Bagmane Prime Office REIT IPO
LISTEDMAINBOARDListing Performance
▲ 3.50%
Issue Price
₹100
Listing Price
₹104
Listed On
15 May 2026
- Price Band
- ₹95 – ₹100
- Lot Size
- TBA
- Lot Value
- TBA
- Open Date
- 05 May05 May 2026
- Close Date
- 07 May07 May 2026
Bagmane Prime Office REIT — Stock Performance
About Bagmane Prime Office REIT
Generates revenue from leasing office and other commercial properties located in Bengaluru, as well as from property maintenance services, construction services, and renewable energy generation from solar assets.
Use of IPO Proceeds
Total allocation: ₹0.00 Cr (excludes issue expenses)
Promoters
Raja Bagmane
Designated partner of Sponsor, Founder of Bagmane Group
Over 28 years of experience in the real estate sector and instrumental in the growth of the Bagmane Group's portfolio.
Nagamani Raja
Designated partner of Sponsor
Investment Analysis
Quick Analysis: 6 strengths · 6 risk factors· Exchange: Trust
Strengths (6)
- •Premium Grade A+ business parks in Bengaluru's best-performing micro-markets with best-in-class occupancy
- •Strong tenant relationships with leading GCC and multinational tenants across diversified sectors
- •Located in world's fastest growing major economy with pivotal services sector
- •Significant BTS assets providing stable and resilient portfolio with embedded growth
- •Robust business model with strong development track record and highest ROFO potential
- •Experienced management team backed by renowned sponsor with deep market expertise
Risk Factors (6)
- •Formation Transactions may not consummate after Bid/Offer Closing Date, impacting Offer size and Manager's ability to complete Offer.
- •Bagmane REIT has limited operating history and may not generate sufficient cash flows to sustain distributions to unitholders.
- •Actual rents received may be less than estimated Asset Market Rents, preventing achievement of MTM Potential targets.
- •Existing liabilities assumed in Portfolio Assets acquisitions could adversely impact trading price, profitability and distribution capacity.
- •REITs are subject to extensive regulatory environment that may differ significantly from other countries, creating compliance risks.
- •Special Purpose Combined Financial Statements prepared for Offer may not represent actual consolidated financial position and cash flows.
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Subscription Status
Subscription data will appear once bidding begins.
Allotment Statistics
Basis of Allotment
Category-wise subscription & allotment ratio
Weigh your chances
IPO Timeline
Issue Opens
05 May 2026 · Tue
Issue Closes
07 May 2026 · Thu
Bidding Cut-off (UPI Mandate)
07 May 2026 · 5:00 PM IST
Allotment
12 May 2026 · Tue
Listing
15 May 2026 · Fri
Issue Opens
05 May 2026 · Tue
Issue Closes
07 May 2026 · Thu
Bidding Cut-off (UPI Mandate)
07 May 2026 · 5:00 PM IST
Allotment
12 May 2026 · Tue
Listing
15 May 2026 · Fri
IPO Details
| Registrar | KFin Technologies Ltd. |
| Exchange | Trust |
| ISIN | — |
| Face Value | — |
| Issue Size | ₹3405.00 Cr |
| Fresh Issue | ₹239.00 Cr |
| OFS Size | ₹101.50 Cr |
| Lead Managers | JM Financial Limited, Kotak Mahindra Capital Company Limited, Axis Capital Limited, IIFL Capital Services Limited, SBI Capital Markets Limited, 360 ONE WAM Limited, HDFC Bank Limited |
3-Year Financial Summary
Revenue trend
↑ FY23→FY25
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY25 | 2,370.75 | 897.1 | — | — | — |
| FY24 | 2,205.37 | 809.36 | — | — | — |
| FY23 | 1,979.31 | 758.7 | — | — | — |
Detailed Line Items (₹ Cr)
| Line Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| EBITDA | 1,587.08 | 1,740.3 | 1,906.67 |
From the company's offer document (DRHP/RHP); restated figures where available.
Check the valuation yourself
Company Fundamentals
9 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | — |
| Paid-up Capital | ₹0.60 Cr |
| Equity Shares (Pre-Issue) | — |
| Equity Shares (Post-Issue) | — |
Source: Bagmane Prime Office REIT offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Bagmane Prime Office REIT's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Bagmane Prime Office REIT's filing.
Source: Bagmane Prime Office REIT offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB+75.00%
- NII / HNI+25.00%
OFS Selling Shareholders
- Selling Unitholder₹101.50 Cr
Source: Bagmane Prime Office REIT offer document (DRHP/RHP).
Board & Management
Board of Directors (6)
- Raja Bagmane
Non-executive Chairman
Over 28 years of experience in the real estate sector; founder of Bagmane Group; designated partner of the Sponsor
- Aditya Bagmane
Non-executive Director
Bachelor's degree in Mechanical Engineering from RV College of Engineering; Master's degree in Business Administration from Ross School of Business, University of Michigan
Over 9 years of experience in the real estate sector; involved in project planning, pre-development assessments, feasibility analysis, tenant relationships, procurement, and construction oversight
- Shashank Bagmane
Non-executive Director
Bachelor's degree in Arts in International Business, Finance and Economics from University of Manchester; Master's degree in Business Administration from IE University, Business School, Madrid
Over 7 years of experience within Bagmane Group; involved in acquisitions, finance, asset operations, hospitality and renewable energy initiatives
- Abhishek Goenka₹0.25 Cr p.a.
Independent Director
Bachelor's degree in Commerce from Bangalore University; Member of Institute of Chartered Accountants of India
Extensive work experience across finance roles; founder of Aeka Advisors India LLP; previously associated with Associated Professional Services (RMZ Corp), BMR & Associates LLP and Price Waterhouse Coopers
- Rajeshwari Srinivasan₹0.25 Cr p.a.
Independent Director
Master's degree in International Business from Indian Institute of Foreign Trade, Delhi; Post-graduate diploma in Business Administration from Madras Christian College, Chennai
Over 30 years of experience across consumer, retail and hospitality sectors; associated with Tata group for over 30 years; former CEO of FabIndia Limited; founder, CEO and managing partner of SAMA Ventures LLP
- Korgi Shashikiran Shetty₹0.25 Cr p.a.
Independent Director
Bachelor's degree in Law from National Law School of India University, Bengaluru
Member of Karnataka State Bar Council since 1999; designated as Senior Advocate by Karnataka High Court in 2014; Advocate General for State of Karnataka; heading law firm Shetty and Hegde Associates since 2000; member of National Law School of India University's General Council
Key Managerial Personnel (5)
- Raja Bagmane
Managing Director
- D V Ramakrishna
Director
- Anuradha Ramakrishna
Company Secretary
- Dansale Ramegowda Pradeepa
Director
- Shravan Sharma
Source: Bagmane Prime Office REIT offer document (DRHP/RHP).
Industry & Market
Bagmane Group is Bengaluru's largest pure-play Grade A+ office owner and developer as of December 31, 2025, representing approximately 12.8% of Bengaluru's total Grade A office stock, with 31.8% market share in net absorption on ORR (CY2021-CY2025)
Per Jones Lang LaSalle Property Consultants (India) Private Limited (JLL) - Industry Report on India's Office Market dated April 22, 2026, a report commissioned by the company (not independent).
Material Litigation
| Type | Against | Matters | Amount (₹Cr) |
|---|---|---|---|
| Tax | Company | 3 | — |
Bagmane Developers Private Limited faces two material indirect tax litigations with aggregate amounts of ₹874.03 million, primarily involving GST show cause notices regarding excess input tax credit claims of ₹638.91 million and ₹3,701.81 million, with penalties and interest imposed totaling approximately ₹936.74 million across multiple orders.
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:KFin Technologies Ltd.→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
Documents
Frequently Asked Questions
When is the Bagmane Prime Office REIT IPO opening?
The Bagmane Prime Office REIT IPO opens on 05 May 2026 and closes on 07 May 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Bagmane Prime Office REIT IPO?
The price band for the Bagmane Prime Office REIT IPO is ₹95 to ₹100. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Bagmane Prime Office REIT IPO?
The minimum lot size is TBA shares with a minimum investment of not yet announced. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Bagmane Prime Office REIT IPO today?
The latest Grey Market Premium for Bagmane Prime Office REIT is ₹5 (+5.00%). GMP is unofficial data and is not a guarantee of listing price.
When will the Bagmane Prime Office REIT IPO list on NSE and BSE?
The Bagmane Prime Office REIT IPO is expected to list on 15 May 2026 on Trust. Actual listing day trading begins at the start of the normal market session.
How can I check the Bagmane Prime Office REIT IPO allotment status?
The registrar for this IPO is KFin Technologies Ltd.. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Bagmane Prime Office REIT IPO a mainboard or SME issue?
Bagmane Prime Office REIT is a mainboard IPO that will list on the main NSE and BSE boards. Mainboard IPOs are open to retail investors with a minimum application of one lot.
How do I apply for the Bagmane Prime Office REIT IPO?
You can apply for the Bagmane Prime Office REIT IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA while the issue is open for bidding.
What is the GMP-implied price of Bagmane Prime Office REIT IPO?
The GMP-implied price (unofficial, not a forecast) is ₹105: the upper price band of ₹100 plus the latest grey market premium of ₹5, as of 07 May 2026, 11:30 PM IST. GMP is unofficial grey market data, and the actual listing price can differ from it.
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