India's Largest Warehouse Firm IndoSpace Picks Bankers for $1 Billion IPO

According to reports by Moneycontrol, IndoSpace, the country’s most prominent industrial warehouse developer, has initiated plans for a $1 billion initial public offering to support its development pipeline and offer partial exits to existing investors. 

IPO Structure and Purpose of Fundraising

The proposed IPO by IndoSpace will comprise both primary and secondary share sales. Funds from the primary offer will be deployed to expand the company’s next phase of warehouse development across India, while the secondary component will facilitate partial exit for early stakeholders like Everstone Capital and the Canada Pension Plan Investment Board. IndoSpace has mandated Citi and Axis Capital to begin work on the offer, and plans to onboard additional investment banks.

Warehouse Network and Recent Developments

Founded in 2007 by Everstone Capital and Realterm, IndoSpace has invested over $3 billion in building more than 50 warehousing hubs across 11 cities. It has constructed over 60 million sq ft of Grade A warehousing space, serving more than 150 clients from industries such as manufacturing, retail, e-commerce, and autos. On July 23, 2025, IndoSpace launched its largest industrial park yet, Chakan V, located in Pune and spanning 188 acres with an investment of $120 million.

Read More: Ahead of IPO, Retail Investor Participation in NSE Surges!

Shift from InvITs to IPO Routes

Earlier, warehousing companies explored the InvIT model to monetise assets. However, decreasing investor appetite for such instruments has led operators like IndoSpace and others to lean towards public markets. While a few InvITs were launched, the lack of fresh filings indicates reduced interest in that fundraising route, reinforcing the shift to IPOs for large-scale players in the warehousing space.

Conclusion

IndoSpace’s move to raise $1 billion via IPO marks a strategic change in how warehousing giants are financing their growth. With a vast network and continued investments, the company is positioning itself for expansion in a sector seeing notable investor interest in formal logistics infrastructure.

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