Blackstone-backed Indian office developer Bagmane Prime Office REIT has filed for a $445.6 million initial public offering, its draft prospectus showed on Tuesday.
Key context
REITs, or real estate investment trusts, own and operate real estate assets, similar to how mutual funds hold stocks. They earn rent from the properties they manage, which they distribute as dividends to investors.
Bengaluru-based Bagmane competes with the likes of Mindspace Business Parks REIT, Embassy Office Parks REIT, Knowledge Realty Trust, and Brookfield India Real Estate Trust.
The investment trust counts Google, Amazon and Samsung among its biggest tenants.
Why it's important
Bagmane's IPO will follow the public listings of smaller office managers Smartworks, WeWork India and IndiQube at a time when companies are phasing out remote working.
By the numbers
Bagmane proposes to sell new units worth 30 billion rupees ($334.5 million), while existing investors will sell units worth 10 billion rupees.
The investment trust did not disclose details about the entities that will sell their units.
For the year to March 2025, Bagmane reported a 7.5% rise in revenue and a nearly 11% rise in profit.
