NDR InvIT plans ₹750 crore issue to fund warehousing acquisitions

NDR InvIT Trust, a privately listed infrastructure investment trust (InvIT), has filed a draft offer document with the Securities and Exchange Board of India (Sebi) to convert from a privately listed InvIT to a public InvIT through an initial public offer (IPO) of units aggregating up to ₹750 crore.

The offer comprises a fresh issue of up to ₹450 crore and an offer for sale (OFS) of up to ₹300 crore by Investcorp India Warehousing IFSC Trust, an investment entity backed by global investment manager Investcorp.

The proceeds from the fresh issue will primarily be used to acquire 100 per cent of NDR Advanced Storage Private Limited for up to ₹297.6 crore and 100 per cent interest in NDR Storewell Warehousing LLP for up to ₹84.2 crore, with the balance proposed for general purposes.

The proposed acquisitions are aimed at strengthening and diversifying the trust’s portfolio of income-generating warehousing assets and supporting its future growth.

Earlier, the InvIT’s revenue from operations in the financial year 2025-26 (FY26) stood at ₹420.23 crore, up 29.65 per cent year-on-year (YoY). Occupancy across its portfolio improved from 98 per cent in FY25 to 99.76 per cent in FY26.

The InvIT’s net asset value (NAV) per unit grew at a compound annual growth rate (CAGR) of 6.05 per cent 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 YoY increase of 14.73 per cent. Net debt as of March 2026 stood at around ₹1,567.03 crore.

NDR InvIT Trust is India’s first perpetual warehousing and industrial parks InvIT, according to a report by property consultancy firm JLL cited in the offer document.

As of June 30, 2026, the InvIT managed a total leasable area of 22.97 million square feet (msf), of which 21.58 msf had already been developed.

Its portfolio is spread across warehousing markets including Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, Delhi-NCR and Pune, which together account for approximately 80 per cent of India’s organised warehousing stock, according to JLL.

The InvIT’s sponsor, NDR Warehousing, is a warehousing developer and was the first entrant in the general warehousing segment to secure funding from a major global institution, the report noted.