Bagmane REIT
Bagmane REIT
Overview
Bagmane REIT is a book build issue of ₹3,405.00 crores. The issue is a combination of fresh issue of 23.90 crore shares aggregating to ₹2,390.00 crores and offer for sale of 10.15 crore shares aggregating to ₹1,015.00 crores. Bagmane REIT opens for subscription on May 5, 2026 and closes on May 7, 2026. The allotment for the Bagmane REIT is expected to be finalized on May 12, 2026. Bagmane REIT will list on the NSE and BSE with a tentative listing date fixed as May 15, 2026. Bagmane REIT is set offered price band at ₹95 to ₹100 per share. JM Financial Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
Total Shares
34,05,00,000
Issue Size
₹3,405 Cr
Price Band
₹95 – ₹100
Lot Size
0 shares
Min. Investment
₹0
Max. Investment
₹0
Open Date
05 May, 2026
Close Date
07 May, 2026
Allotment
12 May, 2026
Listing
15 May, 2026
Max. Investment
₹0
Announced
05 May, 2026
Opening Date
05 May, 2026
Closing Date
07 May, 2026
Basis of Allotment
12 May, 2026
Initiation of Refunds
13 May, 2026
Credit of Shares
13 May, 2026
Listing Date
15 May, 2026
Live GMP
Est. Listing: ₹104
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About Bagmane REIT
Bagmane Prime Office REIT is a commercial office real estate investment trust focused on owning and managing premium Grade A+ business parks in Bengaluru, one of India’s leading office markets. The portfolio is concentrated across key micro-markets in the city and is primarily leased to multinational corporations and global technology companies.
As of June 30, 2025, the portfolio comprised 6 Grade A+ business parks with a total area of 20.3 million sq. ft. and leasable area of 19.6 mill
Bagmane REIT Share Price
Issue Breakdown
Shareholding
Bagmane REIT Financial Health
Bagmane REIT Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| - | - | - | - |
(All values in CR)
Bagmane REIT Valuations
| Metric | Value |
|---|---|
| - | - |
(All values in CR)
Bagmane REIT Strength & Risk
Strengths of Bagmane REIT IPO
- Premium Grade A+ office portfolio across major business parks in Bengaluru with large leasable area and strong asset quality
- Very high occupancy (~98.8%) ensuring stable and predictable rental income
- Strong tenant profile including global MNCs like Google, Amazon, and Nvidia
- High share of rental income from multinational companies (98%+), reducing default risk
- Backed by strong sponsor Bagmane Group with proven track record in commercial real estate
- Institutional backing from Blackstone adds credibility and investor confidence
- REIT structure ensures regular income distribution (minimum 90% of cash flows) for investors
- Positioned to benefit from growth of Global Capability Centres (GCCs) in Bengaluru
Risks of Bagmane REIT IPO
- Entire portfolio concentrated in Bengaluru, leading to geographic concentration risk
- Performance heavily dependent on commercial real estate market conditions in Karnataka
- Limited operating history as a REIT (established in 2025), reducing historical performance visibility
- Exposure to interest rate risk, which can impact borrowing costs and returns
- Competition from existing REITs like Embassy Office Parks REIT and Mindspace Business Parks REIT in a maturing market
- Valuation concerns due to increasing competition and evolving REIT market dynamics
- Dependence on successful execution of planned asset acquisitions (portfolio expansion risk)
- Rental income sensitivity to economic slowdown or reduced office demand
Bagmane REIT Subscriptions Status
Bagmane REIT subscribed 2.96 times. The public issue subscribed [.] times in the retail category, 0.94 times in QIB (Ex Anchor), and [.] times in the NII category by May 7, 2026 10:14:42 AM (Day 3).
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (Rs Cr.) |
|---|---|---|---|---|
| Anchor | 1.00 | 11,49,74,850 | 11,49,74,850 | 0 |
| QIB (Ex Anchor) | 0.94 | 7,66,49,895 | 7,23,80,100 | 723.8 |
| Others | 5.30 | 6,38,75,055 | 33,84,78,750 | 0 |
| Total | 2.96 | 14,05,24,950 | 41,53,91,250 | 4 |
Bagmane REIT GMP
Bagmane REIT REIT last GMP is ₹4.2, last updated May 7th 2026 09:29 AM. With the price band of 100.00, Bagmane REIT REIT's estimated listing price is ₹104.2 (cap price + today's GMP).The expected percentage gain/loss per share is 4.20%. The lowest GMP is ₹0.00, while the highest GMP is ₹5.00.
Last updated 07 May, 2026 · Source: aggregated grey-market dealers
| Date | IPO Price | GMP | Sub2 Sauda | Est. Listing | Est. Profit | Updated |
|---|---|---|---|---|---|---|
| 07 May, 2026 | 100 | ₹4.2 | - | ₹104.2 (4.20%) | - | 07 May, 2026 |
| 06 May, 2026 | 100 | ₹4.2▼ | - | ₹104.2 (4.20%) | - | 06 May, 2026 |
| 05 May, 2026 | 100 | ₹4.5▲ | - | ₹104.5 (4.50%) | - | 05 May, 2026 |
| 04 May, 2026 | 100 | ₹4.25▲ | - | ₹104.25 (4.25%) | - | 04 May, 2026 |
| 03 May, 2026 | 100 | ₹4 | - | ₹104 (4.00%) | - | 03 May, 2026 |
| 02 May, 2026 | 100 | ₹4 | - | ₹104 (4.00%) | - | 02 May, 2026 |
| 01 May, 2026 | 100 | ₹4▼ | - | ₹104 (4.00%) | - | 01 May, 2026 |
| 30 Apr, 2026 | 100 | ₹4.5▼ | - | ₹104.5 (4.50%) | - | 30 Apr, 2026 |
| 29 Apr, 2026 | 100 | ₹5▲ | - | ₹105 (5.00%) | - | 29 Apr, 2026 |
| 28 Apr, 2026 | 0 | ₹0 | - | ₹ (%) | - | 28 Apr, 2026 |
Disclaimer: GMP is an unofficial signal from grey-market dealers and is not regulated by SEBI. Use it alongside subscription data and other research for informed decision-making.
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