Retail investors can bid for a minimum of one lot comprising 250 equity shares and in multiples thereafter. At the upper end of the price band, the minimum investment required will be ₹15,000.
The Blackstone-backed company aims to raise ₹2,600 crore through the IPO, which comprises entirely a fresh issue of equity shares. There is no offer for sale (OFS) component.
Around 75% of the issue has been reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs) and the remaining 10% for retail investors.
Use of proceeds
Of the ₹2,600 crore raised through the IPO, ₹2,250 crore will be used towards repayment or prepayment of debt.
Horizon Industrial Parks had total borrowings of ₹6,884.34 crore as of March 31, 2026, on a restated basis.
The company has also raised ₹1,650 crore through a pre-IPO primary fundraise.
Blackstone currently holds an 89% stake in Horizon Industrial Parks, which will be diluted following the IPO.
About Horizon Industrial Parks
Horizon Industrial Parks owns, develops and operates warehouses, fulfilment centres, industrial facilities and in-city logistics centres.
According to a JLL report, the company is India’s largest industrial and logistics infrastructure developer, owner and operator by total network.
Horizon Industrial Parks has 45 assets across 10 cities, covering 58.58 million square feet (msf).
The company primarily generates revenue by leasing these facilities to customers, with contracts typically spanning several years.
The company’s total network stands at around 58 msf across 10 cities. This expands to 46 assets covering 61.13 msf when its 49% stake in Vision Softech Facilities Pvt Ltd at Narsapura is included.
As of May 31, 2026, the operational network stood at 28.55 msf, with committed occupancy at 93.56%.
The development pipeline comprises 30.03 msf, including 7.22 msf of near-term deliveries and 22.81 msf of planned projects.
Fulfilment centres account for roughly 57% of the operational network, while industrial facilities contribute around 40%.
The industrial facilities cater to customers across manufacturing, assembly and light engineering.
The company is also expanding into in-city logistics centres, which are designed to cater to last-mile delivery, dark stores, micro-fulfilment, cold storage and research and development requirements.
Horizon Industrial Parks has more than 118 customers. Customer contracts typically have a tenure of five to 10 years, with lock-in periods generally ranging from one to five years.
Rental contracts typically include annual escalations of around 4.5-5%, translating into an increase of roughly 15% every three years.
What are the key risks?
One of the key risks is customer concentration. The company’s top 10 customers contributed 42.6% of FY26 pro forma revenue.
Execution also remains an important factor, with around 30 msf of development still to be constructed, leased and monetised.
Despite EBITDA margins of nearly 80%, the company continues to report a negative profit after tax (PAT), highlighting the impact of factors below the operating-profit level.
Horizon Industrial Parks has appointed JM Financial, Axis Capital, IIFL Capital Services, SBI Capital Markets and 360 ONE WAM as merchant bankers for the IPO.
The share allotment is expected to be finalised on August 20, while the company’s shares are likely to list on the stock exchanges on August 24.
