NDR InvIT Targets Rs 1,000 Cr IPO as Warehousing Trusts Rush to Tap Investor Capital

NDR InvIT Targets Rs 1,000 Cr IPO as Warehousing Trusts Rush to Tap Investor Capital​

Arainvestcorp-backed warehousing platform, NDR InvIT Trust, is planning an initial public offering (IPO) that aims to raise around Rs 1,000 crore. This move positions the company to join a rising trend of infrastructure investment trusts going public to access domestic capital. The IPO is expected to primarily feature an offer for sale of units by existing investors, providing them with a partial liquidity opportunity.

Discussions regarding the issue are currently in their early stages, and sources indicate that the final structure, timing, and size could change closer to the filing of the draft red herring prospectus. NDR InvIT's public listing would broaden its units' accessibility, making them available to a wider range of institutional and retail investors.

##Infrastructure Trust Market Booms Amid IPO Plans

NDR’s upcoming offering comes as demand for yield-generating infrastructure assets grows among investors. The platform is part of a cohort of infrastructure trusts capitalizing on this interest. This includes Cube Highways Trust, which successfully raised Rs 5,000 crore through its share sale last week. Brookfield sponsored Altius Telecom Trust is also anticipated to file draft papers soon for a Rs 6,000 crore share sale. KKR-backed Vertis Infrastructure Trust is another trust planning to go public in the market.

##NDR InvIT Portfolio and Corporate Background

NDR InvIT operates a significant portfolio encompassing over 21 million square feet of warehousing and industrial space. This portfolio spans 17 different cities across India. The company became India’s first warehousing-led InvIT when its units were privately listed on the National Stock Exchange in February 2024. That initial private offering successfully raised around $106 million.

The InvIT is sponsored by NDR Group, a family-owned logistics and warehousing business based in Chennai. The group brings more than four decades of experience to the logistics industry. The company previously owned a container freight station business, which was sold to DP World in 2016.

##Expansion Through Acquisitions and Debt Funding

NDR InvIT has been actively expanding its footprint through strategic acquisitions. These expansions involve both sponsor-owned properties and third-party assets. NDR had identified around 4 to 5 million square feet of right-of-first-offer assets held by its sponsor for potential acquisition.

These future targets are concentrated in properties located in Kolkata and central India. The platform is specifically targeting emerging consumption and logistics markets found in Odisha and the Northeast regions. Acquisitions efforts have been supported by crucial debt fundraises, including Rs 745 crore secured from NaBFID. Another significant funding came from the World Bank Group-backed International Finance Corporation for an amount of Rs 630 crore.

The InvIT also executed a specific acquisition in 2025, purchasing a nine-lakh-square-foot logistics facility near Surat. This purchase was completed through a combination of cash and InvIT units.