NDR InvIT Trust has filed draft documents with SEBI for a Rs 750 crore IPO to transition into a public entity. The funds will support new warehouse acquisitions, though investors may note the recent increase in finance costs affecting net profit.
NDR InvIT Trust has officially filed draft papers with the Securities and Exchange Board of India (SEBI) to raise up to Rs 750 crore through an initial public offering. This move marks the trust's transition from a privately listed infrastructure investment trust to a publicly traded entity, a process recently approved by its unitholders.
The proposed offering consists of two parts: a fresh issue of units worth Rs 450 crore and an offer-for-sale (OFS) of units worth up to Rs 300 crore. As part of this process, existing unitholders, including Investcorp India Warehousing IFSC Trust, will divest a portion of their holdings.
NDR Warehousing acts as the sponsor for the trust and holds a 20.03% stake. The trust manages a large portfolio of industrial assets, covering 22.97 million square feet across 17 Indian cities. As of March 2026, the portfolio maintained a high occupancy rate of 98.25%, reflecting steady demand for its warehousing and industrial park spaces.
The trust plans to use the majority of the fresh issue proceeds to acquire new assets. This includes a 100% stake in NDR Advanced Storage Private Limited for approximately Rs 297.6 crore. This subsidiary owns three under-construction warehouse projects in Chennai, Pune, and Hyderabad, totaling 8.2 lakh square feet. Another Rs 84.2 crore is earmarked for acquiring NDR Storewell Warehousing LLP, which adds 2.2 lakh square feet of under-construction space in Kochi. These acquisitions are designed to expand the trust's total leasable area, with project operations expected to commence between fiscal year 2027 and 2028.
While the expansion plans are significant, investors may also evaluate the trust's recent financial performance. For the fiscal year ended March 2026, the trust reported a total revenue of Rs 420.2 crore, representing a 29.7% growth compared to the previous year. However, net profit declined to Rs 113.4 crore, down from Rs 136.7 crore in the prior year. This dip was largely attributed to a sharp rise in finance costs, which more than doubled to Rs 130.3 crore. Managing these debt costs will be an important factor for the trust as it undertakes new capital-intensive projects.
Moving forward, market participants will monitor the progress of the under-construction projects and how the company manages the execution risks associated with its expansion. The next key updates will likely include the final approval from regulators for the IPO and any further management commentary regarding interest rate sensitivity and profit margins.