Not less than 75 per cent of the net issue is reserved for qualified institutional buyers, 10 per cent is allocated for retail investors and 15 per cent for non-institutional investors.
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The initial public offering of Blackstone-backed Horizon Industrial Parks opens today at ₹57-60 price band and closes on Wednesday. The company plans to raise ₹2,600 crore through the IPO, which is entirely a fresh issue. Bids can be made for a minimum of 250 shares and in multiples of 250 shares thereafter.
The company plans to use the funds for repayment and/or prepayment, in part or full, of certain borrowings availed by the company and its subsidiaries and for general corporate purposes.
Not less than 75 per cent of the net issue is reserved for qualified institutional buyers, 10 per cent is allocated for retail investors and 15 per cent for non-institutional investors.
Meanwhile, the company by allotting 19.46 crore shares to 54 anchor investors raised ₹1,167.75 crore at ₹60 a share.
The anchor allocation included investors such as Carmignac, WhiteOak Capital, SBI Life Insurance, 360 ONE, Nuvama, Matthews, Poonawalla Vision Fund, PGIM India, JM Financial Mutual Fund, Edelweiss, Sundaram Mutual Fund, SBI General Insurance, Societe Generale, BNP Paribas, Matthews Emerging Markets Small Companies Fund, and Morgan Stanley, among others. The anchor allocation included investors such as Carmignac, WhiteOak Capital, SBI Life Insurance, 360 ONE, Nuvama, Matthews, Poonawalla Vision Fund, PGIM India, JM Financial Mutual Fund, Edelweiss, Sundaram Mutual Fund, SBI General Insurance, Societe Generale, BNP Paribas, Matthews Emerging Markets Small Companies Fund, and Morgan Stanley, among others.
HIPL develops, owns and leases warehousing, logistics and industrial park assets catering to a diversified customer base of 118 tenants across sectors such as e-commerce, retail, FMCG, manufacturing and third-party logistics. The company has a committed occupancy of 93.6 per cent across its operational portfolio while 54.1 per cent of leased area is contracted to Fortune 500 companies (including end tenants of 3PL customers).
Its portfolio spans major markets including Delhi-NCR, Mumbai, Bengaluru, Chennai, Pune, Hyderabad, Ahmedabad, Nagpur, Nashik and Goa, providing strong exposure to India’s growing warehousing and logistics infrastructure sector.
The Company had completed a primary raise of ₹1,650 crores through a private placement in December 2025, prior to filing of DRHP, from investors like 360 One, SBI Life, Radhakishan Damani and others.
JM Financial Ltd, Axis Capital Ltd, IIFL Capital Services Ltd (formerly IIFL Securities Limited), SBI Capital Markets Ltd, and 360 ONE WAM Ltd are the book running lead managers to the issue
SBI Securities: Horizon Industrial Parks Ltd. is India’s largest industrial and logistics infrastructure developer, owner and operator by Total Network area with a portfolio spanning 45 assets across 10 cities and a Total Network area of 58.58 mn sq. ft. Backed by Blackstone, the company benefits from a diversified tenant base, strong portfolio occupancy of 93.6%, and a substantial development pipeline of 30.03 mn sq. ft., providing visibility for future growth. The increasing shift towards organised warehousing, supply-chain formalization, growth in e-commerce and manufacturing-led demand are expected to support long-term leasing activity for Grade-A logistics assets. The company plans to utilise IPO proceeds to repay debt up to ₹2,250 cr which will deleverage the balance sheet and reduce the interest cost going forward.
Thus, HIPL is expected to achieve break-even at PAT level in FY27. At the upper price band of ₹60, the issue is valued at 2.1x FY26 P/B & 37.5x FY26 EV/EBITDA on a post issue basis. The company is well positioned to benefit from the structural growth in India’s industrial and logistics real estate market, supported by its scale, established customer relationships and embedded growth pipeline.
Swastika Securities: 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 cashgenerative, 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.
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