NDR Group proposes public listing of NDR InvIT Trust, files for ₹750-crore IPO

NDR Group has proposed to take its warehousing and industrial infrastructure platform public, with NDR InvIT Trust filing a draft offer document for a ₹750-crore public issue.

The issue comprises a fresh issue of up to ₹450 crore and an offer for sale of up to ₹300 crore, and will convert the existing privately listed InvIT into a public InvIT.

, said NDR InvIT, which has about 22.97 million sq. ft. of assets under management, of which 21.58 million sq. ft. is developed. Its portfolio spans 18 cities and includes more than 100 warehouses and 42 industrial parks.

The broader NDR platform stands at 33.53 million sq. ft., including 10.56 million sq. ft. under a right of first offer arrangement, according to the Draft Offer Document.

The group is also expanding its pipeline through NDR Smart Spaces, its Grade A warehousing and logistics platform. In August, the International Finance Corporation announced a ₹225-crore equity investment in the platform, supporting a pipeline of about 20 million sq. ft. across 14 cities. Around 8 million sq. ft. is already under construction.

NDR Smart Spaces is targeting Tier-II and Tier-III cities, with its pipeline comprising dry warehousing and cold-storage facilities. About 1.5 million sq. ft. is planned for cold-chain infrastructure.

“The IFC partnership will help NDR accelerate the development of its pipeline,” Amrutesh Reddy, managing director, NDR Group said, adding the company was looking to build high-quality infrastructure in strategic locations in line with the requirements of businesses and communities.

Krishnan Iyer, chief executive officer, NDR InvIT, said rising supply-chain formalisation was driving demand for institutional platforms with scale and diversified assets.

“The focus is on expanding the portfolio in locations where manufacturing, consumption and logistics activity can support sustained occupier demand,” he said.

NDR InvIT’s revenue rose 18.4% sequentially to ₹132.1 crore in the June quarter, while EBITDA increased 23% to ₹118.9 crore. Occupancy, including committed area, stood at 99.76%, with a weighted average lease expiry of 11.85 years.