Blackstone-backed Bagmane Prime Office Real Estate Investment Trust (REIT) concluded its first day of trading on a positive note, rising nearly 3.66% to reach ₹103.66, surpassing its issue price of ₹100. The units debuted at ₹103.40 on the Bombay Stock Exchange (BSE) and peaked at ₹104.48 during the day.
The ₹3,405-crore initial public offering attracted significant investor interest, achieving a remarkable subscription rate of 23.71 times. The portion allocated for retail investors received a subscription of 21.87 times, while institutional investors subscribed at 25.25 times. The REIT garnered over 200,000 applications, marking the highest response ever for a REIT offering.
In preparation for the IPO, the REIT secured ₹1,150 crore from anchor investors. The IPO included a fresh issue of ₹2,390 crore and an offer for sale amounting to ₹1,015 crore from the selling unit holder, Blackstone. Proceeds from the IPO are earmarked for acquiring the Luxor property at Bagmane Capital Tech Park, which spans one million square feet, and for funding a 93% stake acquisition in Bagmane Rio, which encompasses the 1.1-million sq ft Bagmane Rio Business Park.
Bagmane REIT’s portfolio consists of six premium Grade A+ business parks, totaling 20.3 million square feet. The properties are situated in top-performing micro-markets by net absorption from 2021 to 2025. Of this portfolio, 19.6 million square feet is leasable, with 16.6 million square feet already completed and nearly fully leased, achieving an occupancy rate of almost 99%.
Published on May 14, 2026.
