Jhunjhunwala-backed Bagmane Prime Office REIT lists at 3.5% premium over IPO price

Bagmane Prime Office REIT listed at Rs 103.50 per unit on the NSE on Thursday, marking a 3.5% premium over its IPO price of Rs 100 per unit. This comes after the Rs 3,405 crore IPO of the Bengaluru-focused office REIT was subscribed nearly 25 times its offer size, attracting the highest number of investor applications ever for a REIT IPO in the country.

The listing was largely in line with expectations. Ahead of the debut, the company’s unlisted units were trading at a 4% grey market premium (GMP) over the IPO price. The company debuted with a market capitalisation of Rs 35,190 crore.

The issue saw strong investor interest during its three-day public bidding period from May 5 to May 7, with the QIB category, excluding anchor investors, subscribed 26.58 times.


The non-institutional investor segment was subscribed 22.82 times. The company aimed to raise Rs 3,405 crore through the IPO, comprising a fresh issue of Rs 2,390 crore and an offer for sale worth Rs 1,015 crore by existing unit holders.

Ahead of the IPO, Bagmane Prime Office REIT raised Rs 1,150 crore from anchor investors, with participation from large domestic institutions, including SBI Life Insurance, UTI Mutual Fund, Kotak Mahindra Mutual Fund, WhiteOak Capital, Quant Mutual Fund, and Max Life Insurance. The issue also saw participation from the Jhunjhunwala Discretionary Trust.

Sponsored by Bengaluru-based Bagmane Group and backed by Blackstone, Bagmane Prime Office REIT’s 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 company’s 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 and Samsung Electronics.

Financially, the trust reported total income of Rs 1,960 crore and profit after tax of Rs 829 crore for the nine months ended December 2025. With record retail participation and heavy institutional oversubscription, Bagmane has now become India’s sixth listed REIT.

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