Blackstone and Jhunjhunwala-backed Bagmane draws 2 lakh applications, highest for all REIT IPOs

The Bagmane Prime Office REIT has set a new benchmark for India's REIT market, attracting the highest number of investor applications ever for a REIT IPO in the country, as the Rs 3,405 crore public issue closed on Thursday with overwhelming demand from institutional and high-net-worth investors.

As of 5 pm on May 7, the issue had received 2,01,146 applications, surpassing all previous listed REIT offerings in India, including Embassy Office Parks REIT, Mindspace Business Parks REIT, Brookfield India Real Estate Trust, Nexus Select Trust and Knowledge Realty Trust.

The issue was subscribed 24.96 times overall by the close of bidding. The institutional portion saw the strongest response, with the QIB category, excluding anchor investors, subscribed 26.58 times, while the non-institutional investor segment was subscribed 22.82 times.


Investors bid for 350.77 crore units against 14.05 crore units on offer, reflecting strong demand despite muted grey market signals.

The REIT had opened for subscription on May 5 with a price band of Rs 95–100 per unit and is scheduled to list on the BSE and NSE on May 15.

Ahead of the IPO, Bagmane had already raised Rs 1,150 crore from anchor investors, with participation from large domestic institutions including SBI Life, UTI Mutual Fund, Kotak Mutual Fund, WhiteOak Capital, Quant Mutual Fund and Max Life.

The issue had also seen participation from the Jhunjhunwala Discretionary Trust, adding to institutional interest.
Bagmane had raised another Rs 1,360 crore through a pre-IPO placement, entirely via primary issuance, even before the anchor round.

Sponsored by Bengaluru-based Bagmane Group and backed by Blackstone Inc., the trust gives investors exposure to premium office assets in one of India’s strongest commercial leasing markets. Its portfolio includes six Grade A+ business parks in Bengaluru, spanning 20.3 million square feet, with a leasable area of 19.6 million square feet.

As of June 2025, the portfolio reported 97.9% committed occupancy, among the highest in India’s listed office REIT universe. Its tenant roster includes global technology majors such as Google, Amazon, NVIDIA Corporation and Samsung Electronics.

Financially, the trust reported Rs 1,960 crore in total income and Rs 829 crore in profit after tax for the nine months ended December 2025. With record retail participation and heavy institutional oversubscription, Bagmane is now set to become India’s sixth listed REIT, adding another milestone to the country’s fast-growing listed real estate investment market.