Bagmane REIT Set for Debut in Test for India’s IPO Market

Blackstone Inc.-backed Bagmane Prime Office REIT is set to start trading in Mumbai on Thursday after raising $360 million in an initial public offering, a debut that will offer cues on investor appetite and the outlook for India’s equity capital markets.

The REIT raised 34.05 billion rupees at 100 rupees per unit. The IPO included fresh issue of 23.90 billion rupees and an offer-for-sale of 10.15 billion rupees by Blackstone. The offering was subscribed 23 times, with retail investors bidding about six times the units on offer, underscoring strong demand for yield-generating assets. The Bengaluru-based developer is commanding a gray market premium of about 5%, according to IPOWatch, signaling cautious optimism ahead of the debut.