India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

Bagmane Prime Office REIT / Equity Bottom-Up

<ul>
<li>Bagmane Prime Office REIT, India’s largest pure-play office REIT plans to raise INR 3,405 crore, backed by a 20.3 million sq. ft. and ~INR 40,264 crore Gross Asset Value.</li>
<li>The portfolio has 98.8% occupancy, 7.4-year lease tenure, 60+ tenants, and strong exposure to MNC and GCC tenants, supporting stable rental income.</li>
<li>Backed by Bagmane Group’s strong development track record and 47.1 million sq. ft. ROFO pipeline, the REIT offers growth visibility, but remains Bengaluru-focused.</li>
</ul>


Bagmane Prime Office REIT, India’s largest pure-play office REIT plans to raise INR 3,405 crore, backed by a 20.3 million sq. ft. and ~INR 40,264 crore Gross Asset Value.
The portfolio has 98.8% occupancy, 7.4-year lease tenure, 60+ tenants, and strong exposure to MNC and GCC tenants, supporting stable rental income.
Backed by Bagmane Group’s strong development track record and 47.1 million sq. ft. ROFO pipeline, the REIT offers growth visibility, but remains Bengaluru-focused.


Bagmane Prime Office REIT IPO: Lower Vacancy, Higher Yield

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Bagmane Prime Office REIT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bagmane-prime-office-reit" target="_blank" data-smartkarma-citation="entities:46266:1" rel="noopener">Bagmane Prime Office REIT (BPO IN)</a> plans to raise around US$360m in its India IPO, down from its earlier estimated size of US$440m. </li>
<li>The primary portion has been cut to INR23.9bn (US$253m) from INR30bn (US$320m) while the secondary component remains unchanged at INR10bn (US$105m).</li>
<li>The primary portion has been cut to INR23.9bn (US$253m) from INR30bn (US$320m) while the secondary component remains unchanged at INR10bn (US$105m).</li>
</ul>



Bagmane Prime Office REIT (BPO IN) plans to raise around US$360m in its India IPO, down from its earlier estimated size of US$440m. 
The primary portion has been cut to INR23.9bn (US$253m) from INR30bn (US$320m) while the secondary component remains unchanged at INR10bn (US$105m).
The primary portion has been cut to INR23.9bn (US$253m) from INR30bn (US$320m) while the secondary component remains unchanged at INR10bn (US$105m).


Aequitas: Bagmane Prime Office REIT IPO - Stable Growth, Limited Yield Upside

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bagmane-prime-office-reit" target="_blank" data-smartkarma-citation="entities:46266:1" rel="noopener">Bagmane Prime Office REIT (BPOR IN)</a> plans to raise around US$440m in its upcoming India IPO. It owns and manages premium Grade A+ business parks located in Bengaluru.</li>
<li>It represents a high-quality, institutionally-managed office REIT with strong asset quality, near-full occupancy, and embedded rental upside. Its balance sheet and acquisition pipeline provide support with moderate growth potential.</li>
<li>In this note, we talk about the firm’s historical performance.</li>
</ul>



Bagmane Prime Office REIT (BPOR IN) plans to raise around US$440m in its upcoming India IPO. It owns and manages premium Grade A+ business parks located in Bengaluru.
It represents a high-quality, institutionally-managed office REIT with strong asset quality, near-full occupancy, and embedded rental upside. Its balance sheet and acquisition pipeline provide support with moderate growth potential.
In this note, we talk about the firm’s historical performance.


Aequitas: Bagmane REIT Pre-IPO - Strong Yield Visibility Supported by Embedded Rental Growth

Kajal Jain

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bagmane-prime-office-reit" target="_blank" data-smartkarma-citation="entities:46266:1" rel="noopener">Bagmane Prime Office REIT (BPO IN)</a> plans to raise about US$446m through its upcoming India IPO, led by JM, Kotak, Axis, IIFL, SBI, 360 One and HDFC.</li>
<li>BPO owns and manages premium Grade A+ business parks located in Bengaluru. Its tenants include marquee foreign-headquartered multinational tenants such as Google, Amazon, and Nvidia.</li>
<li>According to Jones Lang LaSalle Property Consultants, BPO’s portfolio totals 20.3 msf, with 19.6 msf leasable area and 97.9% committed occupancy as of June 30, 2025, highest among Indian REITs.</li>
</ul>



Bagmane Prime Office REIT (BPO IN) plans to raise about US$446m through its upcoming India IPO, led by JM, Kotak, Axis, IIFL, SBI, 360 One and HDFC.
BPO owns and manages premium Grade A+ business parks located in Bengaluru. Its tenants include marquee foreign-headquartered multinational tenants such as Google, Amazon, and Nvidia.
According to Jones Lang LaSalle Property Consultants, BPO’s portfolio totals 20.3 msf, with 19.6 msf leasable area and 97.9% committed occupancy as of June 30, 2025, highest among Indian REITs.


Aequitas: Bagmane Prime Office REIT Pre-IPO Tearsheet

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Thematic (Sector/Industry)

<ul>
<li>Record H1 CY2026 leasing of 45.5 msf, with GCC (43%) and flex (24%) demand rising as third-party IT services contracts to 13%</li>
<li>Regulatory re-rating underway: SEBI's equity reclassification opens the INR 65 trn mutual fund base, a sixth REIT has listed, and the BSE has launched a REIT benchmark. </li>
<li>Knowledge Realty offers the most growth headroom (18% LTV, largest GAV at INR674bn); Embassy leads on scale (52.5 msf) but has highest leverage; Mindspace and Brookfield remain acquisition led.</li>
</ul>


Record H1 CY2026 leasing of 45.5 msf, with GCC (43%) and flex (24%) demand rising as third-party IT services contracts to 13%
Regulatory re-rating underway: SEBI's equity reclassification opens the INR 65 trn mutual fund base, a sixth REIT has listed, and the BSE has launched a REIT benchmark. 
Knowledge Realty offers the most growth headroom (18% LTV, largest GAV at INR674bn); Embassy leads on scale (52.5 msf) but has highest leverage; Mindspace and Brookfield remain acquisition led.


India Office REITs: Structural Demand Meets a Regulatory Re-Rating - August 2026

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Bagmane Prime Office REIT (BPO IN)

Bagmane Prime Office REIT IPO: Lower Vacancy, Higher Yield

Bagmane Prime Office REIT, India's largest office REIT, plans to raise INR 3,405 crore with a strong portfolio, high occupancy, and growth potential.

Sudarshan Bhandari

Aequitas: Bagmane Prime Office REIT IPO - Stable Growth, Limited Yield Upside

Bagmane Prime Office Reit (BPOR) plans to raise around US$360m in its India IPO, down from its earlier estimated size of US$440m. In this note, we...

Akshat Shah

Aequitas: Bagmane REIT Pre-IPO - Strong Yield Visibility Supported by Embedded Rental Growth

Bagmane Prime Office Reit (BPOR) plans to raise around US$440m in its upcoming India IPO. In this note, we talk about the firm’s historical...

Akshat Shah

Aequitas: Bagmane Prime Office REIT Pre-IPO Tearsheet

Bagmane Prime Office Reit (BPO) plans to raise around US$446m in its upcoming India IPO. The deal will be run by JM, Kotak, Axis, IIFL, SBI, 360...

Kajal Jain

India Office REITs: Structural Demand Meets a Regulatory Re-Rating - August 2026

India's listed office REITs enter H2 CY2026 with macro and fundamentals aligned. H1 leasing hit a record 45.5 msf, led by GCCs (43%) and flex...

GSBR Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bagmane Prime Office REIT IPO: Lower Vacancy, Higher Yield

​Bagmane Prime Office REIT, India's largest office REIT, plans to raise INR 3,405 crore with a strong portfolio, high occupancy, and growth potential.

Sudarshan Bhandari

Aequitas: Bagmane Prime Office REIT IPO - Stable Growth, Limited Yield Upside

Bagmane Prime Office Reit (BPOR) plans to raise around US$360m in its India IPO, down from its earlier estimated size of US$440m. In this note, we...

Akshat Shah

Aequitas: Bagmane REIT Pre-IPO - Strong Yield Visibility Supported by Embedded Rental Growth

Bagmane Prime Office Reit (BPOR) plans to raise around US$440m in its upcoming India IPO. In this note, we talk about the firm’s historical...

Akshat Shah

Aequitas: Bagmane Prime Office REIT Pre-IPO Tearsheet

Bagmane Prime Office Reit (BPO) plans to raise around US$446m in its upcoming India IPO. The deal will be run by JM, Kotak, Axis, IIFL, SBI, 360...

Kajal Jain

India Office REITs: Structural Demand Meets a Regulatory Re-Rating - August 2026

India's listed office REITs enter H2 CY2026 with macro and fundamentals aligned. H1 leasing hit a record 45.5 msf, led by GCCs (43%) and flex...

GSBR Research

Bagmane Prime Office REIT, India's largest office REIT, plans to raise INR 3,405 crore with a strong portfolio, high occupancy, and growth potential.