• IPO fund utilization: The company is raising ₹2,600 crore through an entirely fresh issue, which alongside ₹1,650 crore raised pre-IPO, will fund debt reduction and scale the income-generating portfolio from 29 million to 61 million square feet over the next 3 to 4 years.
• Debt reduction targets: Net debt will decrease from approximately ₹6,500 crore to ₹2,500 crore post-IPO, which will eliminate roughly ₹320 crore in annual interest charges from the P&L.
• Profitability and margins: Operating EBITDA margins stand at 90% at the asset level and 80% at the corporate level, with reported bottom-line losses primarily reflecting book depreciation of around ₹250 crore and past financing costs.
• Market expansion runway: India's total Grade A industrial and warehousing stock remains under 400 million square feet, with Grade A absorption growing at 20% to 25% and doubling every 3 to 4 years across consumption and industrial segments.