Bagmane Prime Office REIT defers ₹4,000-cr IPO amid market volatility
₹4,000-crore initial public offering (IPO) that was originally scheduled for March, amid market volatility, according to two people familiar with the matter.Bagmane had received regulatory approval for the draft offer document it filed last December. The company had begun roadshows for investors and analysts earlier this month in the run-up to the IPO.“The company was scheduled to file the updated offer document (UoD) in early March, and once the approval came in, planned to launch the public offering in March itself.
Now, if the situation gets better, it could even happen in the latter half of April,” said the first of the two persons cited earlier, both of whom spoke on the condition of anonymity.Among the many proposed IPOs that have been deferred due to the stock market volatility triggered by the conflict in West Asia, Bagmane Prime Office is currently the only real estate investment trust (REIT) IPO in the works.The Bagmane Prime Office portfolio includes around 20 million sq. ft of Grade A office space, of which 16 million sq.
ft is completed, across six office parks. Multinational companies constitute around 99% of its tenant base, with global capability centres accounting for 89% of the occupiers.
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