The Bagmane Prime Office Real Estate Investment Trust (REIT), supported by Blackstone, has reported a subscription rate of 3.48x on its IPO by the third day of the offering, which opened on May 5 and is set to close on May 7, 2023. The price band for the IPO is established at ₹95-100 per unit. The REIT focuses on developing and managing Grade A office properties and has successfully attracted approximately ₹1,150 crore from initial investors. Its portfolio includes six high-quality business parks in Bengaluru, covering around 20.3 million square feet in prime locations like the Outer Ring Road and Secondary Business District.

The grey market premium (GMP) for the IPO is currently +4, suggesting an anticipated listing price of ₹104 per share, which is 4% above the upper end of the IPO price range. As of 14:45 IST, the IPO has received bids for 51,49,20,900 units against 14,79,21,000 shares available, with the portion for other investors subscribed at 4.40x and institutional investors at 2.71x. The funds raised through this IPO will be utilized for acquiring Luxor at Bagmane Capital Tech Park and a 93% stake in Bagmane Rio, which houses the 1.1 million square feet Bagmane Rio Business Park. Leading managers for the issue include JM Financial, Kotak Mahindra Capital Company, and others.