Bagmane’s REIT IPO Soars with 2 Lakh Applications, Setting Record in India’s Market

The Bagmane Prime Office REIT has set a significant milestone in India’s real estate investment trust (REIT) market by closing its public issue of Rs 3,405 crore with unprecedented investor interest. The offering, which concluded on May 7, received an astounding 2,01,146 applications, marking the highest number of applications ever recorded for a REIT IPO in the country. This exceptional demand has surpassed all previous offerings, including those from notable entities like Embassy Office Parks REIT and Brookfield India Real Estate Trust. The overall subscription rate reached 24.96 times, highlighting robust interest from institutional and high-net-worth investors alike.

Institutional demand was especially noteworthy, with the Qualified Institutional Buyer (QIB) category being oversubscribed 26.58 times, while non-institutional segments saw a strong subscription rate of 22.82 times. Investors showed considerable appetite with bids placed for 350.77 crore units against the 14.05 crore units available for the offering, despite indications of subdued activity in the grey market. Ahead of this IPO, Bagmane had already secured Rs 1,150 crore from anchor investors, featuring prominent domestic institutions like SBI Life and UTI Mutual Fund, as well as significant stakes from high-profile private entities, amplifying confidence in the offering.

Backed by the Bengaluru-based Bagmane Group and international investment giant Blackstone Inc., the trust offers a portfolio of premium office assets positioned in one of India’s most dynamic commercial leasing markets. The trust’s portfolio encompasses six Grade A+ business parks in Bengaluru, totaling 20.3 million square feet, with a remarkable occupancy rate of 97.9% as of June 2025. This solid performance is complemented by a tenant roster that includes industry leaders like Google and Amazon. With a reported total income of Rs 1,960 crore and a profit after tax of Rs 829 crore for the nine months ending December 2025, Bagmane Prime Office REIT is poised to become India’s sixth listed REIT, further enriching the nation’s rapidly evolving real estate investment landscape.

Source: The Economic Times

(Expert Note: This report was prepared by the Wealthova team.)