Investcorp-backed NDR InvIT Trust files draft paper with Sebi for Rs 750 crore IPO

NDR InvIT Trust, a privately listed infrastructure investment trust sponsored by NDR Warehousing Private Limited, is proposing to convert from a privately listed InvIT to a public InvIT through an initial public offering (IPO) of units aggregating up to Rs 750 crore.

The Offer comprises a fresh issue of up to Rs 450 crore and an offer for sale of up to Rs 300 crore by Investcorp India Warehousing IFSC Trust.

The existing units of the Trust are listed on NSE. The units issued pursuant to this Offer are proposed to be listed on NSE and BSE.


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The Trust will not receive any proceeds from the Offer for Sale. "The Selling Unitholder will be entitled to the entirety of the proceeds of the Offer for Sale after deducting its portion of the Offer-related expenses and the relevant taxes thereon," said the Trust in the draft red herring prospectus (DRHP).

The proceeds from the Fresh Issue will primarily be utilised towards the acquisition of 100% of NDR Advanced Storage Private Limited for up to Rs 297.6 crore and the acquisition of a 100% interest in NDR Storewell Warehousing LLP for up to Rs 84.2 crore, with the balance proposed for general purposes. The proposed acquisitions are expected to strengthen and diversify the Trust’s portfolio of income-generating warehousing assets and support its future growth.

MUFG Intime India is the registrar for the issue, while ICICI Securities, Ambit, and Axis Capital are the book-running lead managers.

About NDR InvIT Trust

NDR InvIT Trust is an infrastructure investment trust registered with SEBI and sponsored by NDR Warehousing Private Limited. The Trust owns and operates a diversified portfolio of warehousing and industrial assets across key logistics markets in India.

As of June 30, 2026, the Trust manages a total leasable area of 22.97 million sq. ft., of which 21.58 million sq. ft. is currently developed. Its portfolio is spread across key warehousing markets, including Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, NCR Delhi, and Pune, which together account for approximately 80% of India’s organised warehousing stock, according to the JLL Report.

The Trust's revenue from operations in FY26 stood at Rs 420.23 crore, against Rs 324.11 crore reported in FY25. Its profit for FY26 came at Rs 113.44 crore, against Rs 136.73 crore in FY25, according to the DRHP.

On the flipside, the company's total expenses rose to Rs 265.28 crore in FY26 from Rs 169.36 crore in FY25.

Meanwhile, the total comprehensive income attributable to unitholders of NDR InvIT Trust came at Rs 114.95 crore in FY26, against Rs 135.62 crore reported in FY25.

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