Bagmane Prime Office Reit, a Bengaluru-based real estate investment trust backed by Blackstone, is poised for significant growth, targeting a net operating income (NOI) of ₹3,754.8 crore by FY30, supported by a 47 million square feet right of first offer (ROFO) pipeline. The Reit plans to raise ₹3,405 crore through its initial public offering (IPO), with a valuation of ₹34,000 crore at the upper end of the price band. The Reit reported an NOI of ₹1,758.97 crore for the first nine months of FY26 and has historically achieved a 10-12% annual growth in NOI. With a low loan-to-value (LTV) ratio of 5%, the Reit has significant debt headroom for future acquisitions without requiring equity dilution. Approximately 89% of its tenant base consists of global capability centres (GCCs), which the management believes will continue to drive demand in the Indian office market. The IPO is set to open on May 5 and close on May 7, 2026, comprising a fresh issue of ₹2,390 crore and an offer for sale of ₹1,015 crore. The Bagmane Group will retain over 82% ownership post-IPO, reflecting its long-term commitment to the Reit.