Bagmane Prime Office REIT IPO subscribed 23.71x, sets India benchmark
Business
Bagmane Prime Office REIT, backed by Blackstone, just made history with its IPO: it was subscribed 23.71 times, drawing bids for over 350 crore units when only about 15 crore were on offer.
This huge demand set a new benchmark for REITs in India and shows how much investors are eyeing the commercial real estate space.
Bagmane institutional investors subscribed 25.25x
Institutional investors led the charge, subscribing an impressive 25.25 times, while others weren't far behind at nearly 22 times.
The funds raised from the fresh issue will help Bagmane buy major properties like Luxor at Bagmane Capital Tech Park and part-fund the acquisition of a 93% stake in Bagmane Rio, expanding its already massive portfolio of six top-tier business parks across Bengaluru's prime locations.