Bagmane REIT is said to be targeting a valuation of $3.9 billion upon its IPO in India

The proposed offering will aim to raise 40 billion rupees ($440 million), including as much as 30 billion rupees in newly issued shares and a secondary sale of 10 billion rupees by Blackstone, according to the IPO prospectus filed in December.Discussions are still ongoing and details such as the size and timing of the stock sale could change, the people said. A spokesperson for Bagmane REIT did not respond to a request for comment.

India’s initial share sale market is off to a subdued start in 2026, after two consecutive years of record fundraising. The country’s stocks are under pressure from slowing earnings growth, uncertainty over global trade and uneven foreign inflows. But real estate developers are increasingly turning to capital markets to raise funds, signaling their confidence that the shift of millions of people to cities will create robust demand.

India has seven registered REITs, of which Knowledge Realty Trust, Mindspace Business Parks REIT, Brookfield India Real Estate Trust, Embassy Office Parks REIT and Nexus Select Trust are listed.

As of June 30, 2025, Bagmane’s portfolio consisted of six Class A+ industrial parks with a total area of ​​20.3 million square meters, including 19.6 million square meters of leasable area, the filing showed. The REIT reported a gross asset value of Rs387.9 billion. According to the prospectus, the net proceeds from the new issue will be used primarily for asset acquisitions and general corporate purposes.

Kotak Mahindra Capital Co., Axis Bank Ltd., JM Financial Ltd., IIFL Capital Services Ltd., SBI Capital Markets Ltd., 360 ONE WAM Ltd. and HDFC Bank Ltd. act as book-running lead managers for the offering.