Bagmane Reit Ipo
Bagmane REIT IPO Review & Key Points
Review: Neutral
IPO Lead Managers aka Merchant Bankers
JM Financial Ltd.
Kotak Mahindra Capital Co.Ltd.
Axis Capital Ltd.
IIFL Capital Services Ltd.
SBI Capital Markets Ltd.
360 One WAM Ltd.
HDFC Bank Ltd.
| Name of the Company | Face Value (₹) | EPS basic (₹) | EPS Diluted (₹) | RONW (%) | P/E Ratio | NAV (₹) |
| Powerica Limited | 5 | 15.26 | 15.26 | 15.37 % | 24.45 | 99.76 |
| Listed Peers | ||||||
| Cummins India Limited | 2 | 72.15 | 72.15 | 26.45% | 64.13 | 272.78 |
| Kirloskar Oil Engines Limited | 2 | 33.71 | 33.60 | 15.85% | 43.24 | 212.60 |
| NTPC Green Energy Limited | 10 | 0.67 | 0.67 | 2.58% | 129.40 | 21.88 |
| Acme Solar Holdings Limited | 2 | 4.55 | 4.53 | 5.59% | 50.74 | 74.54 |
| Adani Green Energy Limited | 10 | 8.37 | 8.37 | 11.90% | 101.53 | 76.62 |
| IPO Open Date | May 5, 2026 |
| IPO Close Date | May 7, 2026 |
| Face Value | ₹[.] Per Equity Share |
| IPO Price Band | ₹95 to ₹100 Per Share |
| Issue Size | Approx ₹3,405 Crores, 34,05,00,000 Equity Shares |
| Fresh Issue | Approx ₹2,390 Crores, 23,90,00,000 Equity Shares |
| Offer for Sale: | Approx ₹1,015 Crores, 10,15,00,000 Equity Shares |
| Issue Type | Book Building Issue |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus |
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 1 | 150 | ₹15,000 |
| Investor Category | Share Offered | -% Shares |
| Anchor Investor | 11,49,74,850 Shares | -% |
| QIB (Ex. Anchor) | – Shares | 75% |
| NII Shares Offered | – Shares | 25% |
| Anchor Bidding Date | May 4, 2026 |
| Anchor Investors List | |
| Shares Offered | 11,49,74,850 Shares |
| Anchor Size | 1149.75 Cr. |
| lock-in period end date 50% shares (30 Days) | June 7, 026 |
| lock-in period end date 50% shares (90 Days) | August 6, 2026 |
| IPO Open Date: | May 5, 2026 |
| IPO Close Date: | May 7, 2026 |
| Basis of Allotment: | May 12, 2026 |
| Refunds: | May 13, 2026 |
| Credit to Demat Account: | May 13, 2026 |
| IPO Listing Date: | May 15, 2026 |
| IPO Bidding Cut-off Time: | May 7, 2026 – 5 PM |
| Purpose | Crores |
| Acquisition by BDPL of Luxor @ Bagmane Capital Tech Park | ₹1,77,50,00,000.00 |
| Part funding of acquisition by BDPL of 93.00% of the issued and paid-up equity share capital of BRPL | ₹1,02,50,00,000.00 |
| General purposes | ₹- |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹2002.52 | ₹859.78 | ₹758.70 | ₹6296.89 |
| 2024 | ₹2237.33 | ₹1011.80 | ₹809.36 | ₹6816.04 |
| 2025 | ₹2390.88 | ₹1047.06 | ₹897.10 | ₹7238.48 |
| Dec 2025 | ₹1959.79 | ₹717.21 | ₹829.02 | ₹7674.82 |
| Company | NAV (₹) |
| Embassy Office Parks REIT | 445.91 |
| Mindspace Business Parks REIT | 484.90 |
| Brookfield India Real Estate Trust | 355.00 |
| Knowledge Realty Trust | 118.00 |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹184.81 | ₹154.97 | ₹32.10 | ₹251.58 |
| 2024 | ₹206.45 | ₹175.85 | ₹34.44 | ₹339.25 |
| 2025 | ₹322.58 | ₹261.43 | ₹28.13 | ₹455.49 |
| Dec 2025 | ₹236.50 | ₹186.96 | ₹38.69 | ₹561.34 |