Bagmane Prime Office REIT raises ₹3,405 cr for Mumbai listing
Business
Bagmane Prime Office REIT, backed by Blackstone, is set to start trading in Mumbai on Thursday, raising ₹3,405 crore through its IPO.
The offering was a hit, oversubscribed 23 times overall and six times by retail investors, showing big demand for this Bengaluru-based real estate trust.
REITs outperform Nifty, deliver 15-26% returns
Bagmane REIT is set to start trading in Mumbai on Thursday as India's sixth listed REIT and commanding a 5% gray market premium, signaling investor excitement.
Its success could help revive India's sluggish IPO scene.
Plus, REITs have been outperforming the Nifty index lately, delivering annual returns between 15% and 26%, while the Nifty actually dropped by 3.5%.
That steady income from commercial leases is clearly catching investors' eyes right now.