday. The Bengaluru-based office developer operates as a real estate investment trust (REIT), a structure in which rental income from commercial properties is distributed to investors as dividends. Bagmane competes in India’s growing commercial REIT market alongside peers such as Mindspace Business Parks REIT, Embassy Office Parks REIT, Knowledge Realty Trust, and Brookfield India Real Estate Trust.
The trust counts global technology giants including Google, Amazon, and Samsung among its top tenants, underscoring the strength of its corporate leasing portfolio. The IPO move comes at a time when office demand in India is recovering, as companies scale back remote working and expand physical workspaces. Bagmane’s public issue will follow recent listings by smaller office space operators such as Smartworks, WeWork India, and IndiQube.
Under the proposed offer, Bagmane plans to issue new units worth 30 billion rupees ($334.5 million), while existing investors will offload units valued at 10 billion rupees. Details of the selling shareholders were not disclosed in the filing. For the financial year ended March 2025, the REIT reported a 7.5% increase in revenue and nearly 11% growth in profit, reflecting steady business momentum ahead of its market debut.
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