Horizon Industrial Parks
- Issue price
- ₹ 60
- Issue size
- ₹ 2,600.04 Cr.
- Min. investment
- ₹ 15,000
- Listing price
- ₹ 60.25
- Subscribed
- 1.45x
- Lot size
- 250 shares
- P/E
- -ve
- RoNW
- -4.23%
- EBITDA margin
- 79.16%
- EPS
- ₹ -ve
- NAV
- ₹ 27.89
- Promoter stake
- 75.4%
About
Horizon Industrial Parks Limited was started in 2009 and is backed by the Blackstone Group. As per a JLL report it is the largest industrial and logistics infrastructure developer, owner and operator in India by total network. It owns 45 logistics and industrial assets in 10 major Indian cities, which add up to 58.01 million square feet. The company builds large modern warehouses and industrial buildings and gives them on long term rent. Its properties are of three types. Fulfillment centres, that is warehouses used by e-commerce, FMCG, retail and logistics companies, made up 15.55 million square feet or 58% of the operational area as on 30 November 2025. Industrial facilities used for manufacturing, EV, renewable energy, electronics and auto units made up 10.36 million square feet or 39%. In-city centres, which are small warehouses near customers for last mile delivery, dark stores, pharma and cloud kitchens, have a pipeline of 6.31 million square feet across 7 cities. The company also gives turnkey construction, solar power, cold storage, staff accommodation and skill development facilities. As on 30 November 2025 it had served more than 100 customers, including many multinational companies.
Timeline
- doneOpens17 Aug
- doneCloses19 Aug
- doneAllotment20 Aug
- doneRefunds21 Aug
- doneDemat credit21 Aug
- doneListing24 Aug
Grey market premium (GMP)
GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
- Highest
- ₹ 4.5 on 13 Aug 2026
- Lowest
- ₹ 1 on 18 Aug 2026
- First quoted
- ₹ 4.5 on 13 Aug 2026
Subscription
How many times each investor group bid for its share, as of 24 Aug 2026, 06:30 PM IST.
How much to apply for
The smallest and largest bids for each kind of investor at the upper price band.
| Retail (Min) | 1 | 250 | ₹ 15,000 |
| Retail (Max) | 13 | 3,250 | ₹ 1,95,000 |
| S-HNI (Min) | 14 | 3,500 | ₹ 2,10,000 |
| B-HNI (Min) | 67 | 16,750 | ₹ 10,05,000 |
Company overview
Financials
| 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 | 607.8 | 339.12 | 151.51 |
| NET Worth | 4,676.16 | 122 | 266.95 |
| Reserves and Surplus | 3,214.54 | −530.09 | −334.75 |
| Total Borrowing | 6,884.34 | 7,009.11 | 3,688.21 |
Strengths
- It is the largest industrial and logistics infrastructure player in India by total network as per the JLL report, with 45 assets and 58.01 million square feet across 10 cities.
- It is backed by the Blackstone Group, which brings capital strength and professional management.
- Revenue is growing fast. Total income went from Rs 245.52 crore in FY2024 to Rs 439.35 crore in FY2025 and Rs 767.84 crore in FY2026, a 75% rise in the last year.
- EBITDA is strong and rising, from Rs 151.51 crore in FY2024 to Rs 339.12 crore in FY2025 and Rs 607.80 crore in FY2026. The operating business itself is profitable.
- The whole issue of Rs 2,600 crore is a fresh issue. No promoter is selling and the full amount comes to the company.
- Rs 2,250 crore of the money will repay borrowings of the company and its subsidiaries, which will directly reduce interest cost.
- The customer base is wide, with over 100 customers across e-commerce, retail, FMCG, renewable energy, auto ancillary and manufacturing.
- Warehousing demand is supported by the growth of e-commerce, quick commerce and factory setups in India.
Risks
- The company is making losses. Profit after tax was a loss of Rs 162.21 crore in FY2024, Rs 178.78 crore in FY2025 and Rs 203.65 crore in FY2026. The loss is getting bigger every year.
- There is no P/E to compare. EPS is negative, so the issue cannot be judged on earnings. The market capitalisation at the offer price is about Rs 17,297.61 crore.
- Debt is very high. Total borrowing was Rs 6,884.34 crore as on 31 March 2026. Even after using Rs 2,250 crore to repay, a large loan will remain on the books.
- Retail investors get a small part of this issue. Not less than 75% of the net issue is for QIB and not more than 10% is for retail.
- Net worth jumped from Rs 122.00 crore to Rs 4,676.16 crore in one year because of restructuring, so the older year ratios are not comparable with the latest year.
- This is a capital heavy business. Land, construction and interest costs are large, and any rise in interest rates directly hits the company.
- RoNW was minus 4.23%, so the company is not yet earning a return on shareholder funds.
- The promoter is a foreign private equity entity, BREP Asia II EIP Holding (NQ) Pte. Ltd. Its holding falls from 88.74% to 75.40%, and private equity owners normally sell down further over time.
What the money is for
| Repayment and/or prepayment, in part or full, of certain borrowings availed by the company and Certain wholly owned Subsidiaries of Company, namely 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., Kalina Warehousing Pvt.Ltd., Lakshmi | 2,250 |
| General Corporate Purposes | — |
Promoters
- BREP Asia II EIP Holding (NQ) Pte.Ltd
Anchor investors
54 anchors put in ₹ 1,167.77 Cr., including 27 mutual funds.
| CARMIGNAC EMERGENTS | 2,92,33,250 | 175.4 | 15.02% |
| CARMIGNAC PORTFOLIO | 1,77,31,500 | 106.39 | 9.11% |
| FP CARMIGNAC EMERGING MARKETS | 30,35,250 | 18.21 | 1.56% |
| WHITEOAK CAPITAL FLEXI CAP FUND | 26,01,250 | 15.61 | 1.34% |
| WHITEOAK CAPITAL MID CAP FUND | 19,73,000 | 11.84 | 1.01% |
| WHITEOAK CAPITAL ELSS TAX SAVER FUND | 1,39,000 | 0.83 | 0.07% |
| WHITEOAK CAPITAL MULTI CAP FUND | 11,78,250 | 7.07 | 0.61% |
| WHITEOAK CAPITAL AGGRESSIVE HYBRID FUND | 98,500 | 0.59 | 0.05% |
| WHITEOAK CAPITAL MULTI ASSET ALLOCATION FUND | 6,76,500 | 4.06 | 0.35% |
| SUNDARAM AGGRESSIVE HYBRID FUND | 66,78,000 | 40.07 | 3.43% |
| SUNDARAM BALANCED ADVANTAGE FUND | 10,60,500 | 6.36 | 0.54% |
| SUNDARAM MULTI ASSET ALLOCATION FUND | 23,94,000 | 14.36 | 1.23% |
| SUNDARAM EQUITY SAVINGS FUND | 3,67,500 | 2.21 | 0.19% |
| SBI LIFE INSURANCE CO.LTD. | 83,33,250 | 50 | 4.28% |
| 360 ONE FLEXICAP FUND | 41,66,000 | 25 | 2.14% |
| 360 ONE BALANCED HYBRID FUND | 8,33,500 | 5 | 0.43% |
| 360 ONE MULTI ASSET ALLOCATION FUND | 3,33,500 | 2 | 0.17% |
| DYNASIF EQUITY EX-TOP 100 LONG-SHORT FUND | 13,33,500 | 8 | 0.69% |
| 360 ONE REAL ASSETS DEVELOPMENT FUND | 1,33,33,250 | 80 | 6.85% |
| NUVAMA MULTI ASSET STRATEGY RETURN FUND | 66,66,000 | 40 | 3.43% |
| NUVAMA ENHANCED DYNAMIC GROWTH EQUITY (EDGE) FUND | 58,31,000 | 34.99 | 3% |
| MATTHEWS EMERGING MARKETS SMALL COMPANIES FUND | 52,60,000 | 31.56 | 2.7% |
| MATTHEWS ASIA FUNDS-EMERGING MARKETS DISCOVERY FUND | 14,02,750 | 8.42 | 0.72% |
| POONAWALLA VISION FUND | 41,62,750 | 24.98 | 2.14% |
| PGIM INDIA FLEXI CAP FUND | 36,46,250 | 21.88 | 1.87% |
| PGIM INDIA AGGRESSIVE HYBRID EQUITY FUND | 2,28,750 | 1.37 | 0.12% |
| PGIM INDIA ELSS TAX SAVER FUND | 8,23,750 | 4.94 | 0.42% |
| PGIM INDIA LARGE & MIDCAP FUND | 9,61,000 | 5.77 | 0.49% |
| PGIM INDIA RETIREMENT FUND | 1,22,000 | 0.73 | 0.06% |
| PGIM INDIA MULTI CAP FUND | 5,34,000 | 3.2 | 0.27% |
| BANK OF INDIA MULTI ASSET ALLOCATION FUND | 3,50,750 | 2.1 | 0.18% |
| JM MIDCAP FUND | 6,83,250 | 4.1 | 0.35% |
| JM SMALL CAP FUND | 8,66,750 | 5.2 | 0.45% |
| JM MULTI ASSET ALLOCATION FUND | 3,50,000 | 2.1 | 0.18% |
| JM VALUE FUND | 5,16,750 | 3.1 | 0.27% |
| JM FLEXICAP FUND | 42,49,750 | 25.5 | 2.18% |
| EDELWEISS RECENTLY LISTED IPO FUND | 16,66,750 | 10 | 0.86% |
| ECL FINANCE LTD. | 12,50,125 | 7.5 | 0.64% |
| INDUSIND GENERAL INSURANCE CO.LTD. | 33,29,500 | 19.98 | 1.71% |
| EDELWEISS TOKIO LIFE INSURANCE CO.LTD.-EQUITY MIDCAP FUND-SFIN ULIF001107/10/16ETLIMITEDCAP 147 | 41,66,500 | 25 | 2.14% |
| ASKWA INCOME OPPORTUNITIES AIF | 49,96,250 | 29.98 | 2.57% |
| CHHATTISGARH INVESTMENTS LTD. | 41,62,750 | 24.98 | 2.14% |
| JUPITER CAPITAL PVT.LTD. | 16,66,750 | 10 | 0.86% |
| SUPRIYATA CAPITAL PVT.LTD. | 24,96,250 | 14.98 | 1.28% |
| LRSD SECURITIES PVT.LTD. | 16,66,750 | 10 | 0.86% |
| SBI GENERAL INSURANCE CO.LTD. | 41,62,750 | 24.98 | 2.14% |
| ALQUITY SICAV-ALQUITY INDIAN SUBCONTINENT FUND | 8,33,500 | 5 | 0.43% |
| PICO CAPITAL PVT.LTD. | 8,33,500 | 5 | 0.43% |
| SOCIETE GENERALE-ODI | 1,83,25,500 | 109.95 | 9.42% |
| INTEGRATED CORE STRATEGIES (ASIA) PTE.LTD. | 25,00,000 | 15 | 1.28% |
| VIRIDIAN ASIA OPPORTUNITIES MASTER FUND | 16,66,750 | 10 | 0.86% |
| CITIGROUP GLOBAL MARKETS MAURITIUS PVT.LTD.-ODI | 12,50,125 | 7.5 | 0.64% |
| BNP PARIBAS FINANCIAL MARKETS-ODI | 58,29,500 | 34.98 | 3% |
| MORGAN STANLEY ASIA (SINGAPORE) PTE.-ODI | 16,66,750 | 10 | 0.86% |
Registrar, lead managers and documents
- Listing on
- BSE, NSE
- Face value
- ₹ 10 a share
- Registrar
- KFin Technologies Limited
- Lead managers
- JM Financial Ltd., SBI Capital Markets Ltd., Axis Capital, IIFL Capital Services Limited
- Basis of allotment
- Open
IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.