New Delhi, Aug. 6 -- Blackstone-backed real estate developer Bagmane Developers Pvt. Ltd has shortlisted four investment banks to manage its Rs.5,000 crore office real estate investment trust (Reit) listing at a potential valuation of around Rs.22,000-25,000 crore, according to three people with knowledge of the matter.

The development comes on the back of a wave of real estate developers, both residential and commercial office, tapping the public markets to raise funds amidst growing investor interest in Reits.

"The bankers were asked to make pitches last month for the IPO," the first person cited above said on condition of anonymity as the discussions are private. This person added that four investment banks have been shortlisted-Kota...