Horizon Industrial Parks IPO has entered its second day of bidding on Tuesday, 18 August, following muted response from investors on the first day of subscription.
The Blackstone-backed ₹2600 crore IPO will remain open for bidding till Wednesday, 19 August.
Incorporated in 2009, Horizon Industrial Parks, backed by Blackstone Group, is India’s largest industrial and logistics infrastructure developer, owner and operator by total network, according to a JLL report. As of the DRHP date, the company has a portfolio of 45 logistics and industrial assets spread across 10 key cities in India, with a combined area of 58.01 million square feet (msf).
The company focuses on developing and leasing large-scale, modern warehouses and industrial facilities to leading businesses. Its portfolio primarily comprises three asset categories: Fulfilment Centres, which are used for warehousing; Industrial Facilities; and In-City Centres, which are strategically located near consumers to facilitate last-mile delivery. These centres cater to a range of uses, including dark stores, pharmaceuticals, cloud kitchens, retail and other services.
Horizon Industrial Parks IPO subscription status
The Horizon Industrial Parks IPO witnessed a muted response on the opening day, with the issue subscribed 14% overall. Investors placed bids for shares equivalent to 14% of the total 25.13 crore shares on offer.
Retail Individual Investors (RIIs) emerged as the most active investor group, subscribing to 19% of the 4.55 crore shares reserved for the category.
Qualified Institutional Buyers (QIBs) also displayed strong early interest, with their portion subscribed 18%. Institutional participation will remain a key factor to watch as the IPO progresses towards its closing date.
In contrast, Non-Institutional Investors (NIIs) showed relatively subdued participation, subscribing to just 3% of the shares allocated to them.
Horizon Industrial Parks IPO GMP today
According to Investorgain, Horizon Industrial Parks shares are commanding a ₹1.7 premium in the grey market today. This puts the IPO’s GMP at ₹1.7, indicating an estimated 2.83% listing gain over the upper end of the issue’s price band.
Horizon Industrial Parks IPO Review
Swastika Investmart has assigned a ‘subscribe’ tag to the public issue. The brokerage firm said, “The company’s committed operational occupancy stands at 93.56% across 118 enterprise tenants. 54.05% of leased space is held by Fortune 500 companies. The asset-heavy leasing business model yields high operational profitability, generating an EBITDA margin of ~79.16% in FY26. 88.74% pre-issue promoter backing from Blackstone provides global tenant referral pipelines, low borrowing spreads, and disciplined capital allocation. The IPO offers a clean structural asset play. The steep debt reduction from fresh proceeds transforms the platform from a capital-heavy, loss-making infrastructure builder into a cash-generative, profitable Grade-A logistics platform. The 2.15x P/B valuation presents a reasonable entry multiple for long-term exposure to India’s logistics expansion.”
Meanwhile, Ventura Securities has also given ‘subscribed’ rating to the the Horizon Industrial Parks IPO.
“The company achieved an EBITDA of INR 607.80 crore with a strong EBITDA Margin of 79.16%. However, it reported a restated loss of INR 203.65 crore, primarily due to finance costs of INR 538.99 crore and depreciation of INR 266.10 crore. Horizon plans to utilize INR 2,250 crore from IPO proceeds for debt reduction, expected to lower its debt-equity ratio from 1.18x to 0.55x. Material risks include its history of restated losses and potential execution delays in its large development pipeline,” it said.
Horizon Industrial Parks IPO details
The ₹2,600 crore IPO consists entirely of a fresh issue of 43.34 crore shares. The issue will remain open for subscription until August 19, 2026, with the allotment expected to be finalised on August 20.
The company has set the IPO price band at ₹57– ₹60 per share, while the minimum lot size has been fixed at 250 shares. At the upper end of the price band, retail investors will have to invest at least ₹15,000 to subscribe to one lot.
The company plans to deploy the net IPO proceeds mainly towards reducing its debt. Of the total funds raised, ₹2,250 crore has been allocated for the repayment and/or prepayment of certain borrowings.
A significant share of the proceeds will be used to repay loans taken by the company and its wholly owned subsidiaries, including Bagur Logistics Park Pvt. Ltd., Embassy Industrial Park Hosur Pvt. Ltd., Farukhnagar Logistics Parks LLP, FRK II Industrial Park Pvt. Ltd., Goodluck Buildtech Pvt. Ltd., ILV Distripark Pvt. Ltd., ILV Distripark (MWC) Pvt. Ltd., Jindpur Industrial Park Pvt. Ltd., and Kalina Warehousing Pvt. Ltd., among others.
The equity shares are proposed to be listed on both the NSE and BSE, with the tentative listing date scheduled for August 24, 2026.
JM Financial Ltd. is one of the book-running lead managers for the IPO, while Kfin Technologies Ltd. has been appointed as the registrar to the issue.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
About The Author
