Warehousing and industrial parks InvIT NDR InvIT Trust has filed draft offer documents with the Securities and Exchange Board of India (SEBI) to raise up to ₹750 crore through an initial public offering. According to reports from Moneycontrol, The Economic Times, CNBC TV18, The Hindu BusinessLine, and Business Standard, the IPO will also convert the privately listed infrastructure investment trust into a publicly listed InvIT. The proposed offering comprises a fresh issue of units worth up to ₹450 crore and an offer-for-sale (OFS) aggregating up to ₹300 crore by Investcorp India Warehousing IFSC Trust. Investcorp India Warehousing IFSC Trust, which currently holds an 8.94 percent stake in the infrastructure investment trust, will be among the selling unitholders in the offer for sale (OFS). The existing units of the Trust are currently listed on NSE, with the units issued pursuant to this Offer proposed to be listed on both NSE and BSE. The Trust will not receive any proceeds from the Offer for Sale, as reported in the draft red herring prospectus (DRHP).
As reported by Moneycontrol, NDR Warehousing, owned by the NDR Group and Naidu Amrutesh Reddy, is the largest unitholder in the InvIT with a 20.03 percent stake. It is followed by NDR Universal Enterprises with 17.22 percent, Investcorp with 7.7 percent, and Larsen & Toubro with 5.05 percent. NDR InvIT Trust, managed by NDR InvIT Managers, has a total leasable area of 22.97 million square feet, of which 21.58 msf has been developed. The portfolio comprises 97 warehouses and 40 industrial parks across 17 cities in India, with an occupancy rate of 98.25 percent as of March 2026. According to The Hindu BusinessLine, NDR Warehousing, as the trust's sponsor, is one of India's early warehousing developers and was the first entrant in the general warehousing space to secure funding from a major global institution, as per JLL report cited in the offer document. The portfolio is spread across key warehousing markets including Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, NCR Delhi, and Pune, which together account for approximately 80 percent of India's organised warehousing stock, according to the JLL Report.
According to Moneycontrol, The Economic Times, CNBC TV18, The Hindu BusinessLine, and Business Standard, the InvIT proposes to utilize ₹297.6 crore of the net fresh issue proceeds to acquire a 100 percent stake in NDR Advanced Storage Private Limited, which owns three under-construction warehouses with a combined area of 8.2 lakh square feet in Chennai, Pune and Hyderabad. The Trust also plans to acquire a 100 percent interest in NDR Storewell Warehousing LLP for ₹84.2 crore from the fresh issue proceeds. The remaining proceeds will be used for general purposes. These assets will be acquired only after the projects commence operations, with operations expected to begin between FY27 and FY28. The proposed acquisitions are expected to strengthen and diversify the Trust's portfolio of income-generating warehousing assets and support future growth. MUFG Intime India serves as the registrar for the issue, while ICICI Securities, Ambit, and Axis Capital have been appointed as the book-running lead managers.
As reported by Moneycontrol, NDR InvIT Trust, which is currently a privately listed infrastructure investment trust, closed at ₹140 per unit on the National Stock Exchange, valuing the Trust at ₹6,412.5 crore. The InvIT reported a profit of ₹113.4 crore for the year ended March 2026, down 17 percent from ₹136.7 crore in the previous year. Revenue rose 29.7 percent to ₹420.2 crore from ₹324.1 crore during the same period, while finance costs more than doubled to ₹130.3 crore from ₹61.7 crore. According to The Economic Times, the Trust's revenue from operations in FY26 stood at ₹420.23 crore, against ₹324.11 crore reported in FY25. However, total expenses rose significantly to ₹265.28 crore in FY26 from ₹169.36 crore in FY25. The total comprehensive income attributable to unitholders of NDR InvIT Trust came at ₹114.95 crore in FY26, against ₹135.62 crore reported in FY25. The InvIT's net asset value (NAV) per unit grew at a compound annual growth rate (CAGR) of 6.05 percent over the past three financial years, from ₹128.27 per unit in FY24 to ₹142.03 per unit in FY26. Its distribution per unit (DPU) stood at ₹7.33 for FY26, compared with ₹6.25 in FY25, a year-on-year increase of 14.73 percent. Net debt as of March 2026 stood at around ₹1,567.03 crore.
