Bagmane Prime Office REIT, backed by Bengaluru-based Bagmane Group, has filed draft papers with the Securities and Exchange Board of India to raise up to ₹4,000 crore through an initial public offering. The proposed public issue marks a significant step for the commercial real estate investment trust as it looks to expand its portfolio of office assets.
According to the draft offer document, the IPO will comprise a fresh issue of units worth up to ₹3,000 crore along with an offer for sale of up to ₹1,000 crore by existing unitholders. The proceeds from the fresh issue are expected to be primarily used for asset acquisitions and general corporate purposes.
A major portion of the funds is planned to be utilised for acquiring premium office assets. This includes the proposed acquisition of Luxor at Bagmane Capital Tech Park, which has a leasable area of around one million square feet. Part of the proceeds will also be used to fund the acquisition of a majority stake in Bagmane Rio Business Park, a large commercial office development with a total area of approximately 1.1 million square feet. These acquisitions are expected to strengthen the REIT’s income-generating portfolio.
Bagmane Prime Office REIT’s existing portfolio consists of six Grade A+ business parks located across major commercial hubs. The total portfolio spans around 20.3 million square feet, of which over 16 million square feet is completed and operational. The assets have reported high occupancy levels, with committed occupancy close to full capacity as of the latest reporting period, reflecting sustained demand for quality office spaces.
The portfolio also includes supporting infrastructure such as under-construction hotels and renewable energy assets, which contribute to operational efficiency. As of June 30, 2025, the total gross asset value of the REIT stood at nearly ₹38,790 crore.
Upon listing, Bagmane Prime Office REIT is expected to join the growing list of publicly traded REITs in India’s commercial real estate segment. The filing comes at a time when investor interest in income-generating office assets remains steady, supported by improving leasing activity across major Indian cities.
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