Bagmane Prime Office REIT units rise nearly 4 pc in market debut

New Delhi, May 14 (PTI) Blackstone-backed Bagmane Prime Office REIT on Thursday ended with a premium of nearly 4 per cent against the issue price of Rs 100.

The unit started trading at Rs 103.40, up 3.4 per cent from the issue price on the BSE. During the day, it climbed 4.48 per cent to Rs 104.48. The entity’s unit finally ended at Rs 103.66, rising 3.66 per cent.

On the NSE, it listed at Rs 103.50 with a gain of 3.5 per cent. Its units ended at Rs 103.54, up 3.54 per cent.

At the end of the trading session, Bagmane Prime Office REIT’s market valuation stood at Rs 35,244.40 crore on the BSE.

The Rs 3,405-crore initial public offering (IPO) of Bagmane Prime Office REIT received 23.71 times subscription on the closing day of bidding on May 7 amid

strong investor participation.

The IPO garnered over 2 lakh applications, surpassing previous REIT issues, including Knowledge Realty Trust, Nexus Select Trust, Mindspace Business Parks REIT, Brookfield India REIT, and Embassy Office Parks REIT.

The price band for the issue was fixed at Rs 95-100 per unit of Bengaluru-based real estate investment trust (REIT), which owns and develops Grade A+ office assets.

The public issue comprised a fresh issue of units aggregating up to Rs 2,390 crore and an Offer-for-Sale (OFS) of units worth up to Rs 1,015 crore by the selling unitholder.

Bagmane Prime Office REIT’s portfolio includes six premium Grade A+ business parks, spanning 20.3 million square feet, located in key micro-markets of Bengaluru, including the Outer Ring Road (ORR) and the Secondary Business District (SBD City). PTI HG HG BAL BAL