Image Source : Whalesbook
Bagmane Prime Office REIT, backed by Blackstone, has filed draft papers for an IPO comprising a fresh issue of up to ₹30 billion and an offer for sale of ₹10 billion units. JM Financial, Kotak Mahindra, and Axis Capital lead the book-running managers, positioning it as India's fifth office REIT with a ₹40,000 Cr portfolio.
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IPO Structure
The Bengaluru focused REIT taps into India's booming office market, showcasing 20 million sq ft of premium properties leased to tech giants like Google and Amazon. Proceeds will pare debt and fuel expansion in high-demand corridors, joining Embassy, Mindspace, Brookfield, and Knowledge Realty Trusts amid strong REIT returns (8-16% YTD).
Key Highlights
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Issue Size: Fresh ₹30 Bn + OFS ₹10 Bn; total ~₹40 Bn targeting Q1 2026 listing.
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Portfolio: 16-20 Mn sq ft operational in Bengaluru (Bagmane Tech Park, Constellation); 95% occupancy, 5-15 yr leases.
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Lead Managers: JM Financial, Kotak Mahindra Bank, Axis Capital; ICRA rates [AA] Stable for sponsor entities.
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Market Fit: Fifth office REIT; leverages 30 Mn sq ft ops + 5 Mn under dev; GAV ₹40,000 Cr.
Investor Angle
Prime REIT play on IT hub recovery; watch DRHP for yield projections.
Sources: Whalesbook, Moneycontrol, ICRA Ratings
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