TVS Infrastructure Trust Raises ₹1,300 Crore ($156 Million USD) in Landmark IPO: Mumbai, India – TVS Industrial & Logistics Parks has announced the successful listing of its Infrastructure Investment Trust (InvIT), TVS Infrastructure Trust, on the National Stock Exchange. The Initial Public Offering (IPO) has successfully raised over ₹1,300 crore (approximately $156 million USD), marking a significant milestone in the Indian infrastructure and logistics sector.
The Offer comprised a fresh issue of 10.5 crore Units, aggregating to ₹1,050 crore, and an offer for sale of 2.5 crore Units, totaling ₹250 crore, by the Selling Unitholder. This capital infusion is set to bolster TVS Infrastructure Trust’s investment and management capabilities within the burgeoning warehousing sector.
As part of this strategic transaction, TVS Infrastructure Trust has acquired 18 infrastructure parks from TVS Industrial & Logistics Parks. This acquisition further solidifies the InvIT’s position as a major player in India’s logistics infrastructure landscape, enhancing its portfolio of large-scale industrial warehousing assets.
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Legal Advisory Roles
The intricate IPO process involved comprehensive legal advisory from leading law firms:
Cyril Amarchand Mangaldas (CAM) acted as legal counsel to TVS Infrastructure Trust, TVS Infrastructure Investment Manager Private Limited, and TVS Industrial & Logistics Parks Private Limited. The transaction team was led by Kranti Mohan, Partner and Head of REIT and InvITs. He was supported by Principal Associate Sarvpriya Mishra, Senior Associate Saksham Khokhar, and Associates Molika Agrawal, Parikha Rathi, and Mansii Jain.
Advising on the crucial real estate aspects of the transaction were Partners Abhilash Pillai, Ashish Jain, and Rishiraj Bhatt. Their team included Senior Consultant Esther Joshua Philip, Principal Associates Siddhant Sharma and Archit Mishra, Principal Associate Kripa Sankari, Senior Associate – Designate Kinnari Jain, Senior Associate Rohan Chugh, Senior Associate Pavithra Rao, and Associates Kalyan Chakravarthy, Akshaya BS, and Shruthi P. The entire matter was concluded under the expert guidance of Senior Partner Yash J. Ashar.
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JSA Advocates & Solicitors served as legal counsel to the lead managers of the IPO, namely Axis Capital Limited and Kotak Mahindra Capital Company Limited. JSA provided comprehensive advice on all facets of the transaction, including legal due diligence, drafting of offer documents, and ensuring regulatory compliances with SEBI and stock exchange regulations. The JSA transaction team was led by Partner Arka Mookerjee, with key support from Partners Pracheta Bhattacharya and Anshu Bansal from the Equity Capital Markets team. Principal Associates Sourav Modi and Ananth Balaji, along with Associates Aditya Shendye, Jeebitesh Bhattacharya, and Vaishnavi Kokkonda, played pivotal roles in the execution of this transaction.
Hogan Lovells Lee & Lee served as the international counsel to the book running lead managers, providing global expertise to the offering.
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TVS Infrastructure Trust is an Infrastructure Investment Trust (InvIT) specifically designed to invest in and manage infrastructure assets, with a primary focus on the warehousing sector. This successful IPO is a testament to the growing investor confidence in India’s logistics and industrial real estate segment, which continues to expand rapidly driven by e-commerce growth and manufacturing activities.
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