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Bagmane REIT
๐
Founded: 2002
๐ Bengaluru, Karnataka
๐ฅ 800+ employees
๐ bagmane.com
๐ Face Value: โน10
๐ฆ Market Cap: โน28,000 Cr
Price Band
โน95 โ โน100
Issue Size
โน3,405 Cr
Lot Size
150 shares
Min. Investment
โน15,000
GMP
+โน0 (+8%)
Est. Return
+8%
Listing Date
15 May 2026
Registrar
KFin Technologies
IPO Signal Analysis
๐ Based on Grey Market Premium (GMP) & Subscription Data โ not financial advice
GMP Signal
High Interest
GMP: +8% above issue price
โญ Overall Signal
High Interest
GMP + Subscription combined
Not financial advice
Not financial advice
Subscription Signal
High Interest
24.96x subscribed
Issue Details
Fresh Issueโน2,390 Cr
Offer for Sale (OFS)โน1,015 Cr
Total Issue Sizeโน3,405 Cr
Face Valueโน10
Market Cap (at issue)โน28,000 Cr
Listing ExchangeBSE, NSE
๐
Open Date05 May 2026
๐ Close Date07 May 2026
โ๏ธ Cut-off Price Date07 May 2026
๐๏ธ Allotment Date12 May 2026
๐ธ Refund Initiation13 May 2026
๐ Demat Credit13 May 2026
๐ Listing Date15 May 2026
Objects of the Issue
- ๐ฐ Repayment of existing borrowings โ โน1,800 Cr
- ๐ฐ Acquisition of additional office park assets โ โน1,000 Cr
- ๐ฐ General corporate purposes โ โน605 Cr
About the Company
Bagmane REIT is a commercial real estate investment trust (REIT) holding a portfolio of 12 Grade A office parks in Bengaluru โ one of India's largest tech office markets. The portfolio spans 30.4 million sq ft of office space, leased to 150+ tenants including MNCs like Goldman Sachs, KPMG, Cisco, and Qualcomm. Investors earn quarterly distributions from rental income.
Strengths
- โ 30.4 million sq ft of Grade A office space in Bengaluru tech corridor
- โ 150+ MNC tenants including Goldman Sachs, Cisco, Qualcomm
- โ 94% occupancy rate โ well above industry average
- โ Quarterly dividend distributions โ income-generating investment
Risk Factors
- โ ๏ธ Concentrated in single city: Bengaluru
- โ ๏ธ Work-from-home trend may reduce office demand long-term
- โ ๏ธ REITs require SEBI registration and are complex instruments
- โ ๏ธ Lower growth upside compared to equity; income depends on occupancy
Subscription Status
24.96x Overall
QIB: 31.2x
NII: 18.4x
RII: โ
GMP Trend
Day-wise Subscription
| Day | QIB | NII | RII | Overall |
|---|---|---|---|---|
| Day 1 | 7.80x | 4.40x | โ | 6.20x |
| Day 2 | 18.40x | 11.20x | โ | 14.80x |
| Day 3 | 31.20x | 18.40x | โ | 24.96x |
Share Reservation
QIB
75%
NII
25%
RII
0%
Allocation as per SEBI regulations for Mainboard IPO
Anchor Investors
GIC SingaporeADIA Abu DhabiBlackstoneCanada Pension PlanSBI MF
Promoter Holding
100%
Pre-IPO
โ -27.6%
72.4%
Post-IPO
Company Gallery
Bagmane
Bagmane Tech Park, Bengaluru
Bagmane
Grade A office space interior
Bagmane
Bagmane Constellation Business Park
Founders & Leadership
VG
Vinod Gangwal
Promoter & Developer
๐ B.E., Civil Engineering
Built Bagmane Developers into Bengaluru's premier commercial real estate developer with 30+ million sq ft
KG
Kiran Gangwal
Co-Promoter & Director
๐ MBA, Real Estate Management
Manages leasing strategy and MNC client relationships across Bagmane's office parks
IPO Timeline
โ
Open Date
05 May 2026
โ
Close Date
07 May 2026
โ
Allotment Date
12 May 2026
โ
Listing Date
15 May 2026
Key Financials
Revenueโน2,480 Cr
PATโน820 Cr
EPSโน8.2/unit
P/E Ratio12.2x
ROE9.4%
Market Capโน28,000 Cr
Company Financials (Restated Consolidated)
| Period Ended | 9M FY26 | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Assets | 22000.00 | 24000.00 | 22000.00 | 19000.00 |
| Total Income | 1860.00 | 2480.00 | 2200.00 | 1960.00 |
| Profit After Tax | 620.00 | 820.00 | 740.00 | 660.00 |
| EBITDA | 1420.00 | 1920.00 | 1720.00 | 1540.00 |
| Net Worth | 8800.00 | 8600.00 | 8200.00 | 7800.00 |
| Reserves & Surplus | 6800.00 | 6600.00 | 6200.00 | 5800.00 |
| Total Borrowing | 8200.00 | 10200.00 | 9800.00 | 8600.00 |
Amount in โน Crore
Key Performance Indicators (KPI)
| KPI | 9M FY26 | FY25 |
|---|---|---|
| ROE (%) | 7.05 | 9.53 |
| EBITDA Margin (%) | 76.34 | 77.42 |
| Debt / Equity | 0.93 | 1.19 |
| Net Worth (Rs. Cr) | 8800.00 | 8600.00 |
| Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS | โน8.2/unit | โ |
| P/E (x) | 12.2x | โ |
| ROE (%) | 9.4% | โ |
| Promoter Holding | 100% | 72.4% |
| Market Cap | โน28,000 Cr | |
IPO Registrar
IPO FAQs
Bagmane REIT IPO is a mainboard IPO with an issue size of โน3,405 Cr at a price band of โน95 โ โน100. Minimum lot size is 150 shares (minimum investment ~โน15,000). Opens on 05 May 2026 and closes on 07 May 2026. Proposed listing on BSE, NSE. Registrar: KFin Technologies.