Bagmane Prime Office REIT IPO
Bagmane Prime Office REITMainboard
This IPO has listed.
- Open date
- 5 May 2026
- Close date
- 7 May 2026
- Min. Investment
- ₹15,000
- Lot Size
- -
- Fresh Issue
- ₹2390.00 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- -
Subscription rate
- Qualified Institutional Buyers17.09x
- Non-Institutional Investors15.79x
- Retail-Individual Investors0.00x
- Total16.50x
Schedule
- Completed: IPO open date5 May 2026
- Completed: IPO close date7 May 2026
- Completed: Allotment date12 May 2026
- Completed: Funds unblock or debit13 May 2026
- Completed: Tentative listing date14 May 2026
Financials of Bagmane Prime Office REIT IPO
| Key Performance Indicators | Mar 2024 | Mar 2025 |
|---|---|---|
| Operating Revenue | - | - |
| Other Income | - | - |
| Total Income | 2205.37 | 2370.75 |
| Total Expenses | 1011.80 | 1047.07 |
| Profit Before Tax | - | - |
| Total Profit | 809.36 | 896.53 |
Bagmane Prime Office REIT IPO Strengths & Risks
- Difficult-to-replicate assets strategically located in the best performing micro-markets globally in terms of cumulative net absorption in Bengaluru, recording a best-in-class occupancy.
- Strong tenant relationships with a leading share of GCC and multinational tenants across diversified sectors with a high tenant Retention Rate.
- Located in India, the world's fastest growing major economy with the services sector serving as a pivotal driver.
- Significant share of BTS assets comprising 42.8% of Completed Area (46.1% of Total Completed Development Area) across 21 buildings as of December 31, 2025, creating a stable and resilient Portfolio.
- Premium assets, robust campus-style infrastructure and amenities, supported by integrated asset maintenance services.
- Robust business model with substantial embedded growth opportunities, stable cash flows, a strong development track record and the highest ROFO acquisition potential.
- Backed by a renowned sponsor in India with deep-rooted market expertise.
- Experienced management team with strong past track record.
- Commitment to sustainability and high corporate governance standards across its operations.
- Risks Relating to the Business: The Formation Transactions will only be given effect to after the Bid/ Offer Closing Date and the company ability to consummate these transactions will impact the size of the Offer and the ability of the Manager to complete this Offer. Further, its will assume existing liabilities in relation to our Portfolio Assets, which if realized may impact the trading price of the Units and our profitability and ability to make distributions.
- Risks Relating to the Business: The company actual results may be materially different from the expectations expressed or implied, or the Projections, included in this Offer Document. Accordingly, investors should not place undue reliance on, or base their investment decision solely on this information.
- Risks Relating to the Business: The actual rents the comapny receive for the properties in its Portfolio may be less than the estimated Asset Market Rents for future leasing, and the company may not achieve our MTM Potential at the levels its expect, or at all, which could adversely affect its business, results of operations, financial condition and cash. flows.
- Risks Relating to the Business: The company do not provide any assurance or guarantee of any distributions to the Unitholders. Its may not be able to make distributions to Unitholders in the manner described in this Offer Document or at all, and the level of distributions may decrease.
- Risks Relating to the Business: After the completion of the Offer and the listing of the Units, its may obtain additional external debt financing, from time to time, to finance the company Portfolio Assets' business and financing requirements. The terms of this financing may limit its ability to make distributions to the Unitholders.
- Risks Relating to the Business: The REIT Regulations impose restrictions on the investments made by us and require the company to adhere to certain investment conditions, which may limit its ability to acquire and/or dispose of assets or explore new opportunities.
- Risks Relating to the Business: The ROFO Agreement entered into by us is subject to various terms and conditions and the Manager cannot assure you that the company will be offered the ROFO Assets on terms acceptable to its or at all, or be able to consummate such transactions in a timely manner, or at all.
- Risks Relating to the Business: The Bagmane REIT has a limited operating history and may not be able to operate its business successfully or generate sufficient cash flows to make or sustain distributions. Further, the Special Purpose Combined Financial Statements are prepared for this Offer Document and may not necessarily be representative of its actual consolidated financial position, results of operation and cash flows for such periods.
- Risks Relating to the Business: The company business, revenues and profitability is dependent on the performance of the commercial real estate market in India. Fluctuations in the general economic, market and other conditions may affect the commercial real estate market and in turn, its ability to lease the company Portfolio Assets to tenants on favorable terms.
- Risks Relating to the Business: All of the Portfolio Assets are located in the state of Karnataka. Adverse developments or fluctuations in the commercial real estate market in the state of Karnataka, including Bengaluru, particularly in the micro-markets where the company Portfolio Assets is located, could materially and adversely affect its business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: Certain key Portfolio Assets contributed to 80.27%, 82.63%, 82.12% and 80.89% of its revenue from operations for the nine months ended December 31, 2025 and for the Financial Years ended March 31, 2025, March 31, 2024 and March 31, 2023, and any adverse developments affecting such key Portfolio Assets could has an adverse effect on its business, results of operations and financial condition.
- Risks Relating to the Business: A significant portion of its revenues is derived from a limited number of large tenants, multinational tenants, including global capability centers ("GCCs"), and tenants in the technology (development and processes), electronics and e-commerce and semiconductor sectors. Any conditions that impact these tenants or the respective sectors in which they operate may adversely affect its business, results and financial condition.
- Risks Relating to the Business: A significant proportion of its Completed Area have been developed as BTS solutions for specific tenants, and its cannot assure yours that the company lease arrangements for such BTS properties will be renewed on terms acceptable to its, or at all. In such case, we may face difficulties in sourcing replacement tenants and may incur significant costs or face delays or difficulties in the releasing of such BTS properties.
- Risks Relating to the Business: Tenant leases across its Portfolio Assets is subject to the risk of non-renewal, non-replacement, default, early termination, regulatory or legal proceedings or changes in applicable laws or regulations, thereby impacting leasing and other income. Further, vacant properties could be difficult to lease, which could adversely affect our revenues.
- Risks Relating to the Business: Any failure to maintain occupancy and rent levels of the company Portfolio Assets could adversely affect its revenues, results of operations, cash flows and financial condition.
- Risks Relating to the Business: There are outstanding litigation proceedings and regulatory actions involving certain of the company Portfolio Companies, members of Sponsor Group and Associates of the Sponsor that may adversely affect its business.
- Risks Relating to the Business: Cybersecurity risks, data protection and other IT risks could result in the loss of data, interruptions in the business, damage to its reputation, and subject the company to regulatory actions, increased costs and financial losses, each of which could have a material adverse effect on its business and results of operations.
- Risks Relating to the Business: Compliance with, and changes in applicable laws, including but not limited to environmental, health and safety laws and regulations, could adversely affect the development of the properties. Any inability to obtain, maintain or renew all regulatory approvals that is required may have an adverse impact on its business, financial condition, results of operations, cash flows and prospects.
- Risks Relating to the Business: The company do not own the trademark or logo for "Bagmane" and any inability to use or protect these intellectual property rights may has an adverse effect on its business, results of operations and cash flows.
- Risks Relating to the Business: The company has entered into and may in the future enter into material related party transactions, the terms of which may be unfavorable to its or could involve conflicts of interest. The Manager may face conflicts of interests in choosing the company service providers, and certain service providers may provide services to the Manager, the Sponsor or the Sponsor Group on more favorable terms than those payable by its.
- Risks Relating to the Business: Its may be subject to certain restrictive covenants and variable interest rates under our financing agreements that could limit of the flexibility in managing the company business, ability to use cash or other assets which could cause its debt service obligations to increase significantly.
- Risks Relating to the Business: Recent disruptions in the financial markets and current economic conditions could increase the company interest rates and finance costs, which could adversely affect its ability to service existing indebtedness.
- Risks Relating to the Business: Certain of our Portfolio Assets have buildings located on land notified as SEZ, and the company is subject to certain regulations and receive certain tax benefits as a result. Its cannot assure yours that the company will be able to comply with such regulations or that its will continue to receive such tax benefits in the future.
- Risks Relating to the Business: If the company is unable to maintain relationships with other stakeholders in its Portfolio Assets, including the joint development partners, its cash flows, financial conditions and results of operation may be adversely affected.
- Risks Relating to the Business: The company may utilize a significant amount of debt in the operation of the business, and its cash flows and operating results could be adversely affected by required repayments or related interest and other risks of the debt financing. Its inability to service debt may impact distributions to Unitholders.
- Risks Relating to the Business: The Valuation Report obtained for its Portfolio Assets is only indicative in nature as it is based on various assumptions and may not be representative of the true value of the company assets.
- Risks Relating to the Business: The audit report of its statutory auditor contains certain emphasis of matters.
- Risks Relating to the Business: The company contingent liabilities as per Ind AS 37 could adversely affect its financial condition, results of operations and cash flows.
- Risks Relating to the Business: The company Manager may outsource certain services in relation to management of its Portfolio Assets and also rely on contractors and third parties for the development of the company under construction and future development projects. Its results of operations and cash flows may be adversely affected if its fail to effectively oversee the functioning of third-party operators.
- Risks Relating to the Business: There can be no assurance that the Under Construction Area or Future Development Area or any of its other under-construction projects will be completed in its entirety in accordance with anticipated timelines or costs or that we will achieve the results expected from such projects, which may adversely affect the company business, financial condition, results of operations and cash flows and affect our ability to meet its Projections.
- Risks Relating to the Business: Its may not be able to identify and engage suitable hotel operators for the management of the company under construction hotels, which may adversely affect the company ability to operate its hotels as planned.
- Risks Relating to the Business: The company is subject to the Competition Act, which require to receive approvals from the CCI prior to undertaking certain transactions.
- Risks Relating to the Business: Its may be unable to successfully execute the company growth strategies, which may adversely affect its growth profile, business prospects, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company require capital expenditure in connection with its operations, and any failure to secure funding for the required capital expenditure, working capital requirements and any acquisition financing, including through debt financing, on acceptable terms may has an adverse impact on its business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: Its Portfolio Assets may be subject to increases in direct expenses and other operating expenses. Renovation work, repair and maintenance or physical damage to the Portfolio Assets may disrupt the company operations and collection of rental income or otherwise result in an adverse impact on the financial condition and results of operation.
- Risks Relating to the Business: The company is exposed to a variety of risks associated with safety, security and crisis management, and may incur losses as a result of unforeseen or catastrophic events, including but not limited to wars, emergence of pandemics, terrorist attacks, extreme weather events, natural disasters and other widespread health emergencies that could create economic and financial disruptions, which could lead to operational difficulties (including travel limitations) that impair/impact the company ability to manage its businesses.
- Risks Relating to the Business: Its may not be able to maintain adequate insurance to cover all losses the company may incur in the business operations.
- Risks Relating to the Business: Its may be required to record significant charges to earnings in the future when its review the company Portfolio Assets for potential impairment of property, plant and equipment and investment property, including under construction property, plant and equipment and investment property.
- Risks Relating to the Business: The company operate in a competitive environment and increasing competitive pressure could adversely affect its business and the ability of our Manager to execute the company growth strategies.
- Risks Relating to the Business: Its may not be successful in any future acquisitions, and there can be no assurance that the company will be able to successfully manage any assets we may acquire in the future. Further, any of the acquisitions in the future may be subject to acquisition-related risks.
- Risks Relating to the Business: The company is subject to risks related to the ESG activities and disclosures, and its reputation and brand could be harmed if the company fail to meet its public sustainability targets and goals.
- Risks Relating to the Business: Inadequate facility management could reduce the attractiveness of the Portfolio Assets and as a result, adversely affect its business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The operations of its Solar Assets is dependent on the regulatory and policy environment affecting the renewable energy sector in India, and any such changes to any laws, rules and regulations to which the company subject may has material adverse effect on its business, financial condition, cash flows, and results of operations.
- Risks Relating to the Business: The title, leasehold rights and development rights or other interests over land where its Portfolio Assets is located may be subject to legal uncertainties and defects, which may interfere with the ownership and/or leasehold rights of the Portfolio Assets and result in its incurring costs to remedy and cure such defects.
- Risks Relating to the Business: The company funding requirements and the proposed deployment of Net Proceeds is not appraised by any independent agency, which may affect its business and results of operations.
- Risks Relating to the Business: There may be conflicts of interests between the BRLMs and/or their associates and affiliates and the Manager, the Sponsor, the Sponsor Group, the Trustee and/or their respective associates/affiliates.
- Risks Relating to the Business: Any downgrading of India's sovereign debt rating by a domestic or international rating agency could materially and adversely affect its ability to obtain financing and, in turn, the company business and financial performance.
- Risks Relating to the Business: Its business may be adversely affected by the illiquidity of real estate investments.
- Risks Relating to the Business: This Offer Document contains information from the JLL Report.
- Risks Relating to the Business: Certain agreements including lease deeds with some of our tenants may not be adequately stamped or registered, and consequently, we may be unable to successfully litigate over the said agreements in the future and penalties may be imposed on the company.
- Risks Relating to the Business: There may be changes to the Parties to the Bagmane REIT in the future pursuant to the framework under the REIT Regulations.
- Risks Relating to the Business: The company and parties associated with the company is required to maintain the eligibility conditions specified under Regulation 4 of the REIT Regulations as well as the certificate of registration on an ongoing basis. Its may not be able to ensure such ongoing compliance by the Sponsor, the Sponsor Group, the Manager and the Trustee, which could result in the cancellation of its registration.
- Risks Relating to the Business: The company will be able to exercise significant influence over certain of its activities, and the interests of the Sponsor may conflict with the interests of other Unitholders.
- Risks Relating to the Business: Conflicts of interest may arise out of common business objectives shared by the Manager, the Sponsor, the Sponsor Group and the company.
- Risks Relating to the Business: Certain principals and employees may be involved in and have a greater financial interest in the performance of other real estate investments, projects and businesses of the Bagmane Group, and such activities may create conflicts of interest in making investment decisions on its behalf.
- Risks Relating to the Business: The company depend on the Manager and the personnel for its success. The company may not find a suitable replacement for the Manager if the Investment Management Agreement is terminated or if key personnel cease to be employed by the Manager or otherwise become unavailable to the company.
- Risks Relating to the Business: The company depend on the Manager to manage its business and assets, and the results of operations, cash flows, financial condition and ability to make distributions may be affected if the Manager fails to perform satisfactorily, for which the company recourse may be limited.
- Risks Relating to the Business: Its business is dependent on the Indian economy, financial stability in Indian markets, policies and the political situation in India. Any slowdown in the Indian economy or in Indian financial markets could have a material adverse effect on its business.
- Risks Relating to the Business: The company has presented certain non-GAAP measures of its performance and liquidity which is not prepared under or required under Ind AS.
- Risks Relating to the Business: Significant differences exist between Ind AS and other accounting principles, such as IFRS and U.S. GAAP, which may be material to your assessment of its financial condition, results of operations and cash flows.
- Risks Relating to the Business: It may not be possible for Unitholders to enforce foreign judgments.
- Risks Relating to the Business: The company's subject to taxes and other levies imposed by the central and state governments in India, as well as other financial policies and regulations. Tax laws are subject to changes and differing interpretations, which may materially and adversely affect its operations and growth prospects.
- Risks Relating to the Business: Investors may be subject to Indian taxes arising out of capital gains on the sale of Units.
- Risks Relating to the Business: Land is subject to compulsory acquisition by the government and compensation in lieu of such acquisition may be inadequate.
- Risks Relating to the Business: Trusts such as its may be dissolved, and the proceeds from the dissolution thereof may be less than the amount invested by the Unitholders.
- Risks Relating to the Business: The reporting requirements and other obligations of real estate investment trusts post-listing is still evolving. Accordingly, the level of disclosures made to, and the protections granted to Unitholders may be more limited than those made to or available to the shareholders of a company that has listed its equity shares upon a recognized stock exchange in India.
- Risks Relating to the Business: Fluctuations in the exchange rate of the Indian Rupee with respect to other currencies will affect the foreign currency equivalent of the value of the Units and any distributions.
- Risks Relating to the Business: Unitholders may experience delay or failure in the redemption of their Units.
- Risks Relating to the Business: The Units have never been publicly traded and the listing of the Units on the Stock Exchanges may not result in an active or liquid market for the Units.
- Risks Relating to the Business: The Units may experience price and volume fluctuations. There can be no assurance on the trading price of the Units, and the price of the Units may decline after the Offer.
- Risks Relating to the Business: NAV per Unit may be diluted if further issues are priced below the current NAV per Unit.
- Risks Relating to the Business: Any future issuance of Units by its or sales of Units by significant Unitholders may materially and adversely affect the trading price of the Units.
- Risks Relating to the Business: Investors are not permitted to withdraw or lower their Bids (in terms of quantity of Units or the Application Amount) after the Bid/Offer Closing Date.
- Risks Relating to the Business: The company rights and the rights of the Unitholders to recover claims against the Manager or the Trustee are limited.
- Risks Relating to the Business: The utilization of the proceeds from oversubscription, if any, will be determined post the Bid/Offer Closing Date.
- Risks Relating to the Business: Under Indian law, non-resident investors or foreign investors is subject to investment restrictions that limit our ability to attract foreign investors, which may adversely affect the trading price of the Units.
- Risks Relating to the Business: Foreign Account Tax Compliance Act withholding may affect payments on the Units for investors.
- Risks Relating to the Business: The company may be classified as a PFIC for the current and/or future taxable years for U.S. federal income tax purposes, which could result in materially adverse U.S. federal income tax consequences to U.S. investors in the company Units.
