Bagmane Prime Office REIT IPO

About the company

Bagmane Prime Office REIT, backed by the Bagmane Group, is a real estate investment trust that owns and manages high-quality Grade A+ office parks in Bengaluru. The Bagmane group is Bengaluru's largest and one of India’s leading developers, which focuses on premium office spaces. Since 1999, the group has delivered 29.7+ msf across seven commercial projects. As of Dec 2025, it accounts for ~12.8% of Bengaluru's total Grade A office stock. The Bagmane group had a dominant position in the Outer Ring Road (ORR) market with 31.8% share in leasing demand and 31.6% share in new supply between CY21 and CY25. The REIT's total portfolio size is 20.3 msf as of December 2025, of which 96.55% is leasable (19.6 msf) with 98.8% committed occupancy. The REIT’s portfolio includes six premium office parks, of which 16.6 msf is already completed, 1.0 msf is under construction and 2.0 msf is planned for future development. Additionally, the REIT also has two under-construction hotels with 607 rooms (0.7 msf total area) and four solar power projects (3 operational, 1 under construction) with a total capacity of 164.4 MW (DC), of which 91.9 MW is already operational. The six office parks together are valued at ₹40,263 crore. The company’s office park has a very strong profile of tenants, primarily made up of multinational corporations and global firms. As of December 2025, 98.7% of the gross contracted rental income derives from MNCs with a foreign headquarters, 88.5% of gross contracted rental income comes from Global Capability Centres (GCC), while 65.2% comes from Fortune 500 companies. The REIT serves over 60 tenants in 11 industries, with the bulk of the tenants concentrated in the technology (34.3%), semiconductor (20.7%), electronics and e-commerce (19.8%) industries. Since FY21, the REIT has consistently maintained a committed occupancy greater than 94.0%, including throughout the COVID-19 pandemic. Currently, the committed occupancy rate of 98.8% is 725 bps higher than the average for listed Indian office REITs (91.6%), 933 bps higher than the overall Bengaluru average (89.5%), and 319 bps higher than the Portfolio Micro-Markets average (95.7%). Between FY23 and 9MFY26, the REIT leased 7.2 msf in total, of which 91.7% was to existing tenants. The top ten tenants make up 63% of total rent, with no single tenant making up 20% or more. Google is the largest tenant, with 2.8 msf of leases across four properties and 18.9% of total rental income, with a WALE of 10.8 years. Several of the REIT's tenants have established their most significant global facilities within the portfolio. Google’s India headquarters for its AI business is in Bagmane Rio and is its largest standalone building outside the US. Samsung’s R&D center here is its largest outside South Korea, with 11,000+ patents filed. As of December 31, 2025, BTS properties represent 42.8% of the total area in 21 properties. Major tenants include Google, Amazon, Samsung, TI & Volvo. Build-to-suit (BTS) buildings foster deeper landlord-tenant relationships, higher retention ratios, and longer lease tenures, as tenants invest significant fit-out capital in customised spaces. From FY23 to 9MFY26, 52.9% of the 1.1 msf of newly completed area was developed as BTS solutions. During FY23 to 9MFY26, the REIT has achieved a retention rate of 67.5%. This includes major tenants like Google, Amazon, TXI, Samsung and Volvo, who have all been tenants for more than 10+ years and have increased their total development area by 33.1x, 13.7x, 10.5x, 6.5x, and 20.4x, respectively. The average re-leasing spread achieved over the period FY23 to 9MFY26 was 15.5% on ~5.3 msf of area released. The size of India's office property market has grown by 1.8 times, from ~516 msf in 2016 to ~908 msf by 2025; with India's top seven cities experiencing the highest cumulative net absorption globally of 210.9 msf between CY21 and CY25. A major contributor to this growth was the rapid proliferation of Global Capability Centres ("GCCs"), which represented 37.1% (or 114 msf) of total office leasing during the cycle. The increasingly large Grade A occupied footprint of GCCs is expected to expand from 263 msf in 2025 to 330+ msf by 2030. India's structural advantages, including the largest working-age population in the world, approximately 25 lakhs graduates each year from STEM fields, operating costs of up to 81% lower than in US secondary markets, and average monthly office rent rates of US$0.80 to US$1.60 per square foot ("psf") versus US$7.00 to US$14.00 psf in comparable global markets, will continue to reinforce India's position as the leading region for technology outsourcing, establishment of GCCs, and provision of other corporate services. Bengaluru, which is the only market in which the entire Bagmane REIT portfolio is located, is the largest and best-performing office market in India, supporting approximately 25.6% of the total national office supply of 231.9 msf. Bengaluru has experienced the highest net absorption of 57.5 msf among any city globally from CY21 to CY25, and with one of the lowest office vacancy rates in the world of just 10.5%. Bengaluru is home to all portfolio assets, accounting for 27.2% of total cumulative net absorption from CY21–CY25 and 25.6% of total office inventory in India. The majority of the assets are concentrated in two micro-markets, the ORR and SBD City, both of which have been above the top global office markets in cumulative net absorption from CY21 through CY25. As of December 31, 2025, the ORR and SBD City micro-markets had the second-lowest vacancy rate of 4.3% of any major global city. The ORR micro-market has Grade A office space comprising a total of 95.9 msf of office space, which is the largest of any micro-market in India. It has a vacancy rate of 4.1%. Now, Bagmane Prime Office is launching its Real Estate Investment Trust (REIT), which consists of a fresh issue of ₹2,390 crore and an Offer for sale of ₹1,015 crore. The total issue size of the IPO is ₹3,405 crore, and its shares will be listed on the NSE and BSE. **How to pre-apply for Bagmane Prime Office REIT?### ** You can pre-apply for Bagmane Prime Office REIT on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription. Follow these steps to pre-apply for the IPO: - Login to your Upstox account, using your six-digit PIN - After successfully logging in, click on ‘Discover’ - On the Discover tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘Bagmane Prime Office REIT tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Pre-Apply’ - Accept the mandate on your UPI app **How to apply for Bagmane Prime Office REIT?### ** If you are interested in this investment opportunity but unsure how to apply for Bagmane Prime Office REIT, here are the steps that you need to follow. When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for Bagmane Prime Office REIT on Upstox: - Log in to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘Bagmane Prime Office REIT’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Apply’ - Accept the mandate on your UPI app **How to check the Bagmane Prime Office REIT allotment status? ### ** When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes. Here’s a step-by-step guide on how to check the Bagmane Prime Office REIT allotment status: - Login to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ page, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, you will find the ‘View all’ option - Once you click on ‘View all’, you will be directed to the ‘IPO’ tab - In the ‘IPO’ tab, click on ‘My applications’ - In ‘My applications’, under the History section, your Bagmane Prime Office REIT allotment status will be mentioned

GMP trend (Grey Market Premium by date)

Financial performance (₹ Cr)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   05 May 2026

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   07 May 2026

   Last day to place your bid

3. Basis of Allotment

   Completed
   08 May 2026

   Share allotment finalised

4. Refund Initiation

   Completed
   11 May 2026

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   11 May 2026

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   12 May 2026

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.