White & Case advised on Bagmane Prime Office REIT’s India IPO
The Global law firm, White & Case LLP 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.
The global law firm, White & Case LLP, advised the book-running lead managers on all U.S. and international legal aspects of the ₹3,405 crore (US$360 million) Initial Public Offering (IPO) of Bagmane Prime Office REIT in India. The transaction was supported on the India legal aspects by local counsel Shardul Amarchand Mangaldas & Co. and Cyril Amarchand Mangaldas.
White & Case partner Rahul Guptan, who co-led the Firm’s deal team, said,
“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. 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 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 the offering oversubscribed 23.71 times.
Bagmane REIT owns and manages a portfolio of premium Grade A+ business parks located in Bengaluru and recorded a 98.8% committed occupancy as of December 31, 2025, the highest among Indian office REITs. The REIT is backed by the Bagmane Group, one of India’s leading Grade A+ office developers and owners.
The book running lead managers included 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 was co-led by Rahul Guptan (Partner) and Kaya Proudian (Partner), with support from Stephanie Zhao (Associate), Ji Yang Lim (Associate), Daniel Park (Associate) and Andrew Lambrecht (Associate).
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