Baggmane Prime Office REIT, backed by Blackstone, is preparing to launch an initial public offering (IPO) as soon as next month, targeting a valuation of approximately $3.9 billion, according to sources familiar with the matter.

This move signals growing investor appetite for Indian real estate assets, particularly high-quality office spaces in major cities. The REIT, which owns and operates commercial properties, aims to tap into the domestic market's demand for income-generating real estate investments. The planned IPO valuation places it among the larger players in India's nascent REIT sector.

The timing coincides with increased interest from global and domestic institutional investors seeking exposure to Asia's third-largest economy. Regulatory approvals and market conditions will be critical factors determining the IPO's success. Blackstone's backing provides significant credibility and operational expertise to the venture.

Investors will keenly watch the IPO's pricing and subscription levels, which could set a benchmark for future REIT listings in India.