NDR InvIT Trust IPO: Rs 750 Crore Public Listing Plans
By Business Desk
Investcorp-backed NDR InvIT Trust files for a Rs 750 crore IPO with SEBI, aiming to transition from a private to a public infrastructure investment trust.
Investcorp-backed NDR InvIT Trust has filed a draft paper with SEBI for an Initial Public Offering (IPO) of units totaling up to Rs 750 crore. This move seeks to transition the privately listed infrastructure investment trust into a public InvIT.
The IPO structure includes two main components:
- A fresh issue of up to Rs 450 crore.
- An offer for sale (OFS) of up to Rs 300 crore by Investcorp India Warehousing IFSC Trust.
The Trust will not receive proceeds from the Offer for Sale, which are allocated to the selling unitholder after expenses.
Funds from the fresh issue are primarily designated for strategic acquisitions.
- Acquiring 100% of NDR Advanced Storage Private Limited for up to Rs 297.6 crore.
- Acquiring 100% interest in NDR Storewell Warehousing LLP for up to Rs 84.2 crore.
The remaining balance is set aside for general corporate purposes, aiming to diversify and enhance the Trust’s portfolio.
Portfolio Snapshot
NDR InvIT Trust, sponsored by NDR Warehousing Private Limited, manages an extensive portfolio of warehousing and industrial assets.
As of June 30, 2026, the Trust’s assets span major logistics markets across India, representing approximately 80% of India’s organized warehousing stock, as per a JLL Report.
- Total leasable area: 22.97 million sq. ft.
- Currently developed area: 21.58 million sq. ft.
- Key markets: Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, NCR Delhi, Pune.
Financial Performance in FY26
The Trust reported varied financial outcomes for FY26 compared to the previous fiscal year.
- Revenue from operations: Rs 420.23 crore in FY26, up from Rs 324.11 crore in FY25.
- Profit: Rs 113.44 crore in FY26, a decrease from Rs 136.73 crore in FY25.
- Total expenses: Rs 265.28 crore in FY26, an increase from Rs 169.36 crore in FY25.
- Total comprehensive income for unitholders: Rs 114.95 crore in FY26, down from Rs 135.62 crore in FY25.
The existing units of the Trust are already listed on NSE, with new units set for listing on both NSE and BSE.
ICICI Securities, Ambit, and Axis Capital are serving as the book-running lead managers for the issue, while MUFG Intime India is the registrar.