- India’s first perpetual warehousing & industrial parks InvIT seeks ₹450 crore fresh capital, ₹300 crore OFS
- Fresh issue to fund 100% acquisitions of NDR Advanced Storage and NDR Storewell Warehousing
- 97 million sq ft leasable portfolio spans Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, Delhi-NCR and Pune
- Warehousing play comes amid a rapid shift towards Grade-A logistics infrastructure, e-commerce and manufacturing-led supply chains
NE BUSINESS BUREAU
AHMEDABAD, AUG 14
The warehouse is no longer merely a roof over inventory—it is fast becoming the backbone of India’s consumption, manufacturing and e-commerce economy. And NDR InvIT Trust is now seeking to turn that structural shift into a public-market opportunity.
Investcorp-backed NDR InvIT Trust, India’s first perpetual warehousing and industrial parks Infrastructure Investment Trust (InvIT), is preparing to make the leap from a privately listed platform to a public InvIT through an initial public offering of units aggregating up to ₹750 crore, according to its draft offer document filed with the Securities and Exchange Board of India (Sebi).
The proposed issue comprises a fresh issue of units worth up to ₹450 crore and an offer for sale (OFS) of up to ₹300 crore by Investcorp India Warehousing IFSC Trust.
The proposed public issue comes as NDR InvIT accelerates its portfolio-building strategy across India’s logistics and industrial corridors. The Trust had already expanded rapidly in 2026, including acquisitions in Pune, Kochi and Coimbatore, while raising ₹726.8 crore through a preferential issue to support further acquisitions and capital expenditure.
₹381.8-crore acquisition engine
The fresh issue proceeds will primarily be deployed to acquire 100% of NDR Advanced Storage Private Limited for up to ₹297.6 crore and 100% interest in NDR Storewell Warehousing LLP for up to ₹84.2 crore. The balance is proposed to be utilised for general corporate purposes.
Together, the proposed acquisitions represent an outlay of up to ₹381.8 crore, positioning the IPO as more than a liquidity event: it is also designed to feed the Trust’s next phase of asset consolidation and portfolio expansion.
The acquisitions are expected to strengthen and diversify NDR InvIT’s portfolio of income-generating warehousing assets while providing an additional platform for future growth.
22.97 million sqft logistics footprint
As of June 30, 2026, NDR InvIT manages a total leasable area of 22.97 million sq ft, of which 21.58 million sq ft has been developed.
Its portfolio is spread across major warehousing markets including Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, Delhi-NCR and Pune—markets that together account for a substantial share of India’s organised warehousing stock, according to the JLL report cited in the offer document.
The Trust’s expansion has also been accompanied by a widening geographical and asset footprint. Its March 2026 acquisition of a Grade-A facility in Pune added around 0.7 million sq ft of leasable area, while its April acquisitions in Kochi and Coimbatore added another 0.79 million sqft.
Investcorp’s warehousing bet enters a new orbit
The proposed public issue also marks another chapter in Investcorp’s India warehousing investment story.
NDR Warehousing Private Limited, the sponsor, is described in the JLL report as one of India’s pioneering warehousing developers and an early entrant in the general warehousing segment to secure funding from a major global institution.
Investcorp had backed the creation and listing of NDR InvIT on the National Stock Exchange in 2024. The earlier transaction involved aggregate proceeds of about $106 million, while Investcorp held a 21% stake in the Trust at the time, according to Investcorp.
NDR InvIT was listed on the NSE after privately placed units aggregating ₹880 crore were fully subscribed, marking an early milestone for India’s specialised warehousing InvIT ecosystem.
The bigger investor story: India’s logistics backbone
For investors, the attraction lies in the convergence of several structural themes—organised warehousing, formalisation of supply chains, e-commerce, third-party logistics, manufacturing expansion and rising demand for Grade-A industrial infrastructure.
NDR’s tenant ecosystem spans sectors such as 3PL, e-commerce, technology, engineering, automobiles, white goods, retail and FMCG, giving the portfolio exposure to multiple consumption and manufacturing drivers. The Trust has also been expanding into newer markets such as Goa, where its portfolio reached around 1.3 million sq ft after the inauguration of a Grade-A facility at Verna Industrial Estate.
The Trust’s own positioning is distinctly infrastructure-led: rather than betting on a single logistics segment, it seeks to build a diversified pool of income-generating warehousing and industrial assets across key consumption and manufacturing hubs.
With the ₹750-crore proposed public issue, NDR InvIT is effectively taking the warehouse from the back-end of India’s supply chain to the front-end of the capital market—offering public investors a potential route to participate in the country’s expanding logistics-infrastructure story.
