Bagmane Prime Office REIT IPO fully subscribed on Day 2; check GMP, details

Bagmane REIT IPO: The initial public offering (IPO) of Jhunjhunwala-backed Bagmane Prime Office REIT has received a strong response from investors. The mainline issue, which opened for public subscription on Tuesday, May 5, 2026, has been fully subscribed on Day 2 of bidding. 

 

According to the National Stock Exchange (NSE), the Bagmane REIT IPO has received bids for 157.37 million shares against 147.92 million shares on offer, translating into a subscription of 1.06 times. 

Bagmane REIT IPO GMP

The investor sentiment was also reflected in the grey market. According to sources tracking unofficial market activity, Bagmane’s unlisted shares were trading at ₹104.5 per share, commanding a grey market premium of ₹4.5, or 4.5 per cent, over the upper end of the IPO price band of ₹95 to ₹100.

 

Bagmane REIT IPO details

Bagmane Prime Office REIT aims to raise ₹3,405 crore through a combination of a fresh issue of 239 million equity shares worth up to ₹2,390 crore and an offer for sale (OFS) of 101.5 million shares amounting to ₹1,015 crore. 

 

The issue is priced in the range of ₹95-100 per share.

 

Kfin Technologies is the registrar for the issue. JM Financial, Kotak Mahindra Capital Company, Axis Capital, SBI Capital Markets, 360ONE WAM, and HDFC Bank are the book-running lead managers of the issue. 

 

Ahead of the public issue, the REIT raised ₹1,150 crore from anchor investors by allotting 114.9 million shares at the upper end price of ₹100. Marquee domestic investors, including SBI Life Insurance Company, UTI Mutual Fund, Kotak Mahindra Mutual Fund, WhiteOak Capital Mutual Fund, Quant Mutual Fund, and Max Life Insurance Company, participated in the anchor round. 

About Bagmane Prime Office REIT

Bagmane Prime Office REIT is a Bengaluru-based Grade A+ commercial real estate investment trust that owns and operates office parks. Its portfolio is concentrated in key micro-markets and is largely leased to multinational corporations and global technology firms.

 

As of June 30, 2025, the REIT had a total portfolio size of 20.3 million square feet, of which 19.6 million square feet was leasable. The occupancy level stood at 97.9 per cent on a committed basis, indicating strong demand and stable leasing.

 

The portfolio comprises a mix of completed properties, under-construction assets, and planned developments, along with supporting infrastructure such as hotels and solar installations.

 

Its tenant base includes leading global companies like Google, Amazon, and Nvidia, highlighting the quality of occupants and providing long-term visibility on lease income.