Bagmane Developers to raise ₹5,000 crore via REIT IPO
Bagmane Developers, a major name in Bengaluru's office park scene, is gearing up to raise ₹4,500-5,000 crore through a REIT IPO.
The company is targeting a valuation of ₹22,000-25,000 crore and has brought on big banks like Kotak Mahindra Bank and JP Morgan to lead the process.
Who are they?
With over 40 years in the game, Bagmane runs about 30 million sq. ft. of office parks mostly around Bengaluru.
They're also expanding fast and just bought land in Delhi's Dwarka for ₹1,530 crore to grow beyond Karnataka.
REITs on the rise
Bagmane plans to file its IPO draft with SEBI by late 2025 and hopes to list in early 2026—with support from Blackstone (a minority investor).
This move will make them the third Bengaluru developer to launch a REIT IPO after Embassy and Sattva Group.
India's REIT market is booming right now, with assets topping ₹1.63 trillion and four listed trusts managing nearly 129 million sq. ft.—so Bagmane's timing looks pretty smart.