Shares of Horizon Industrial Parks are set to make their stock market debut on the BSE and NSE on Monday, August 24. Ahead of the listing, grey market sentiment has turned slightly cautious, with the IPO commanding a grey market premium (GMP) of around Rs 2, or roughly 3% over the Rs 60 issue price. This indicates a potentially positive but largely muted listing for the shares.
The Rs 2,600-crore IPO comprised an entirely fresh issue of 43.34 crore shares, with the company fixing the price band at Rs 57–60 per share.
The public issue, which remained open for subscription from August 17 to August 19, received a decent response from investors and was subscribed 1.45 times overall. Retail investors subscribed to 96% of their portion, while the Non-Institutional Investors (NIIs) quota was subscribed 98%.
Qualified Institutional Buyers (QIBs) emerged as the strongest bidders, subscribing to 1.85 times the shares reserved for them.
JM Financial Ltd. acted as the book-running lead manager for the issue, while KFin Technologies Ltd. was appointed as the registrar.
Horizon Industrial Parks IPO – Objects of the Issue
The company plans to use the net IPO proceeds primarily to reduce its debt burden. Of the total funds raised, Rs 2,250 crore has been allocated towards the repayment and/or prepayment of certain borrowings.
A significant portion of the proceeds will be used to repay loans taken by the company and its wholly owned subsidiaries. These include 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 planned debt reduction is expected to improve the company’s balance sheet by lowering its outstanding financial obligations and associated interest costs. Any remaining IPO proceeds may be used for general corporate purposes, subject to applicable laws and regulations.
Horizon Industrial Parks Ltd. recorded a 75% year-on-year increase in total income, which rose from Rs 439.35 crore in FY25 to Rs 767.84 crore in FY26. Despite the strong growth in income, profitability remained under pressure, with the company’s net loss widening to Rs 203 crore in FY26 from Rs 178 crore in FY25.
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 owns 45 logistics and industrial assets across 10 major Indian cities, totaling 58.01 million square feet (msf).
The company develops and leases large, modern warehouses and industrial facilities to major companies. Its core asset types include Fulfillment Centers (Warehousing), Industrial Facilities, and In-City Centers: Located close to consumers to support last-mile delivery and used for dark stores, pharmaceuticals, cloud kitchens, retail, and services. The company has a total pipeline of 6.31 msf across seven cities. In addition, the company offers turnkey solutions, solar energy solutions, cold storage facilities, on-site staff accommodation, skill development centers, and other value-added services.
