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Industry : Realty

Bagmane Prime Office REIT View all IPOs

Price Band

Rs 95 – Rs 100

Bagmane Prime Office REIT is going public with a fresh issue and offer for sale. The issue opens on 05th May 2026.

MOJO CALL

Why

Avoid

MOJO CALL

Avoid

Neutral

Best-in-class portfolio quality with industry-leading occupancy

The REIT's six Grade A+ business parks total 20.3 msf of area (19.6 msf Leasable, 16.6 msf Completed) with a 98.8% Committed Occupancy as of December 31, 2025 — the highest among Indian listed office REITs post-listing. The portfolio also enjoys a 7.4-year WALE for long-term contracted cash flows, and 89.3% of Completed Area is LEED-certified with a 5-star GRESB rating (score 93/100), reflecting strong sustainability credentials.

Premium multinational and GCC-heavy tenant base with high retention

Foreign-headquartered multinationals contribute 98.7% of Gross Contracted Rentals, with GCCs at 88.5% and Fortune 500 companies at 65.2% — including Google, Amazon, Nvidia, Samsung, Texas Instruments, Volvo and Qualcomm. The REIT has achieved a 67.5% tenant Retention Rate from FY2023 to 9MFY2026, with 91.7% of leasing in this period coming from existing tenants, supported by a strong BTS-led strategy (42.8% of Completed Area is built-to-suit across 21 buildings).

Heavy geographic and asset concentration

100% of revenue is from Bengaluru/Karnataka, exposing the REIT to single-state regulatory, infrastructure and economic risks. Within the portfolio, the top 3 assets (Bagmane Tech Park, World Technology Centre, Constellation Business Park) contributed ~82.6% of FY2025 revenue, meaning any disruption at these few key assets would materially affect cash flows. The tenant base is also concentrated, with top tenants like Google, Amazon, Samsung and Volvo individually anchoring large portions of certain assets, and any non-renewal or default by these large tenants could leave significant vacant space that may be hard to backfill quickly.

Valuations

We advise against subscribing to the issue, as the company is expected to generate a distribution per unit (DPU) of Rs 6.2 for FY2027, with anticipated yields in the range of 6.2% to 6.4%.

Issue Details

Issue Opens	05th May 2026
Issue Closes	07th May 2026
Price Band	Rs 95 – Rs 100
Issue size (Upper Band)	Rs. 3405 crore
Issue Type	FRESH ISSUE & OFFER FOR SALE
Market cap (based on upper band)	NA
Sales- March 2025 (Rs./Crs)	Rs. 2390.88 Cr
Net Profit - March 2025 (Rs./Crs)	Rs. 897.10 Cr
Industry	Realty
Promoters	Bagmane Realty and Infrastructure LLP
Lead Manager	JM Financial, Kotak Mahindra Capital, Axis Capital and IIFL Capital
Sales- March 2025 (Rs	Array

Objective of the Issue

Details

Objectives of the Issue – Fresh Issue: Rs 2,390 crore & Offer for Sale: Rs 1,015 crore

Part funding of acquisition by BDPL of Luxor @ Bagmane Capital Tech Park – Rs 1,420 crore

Part funding of acquisition by BDPL of 93.00% of the issued and paid-up equity share capital of BRPL – Rs 820 crore

General Corporate Purposes – Rs 150 crore

List of Shareholders Selling Their Stake

Name	Type	Value of Shares (in Rs crore)	% of OFS
UTI Mutual Fund	Selling Unitholder	125.00	15%
360 One Real Assets Development Fund	Selling Unitholder	100.00	12%
Axis Max Life Insurance	Selling Unitholder	75.00	9%
ICICI Pension Fund Management	Selling Unitholder	75.00	9%
Neo Real Asset Yield Fund	Selling Unitholder	65.00	8%
Star Health and Allied Insurance Company	Selling Unitholder	65.00	8%
360 One Income Opportunities Fund - Series 4	Selling Unitholder	45.00	5%
Signet Capital	Selling Unitholder	45.00	5%
Others	Selling Unitholder	255.00	30%

Business Operations

About Company

Bagmane Prime Office REIT is a Bengaluru-based real estate investment trust registered with SEBI in July 2025, set up to own and manage premium Grade A+ commercial office assets in India's "Silicon Valley." Its portfolio comprises six business parks located in the Outer Ring Road (ORR) and Secondary Business District (SBD City) micro-markets of Bengaluru, totaling 20.3 million sq ft of area (19.6 msf leasable), along with two under-construction hotels of 607 keys and four solar power projects with 164.4 MW (DC) aggregate capacity.

As of December 31, 2025, the portfolio recorded 98.8% Committed Occupancy and a 7.4-year WALE (Weighted Average Lease Expiry), with marquee multinational tenants including Google, Amazon, Nvidia, Samsung, Texas Instruments, Volvo and Qualcomm. Foreign-headquartered multinationals and Global Capability Centers contribute 98.7% and 88.5% of gross contracted rentals respectively.

The REIT is sponsored by the Bagmane Group, which has nearly three decades of experience and 29.7 msf delivered across Bengaluru.

Segment Revenue Breakup

Revenue Breakdown by Segment:
Segment	9M FY2026	FY2025	FY2024
Bagmane Tech Park	29%	30%	31%
Bagmane World Technology Centre	27%	28%	26%
Bagmane Constellation Business Park	24%	24%	25%
Others	20%	17%	18%

Financials

Financial Overview

The company's revenue grew at a CAGR of 9.4% between FY2023 and FY2025, with revenues of Rs 2,371 crore recorded for FY2025. For 9M FY2026, the company recorded revenues of Rs 1,943 crore.

For FY2025, the company's Net Operating Income (NOI) stood at Rs 2,084 crore, significantly up from Rs 1,866 crore and Rs 1,669 crore recorded in FY2024 and FY2023, respectively. For 9M FY2026, NOI stood at Rs 1,759 crore, with margins of 90.53%.

Consequently, the company recorded profits of Rs 897 crore in FY2025, significantly higher compared to Rs 809 crore and Rs 759 crore recorded in FY2024 and FY2023, respectively. For 9M FY2026, the company recorded profits of Rs 829 crore, with margins of 42.66%.

The company has managed to successfully generate positive cashflow from operations (CFO) for the past 3 years. The company generated positive CFO of Rs 1,596 crore for FY2025. Similarly, the company generated positive operating cashflows of Rs 1,215 crore and Rs 1,073 crore for FY2024 and FY2023, respectively.

As of 31st December 2025, the company recorded borrowings (incl. lease liabilities) of Rs 3,026 crore.

Financial Performance (Rs/crore)

Rs./Crs	9M FY2026	FY2025	FY2024
Sales	1942.94	2370.75	2205.37
Net Profit	829.02	897.10	809.36