Shardul Amarchand Mangaldas & Co. advised Bagmane Prime Office REIT on INR 34,050 million IPO
The leading Indian law firm, Shardul Amarchand Mangaldas & Co. (SAM) acted as Indian legal counsel to Bagmane Prime Office REIT, its investment manager, and sponsor in relation to the formation and 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 aggregate demand of over 23.70 times, the 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.
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.
The SAM transaction team was led by Nikhil Naredi (Partner) and Rohit Tiwari (Partner), with support from Harini Jambunathan (Senior Associate), Mathangi K (Associate), Pritha Bhangale (Associate), and Abhit Tanay (Associate). Arjun Perikal (Partner) and Andre Peter (Principal Associate), from the Bengaluru office, also assisted on the transaction.
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