Indian office developer Bagmane Prime Office trust files for $445 million IPO

Dec 30 (Reuters) - Blackstone-backed BX.N 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 MINS.NS, Embassy Office Parks REIT EMBA.NS, Knowledge Realty Trust KNOE.NS, and Brookfield India Real Estate Trust BROF.NS.

The investment trust counts Google GOOGL.O, Amazon AMZN.O and Samsung 005930.KS among its biggest tenants.

WHY IT'S IMPORTANT

Bagmane's IPO will follow the public listings of smaller office managers Smartworks SMAW.NS, WeWork India WEWO.NS and IndiQube IDIQ.NS 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.

($1 = 89.7760 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Editing by Mrigank Dhaniwala)

((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))