Bagmane Realty and Infrastructure-sponsored Bagmane Prime Office REIT will launch its Rs 3,405-crore initial public offering (IPO) for public subscription on May 5. The offer comprises a fresh issue of units worth Rs 2,390 crore and an offer-for-sale of units worth up to Rs 1,015 crore. The price band has been fixed at Rs 95-100 per unit.

The issue will close on May 7, while the one-day anchor book will open on May 4. Investors other than anchor investors and strategic investors can bid for a minimum of 150 units and in multiples of 150 units thereafter. Unit allotment is expected to be finalised by May 12, and the Bengaluru-based REIT is scheduled to list on the bourses on May 15, as per the indicative timeline.

The offer size has been reduced from Rs 4,000 crore, which was mentioned in the draft offer document filed in December 2025. The selling unitholder in the offer-for-sale is Blackstone-backed BREP Asia III India Holding Co VIII Pte Ltd, which holds a 7 per cent stake each in Bagmane Developers Private Ltd and Bagmane Rio Private Ltd.

After listing, Bagmane Prime Office REIT will become the fifth real estate investment trust in the commercial realty segment available for trading, after Embassy Office Parks REIT, Mindspace Business Parks REIT, Brookfield India Real Estate Trust, and Knowledge Realty Trust.

Bagmane Realty and Infrastructure is the holding entity of the Bagmane Group and, according to the JLL report, one of Bengaluru's largest pure-play Grade A+ office owners and developers. Raja Bagmane and Nagamani Raja are its designated partners. The sponsor is also the promoter of the holdco, BDPL, which directly and indirectly holds the assets that form part of the portfolio.

Of the fresh issue proceeds, Rs 1,420 crore will be used to part-fund BDPL's acquisition of Luxor at Bagmane Capital Tech Park, while Rs 820 crore will go towards part-funding BDPL's acquisition of a 93 per cent stake in Bagmane Rio Private Ltd. The remaining amount will be used for general purposes.

BDPL currently holds four projects: Bagmane Tech Park, Bagmane World Technology Centre, including the hotel assets, Bagmane Constellation Business Park, and Bagmane Cosmos Business Park. BDPL is also set to acquire Luxor at Bagmane Capital Tech Park from Bagmane Constructions using the offer proceeds and the balance through its balance sheet capacity, including mobilisation of capital resources.

BDPL, along with its nominees, holds a 100 per cent interest in Bagmane Green Power LLP, which owns four solar parks. Bagmane Rio Pvt Ltd, a special purpose vehicle that operates Bagmane Rio Business Park in Bengaluru, is proposed to be owned by Bagmane Prime Office REIT with a 93 per cent holding through BDPL.

JM Financial, Kotak Mahindra Capital Company, Axis Capital, IIFL Capital Services, SBI Capital Markets, 360 ONE WAM, and HDFC Bank are the merchant bankers to the issue. With the issue set to open on May 5, the offer brings together a fresh fund raise, an offer-for-sale by the existing unitholder, and the planned acquisition of office and related assets within the Bagmane portfolio.