Global law firm White & Case LLP has acted as sole international counsel on the INR 34.05 billion (approximately US$360 million) Initial Public Offering (IPO) of Bagmane Prime Office REIT (Bagmane REIT) on the Bombay Stock Exchange and the National Stock Exchange of India.
"Successfully bringing Bagmane REIT’s IPO to market in a challenging environment underscores the strength of investor demand for high-quality REIT offerings in India," said White & Case partner Rahul Guptan, who co-led the Firm’s deal team. "This transaction also reinforces White & Case’s position as a market leader in REIT IPOs in India, acting as sole international counsel on this important offering."
The Bagmane REIT IPO also included an offer for sale of units by Blackstone Real Estate (BREP Asia III India Holding Co VIII Pte. Ltd.).
Bagmane REIT made a strong market debut and attracted the highest number of investor applications ever for a REIT IPO in India, with its IPO oversubscribed 23.71 times.
Bagmane REIT owns and manages a portfolio of premium Grade A+ business parks located in Bengaluru, the best performing office market by net absorption globally and the largest office market in India. Bagmane REIT recorded a 98.8% Committed Occupancy as of December 31, 2025, the highest among Indian office REITs. Bagmane REIT is backed by the Bagmane Group, Bengaluru’s largest and one of India’s leading pure-play Grade A+ office owner and developer as of December 31, 2025.
The book running lead managers were JM Financial Limited, Kotak Mahindra Capital Company Limited, Axis Capital Limited, IIFL Capital Services Limited, SBI Capital Markets Limited, 360 ONE WAM Limited and HDFC Bank Limited.
The White & Case team which advised on the transaction was co-led by partners Rahul Guptan (London) and Kaya Proudian (Singapore) and included associates Stephanie Zhao and Ji Yang Lim (both Singapore), Daniel Park (New York) and Andrew Lambrecht (Houston).
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