Shardul Amarchand Mangaldas & Co. acted as Indian legal counsel to Bagmane Prime Office REIT, its investment manager and the sponsor, in relation to the formation and consequent initial public offering aggregating to approximately INR 3,405 crore. Cyril Amarchand Mangaldas advised the lead managers on this IPO.
JM Financial, Kotak Mahindra Capital Company, Axis Capital, IIFL Capital Services, SBI Capital Markets, 360 ONE WAM, and HDFC Bank were the merchant bankers for the IPO.
The offering comprised a fresh issue aggregating to approximately INR 2390 crore and an offer for sale aggregating to approximately INR 1015 crore 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 partners Nikhil Naredi and Rohit Tiwari, with support from senior associate Harini Jambunathan and associates Mathangi K, Pritha Bhangale and Abhit Tanay. Partner Arjun Perikal and principal associate Andre Peter from the Bengaluru office also assisted on the transaction.
CAM’s transaction team was led by partner Janhavi Manohar, with support from senior associate designate Veena Raghav, and associates Arjun Nair, Anna Kallivayalil, Sanjana Prasad, Parameswaran Chidamparam, and Medha Biswas.
Partner Priyadarshini Rao, with support from senior associate Saksham Khokhar and associate Molika Agrawal, advised Blackstone in their capacity as a Selling Unit-holder on this transaction.
