About Horizon Industrial Parks IPO
Horizon Industrial Parks Limited is set to launch its IPO for public subscription on August 17, 2026, and will remain open until August 19, 2026.
The Horizon Industrial Parks IPO price band is set at ₹57–₹60 per equity share. The allotment is expected to be finalised on August 20, 2026.
The Horizon Industrial Parks IPO is a ₹2,600 crore pure fresh issue book-building issue, with a face value of ₹10 each. As it is a 100% fresh issue, the entire proceeds will be received by the company.
Business Overview of Horizon Industrial Parks
Horizon Industrial Parks Limited, backed by Blackstone Group, is India's largest industrial and logistics infrastructure developer, owner, and operator by total network. The company develops, owns, and operates Grade-A industrial and warehousing parks across India.
The company’s portfolio comprises approximately 60 million square feet of warehousing space (operational, under construction, and pipeline) distributed across 45 properties in 10 key Indian cities including Mumbai, NCR, Bengaluru, Chennai, Pune, Hyderabad, Ahmedabad, and Kolkata.
Key Highlights of Horizon Industrial Parks Limited Include:
| Particulars | Details |
|---|---|
| Headquarters | To be announced |
| Backed By | Blackstone Group |
| Total Network | ~60 million sq ft (operational + under construction + pipeline) |
| Properties | 45 across 10 key Indian cities |
| Tenant Base | E-commerce, 3PL, FMCG, retail, manufacturing, quick commerce |
| Revenue FY26 | ₹691.40 crore (₹767.84 crore total income) |
| Full-Time Employees | To be announced |
Horizon Industrial Parks IPO Date, Price, and Other Details
The following are the details of the upcoming Horizon Industrial Parks Limited IPO.
| Particulars | Details |
|---|---|
| IPO Size | Book Build issue of ₹2,600 crore (100% fresh issue) |
| Price Band | ₹57 to ₹60 per share |
| Issue Dates | Opens: Aug 17, 2026 · Closes: Aug 19, 2026 |
| Minimum Bid Lot | 1 lot of 250 shares |
| Minimum Investment (Retail) | ₹15,000 (at upper band) |
| Allotment Date | Aug 20, 2026 |
| Listing Date | Aug 24, 2026 |
| Face Value | ₹10 per share |
| Lead Managers (BRLMs) | JM Financial Ltd., Axis Capital Ltd., IIFL Capital Services Ltd., SBI Capital Markets Ltd., 360 ONE WAM Ltd. |
| Registrar | Kfin Technologies Ltd. |
| Listing Exchanges | NSE & BSE |
Horizon Industrial Parks IPO Reservation: Who Can Apply?
The Horizon Industrial Parks IPO has the following category reservations:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 250 | ₹15,000 |
| Retail (Max) | 13 | 3,250 | ₹1,95,000 |
| S-HNI (Min) | 14 | 3,500 | ₹2,10,000 |
| S-HNI (Max) | 66 | 16,500 | ₹9,90,000 |
| B-HNI (Min) | 67 | 16,750 | ₹10,05,000 |
(Note: Retail allocation is 10% (not the standard 35%), QIB 75%, NII 15% — as the company is loss-making.)
Strengths and Risks of Horizon Industrial Parks IPO
Here is a brief business analysis (as per RHP) below:
Strengths
- India's largest industrial and logistics infrastructure developer by total network, backed by Blackstone, one of the world's largest alternative asset managers.
- Revenue grew 77% YoY to ₹691.40 crore in FY26, reflecting strong leasing demand and portfolio expansion.
- Diversified tenant base spanning e-commerce, 3PL, FMCG, retail, manufacturing, and quick commerce, providing revenue stability.
- Grade-A warehousing assets with long-tenure lease structures delivering highly predictable cash flows.
- Massive tailwind from India's warehousing sector growth, driven by e-commerce penetration, organised retail expansion, and 3PL adoption.
Risks
- Horizon Industrial Parks is a loss-making entity with ₹203.6 crore in FY26 (₹178.7 crore in FY25), driven by high finance costs and depreciation on the large asset base.
- It has consolidated borrowings of ₹6,884 crore. Even after the IPO and pre-IPO raise, pro forma net debt would be ~₹2,100 crore.
- Top 10 customers of Horizon Parks contributed 41.52%–53.97% of revenue in recent years with indicates meaningful customer concentration risk.
- Many assets were acquired from promoters recently (FY25 and FY26); pro forma financials are illustrative only and may not accurately reflect ongoing performance.
- P/E not applicable (loss-making). Valuation relies on asset and EBITDA metrics, which is typical for real estate/infra platforms but harder for retail investors to benchmark.
Future Plans/Strategies
- Repay/prepay ₹2,250 crore of borrowings by the company and subsidiaries to delever the balance sheet.
- Use remaining IPO proceeds of Horizon Industrial Parks for general corporate purposes.
- Continue expanding the industrial and logistics portfolio across India's key cities.
Horizon Industrial Parks IPO Objectives – How Will the Funds Be Used?
The Horizon Industrial Parks IPO is a 100% fresh issue of ₹2,600 crore. The entire IPO proceeds will be received by the company.
| Objective | Amount (₹ crore) |
|---|---|
| Repayment/prepayment of borrowings by the Company and subsidiaries | 2,250 |
| General corporate purposes | Shall not exceed 25% of gross proceeds |
Promoter Shareholding of Horizon Industrial Parks IPO
The promoters are BREP Asia II EIP Holding (NQ) Pte. Ltd. and BREP Asia II I (Blackstone Group entities).
| Promoter | Pre-Issue Holding (%) |
|---|---|
| BREP Asia II EIP Holding (NQ) Pte. Ltd. | 33.72 |
| BREP Asia II I | 33.43 |
| BREP Asia II Indian Holding Co VI (NQ) Pte. Ltd. | 21.59 |
| Total (Promoter Group) | To be announced |
Financial Performance (₹ in crores) of Horizon Industrial Parks IPO
Here's the table outlining the financial performance of Horizon Industrial Parks Limited from FY 2024 to FY 2026.
(in crores)
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 13,495.13 | 9,851.54 | 4,993.18 |
| Total Income | 767.84 | 439.35 | 245.52 |
| Profit After Tax | -203.65 | -178.78 | -162.21 |
| EBITDA | 607.80 | 339.12 | 151.51 |
| NET Worth | 4,676.16 | 122.00 | 266.95 |
| Reserves and Surplus | 3,214.54 | -530.09 | -334.75 |
| Total Borrowing | 6,884.34 | 7,009.11 | 3,688.21 |
Key Performance Metrics of Horizon Industrial Parks
Here are the key performance metrics to evaluate before investing in Horizon Industrial Parks IPO:
| KPI | Values (FY 2025-26) | Values (FY 2024-25) |
|---|---|---|
| Return on Equity (ROE) | Not applicable (loss-making) | Not applicable |
| Earnings Per Share (EPS - Diluted) | To be announced | To be announced |
| No. of Customers | 114 | 95 |
| Net Asset Value (NAV) | 27.89 | 2.28 |
| EBITDA Margin (%) | 79.16% | 77.19% |
| Debt to Equity Ratio | 1.18x | 0.55x |
(Note: Horizon Industrial Parks is loss-making. Valuation relies on asset and EBITDA metrics. Refer to the RHP for complete details.)
Registrar of Horizon Industrial Parks IPO
The Registrar of Horizon Industrial Parks IPO is Kfin Technologies Ltd.
Phone: 040-79615565
Website: https://ipostatus.kfintech.com/
Lead Manager of Horizon Industrial Parks IPO
In total, 5 lead managers are handling the IPO process of Horizon Industrial Parks Limited namely;
- JM Financial Ltd.
- Axis Capital Ltd.
- IIFL Capital Services Ltd.
- SBI Capital Markets Ltd.
- 360 ONE WAM Ltd.
