NDR Warehousing Pvt. Ltd, an Indian warehousing company backed by Bahrain-based alternative investment firm Investcorp, has listed the South Asian nation’s first perpetual warehousing and industrial parks infrastructure investment trust (InvIT).
The NDR InvIT Trust listed on the National Stock Exchange (NSE) on Wednesday after investors fully subscribed to privately placed units aggregating to Rs 880 crore ($106 million).
The offering comprised a fresh issue of 69.41 million units aggregating to Rs 694 crore and an offer for sale of 18.57 million units worth Rs 185.7 crore. Investcorp sold units worth another Rs 5.1 crore while other unitholders sold the remaining.
Following the offering, Investcorp still holds about 82.05 million units, or a 21.31% ownership interest, in the InvIT.
Investcorp led a $55 million investment round in NDR Warehousing in February 2022. In July last year, it invested Rs 500 crore ($60.8 million) more in a follow-on round.
The InvIT, sponsored by NDR Warehousing, will manage 33 warehouses with a total leasable area of about 16.91 million square feet. NDR InvIT Managers Pvt Ltd is the investment manager of the new vehicle. The InvIT is led by managing director N Amrutesh Reddy.
NDR Warehousing has been present in the Indian logistics sector for three decades and has a presence across the country. It is among the biggest warehousing players in the country.
The warehousing assets being held by the InvIT are located across cities like Bangalore, Chennai, Mumbai, Pune, Kolkata, the National Capital Region, Puducherry, Goa, Coimbatore and Aurangabad.
Investcorp’s India Real Estate team invests in real estate projects located in top tier cities across the country. So far, the business has deployed over $350 million across the warehousing, residential and education related sectors broadly with a social infrastructure focus.
Investcorp is also active in the mid-market private equity space in India and has invested across the consumer tech, healthcare, financial services, retail, SaaS, e-commerce, and technology sectors. Its investments over the last four years include Intergrow Brands, Freshtohome, Zolo Stays, InCred Finance, Citykart, Wakefit, InsuranceDekho, NephroPlus, Unilog, and XpressBees.