Shardul Amarchand Mangaldas Advises Bagmane Prime Office REIT on INR 34,050 Million IPO

May 14, 2026

Shardul Amarchand Mangaldas & Co. (SAM) acted as Indian legal counsel to Bagmane Prime Office REIT (“Bagmane REIT”), its investment manager and the sponsor, in relation to the formation and consequent initial public offering aggregating to approximately INR 34,050 million. The offering comprised a fresh issue aggregating to approximately INR 23,900 million and an offer for sale aggregating to approximately INR 10,150 million by a Blackstone entity, BREP Asia III India Holding Co VIII Pte. Ltd.

The IPO witnessed an aggregate overall demand of over 23.70 times, highest ever demand in a REIT IPO, including institutional investor demand exceeding 25 times and non-institutional investor demand exceeding 21 times. The units of Bagmane REIT were listed on the BSE and NSE on May 14, 2026.

SAM’s transaction team was led by Nikhil Naredi, Partner, and Rohit Tiwari, Partner, with support from Harini Jambunathan, Senior Associate; and Associates Mathangi K, Pritha Bhangale and Abhit Tanay. Arjun Perikal, Partner and Andre Peter, Principal Associate, from the Bengaluru office also assisted on the transaction.

With this, SAM has advised on each of the last three REIT/InvIT IPOs and last public fund-raisings (along with Rajmarg Infra Investment Trust IPO, Citius Transnet Investment Trust IPO and Brookfield REIT QIP) in 2026.