NDR InvIT Trust is a privately listed infrastructure investment trust. NDR InvIT Trust has taken a bold step to grow its business with a draft offer document filed with the Securities and Exchange Board of India (SEBI). The trust has plans for listing as a public limited company through an initial public offer (IPO) of its own units up to ₹750 crore.

The proposed public offering will follow the ITR’s recent move into listing on public capital markets in an effort to expand its unit-holder base, optimize its operating model and boost inorganic growth.

Proposed public issue and fund utilization

The planned public offering of up to ₹750 crore has two elements. It includes an additional issue of a new series of units worth up to ₹450 crore, along with an offer for sale (OFS) to the public worth up to ₹300 crore. 

This offer for sale will be conducted by Investcorp India Warehousing IFSC Trust, an investment entity supported by Investcorp, the global investment management group. The proceeds from the fresh issue are dedicated to the financing of key inorganic growth projects expected to directly add to the trust’s asset base.

The main aim of the fresh issue would be to secure full ownership of certain warehousing companies. The net proceeds will be used to acquire 100% equity in NDR Advanced Storage Private Limited up to ₹297.6 crore. The trust intends to buy a 100% stake in NDR Storewell Warehousing LLP for up to ₹84.2 crore. 

The balance of the fresh proceeds after funding these acquisitions is proposed to be used for general corporate purposes. These strategic asset acquisitions are particularly designed towards enhancing and expanding the portfolio of income-generating warehousing assets of The NDR InvIT Trust and supporting its long-term growth trajectory and revenue potential.

Financial performance and market positioning

This consistent financial growth is accompanied by high efficiency in NDR InvIT Trust operations before the filing of Draft Papers. In the financial year 2025-26 (FY26), the revenue from operations of the trust stood at ₹420.23 crore, indicating an excellent year-on-year (YoY) growth of 29.65%. 

The operational efficiency of the trust was reflected in terms of an increase in the occupancy rates of the assets that went up from 98% in FY25 to 99.76% in FY26. The net asset value (NAV) per unit of the trust has consistently appreciated over the years. 

The growth in NAV per unit over the last 3 years can be attributed to a CAGR of 6.05%, growing from ₹128.27 per unit in FY24 to ₹142.03 per unit in FY26. The DPU of the units has also increased, with the trust distributing ₹7.33 per unit in FY26. It is a growth of 14.73% year-on-year (YoY) when compared with ₹6.25 per unit distributed in FY25. The net debt of the trust as of March 2026 stood around ₹1,567.03 crore.

NDR InvIT Trust stands as a special case in the Indian real estate and logistics infrastructure sector. A report by property consultancy firm JLL, cited in the draft offer document, stated that the trust will become India’s first perpetual warehousing and industrial parks InvIT. The trust’s total leasable area stood at 22.97 million square feet as of June 30, 2026, of which 21.58 million square feet was fully developed.

The geographical spread of the trust’s holdings includes high-quality warehousing markets in India. Its assets are conveniently located in all key logistics centers, including Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, Delhi-NCR, and Pune. 

These key target markets, according to the JLL report, constitute 80% of the organized warehousing capacity in India. NDR Warehousing is a long-established warehousing developer and the first general warehousing developer to raise finance from a major global institutional investor.

Conclusion

The trust has a management footprint of 22.97 million square feet and can bring yet another 100% stake in NDR Advanced Storage Private Limited and NDR Storewell Warehousing LLP to its holdings with a fresh issue.

With a revenue growth of 29.65% during FY26, an occupancy rate of 99.76%, and continued development in terms of distributions per unit, the proposed IPO gives NDR InvIT Trust further positions in India’s prime warehousing corridors.