Horizon Industrial Parks IPO opens on August 17; check price band, issue size, key details

Horizon Industrial Parks has fixed the price band for its initial public offering at Rs 57-60 per share. The issue will open for subscription on August 17 and close on August 19, while the anchor investor portion will open on August 14. Share allotment is expected to be finalised on August 20 and the stock is likely to list on August 24.

The Blackstone-backed company aims to raise Rs 2,600 crore through the IPO, entirely via a fresh issue of equity shares, with no offer-for-sale component. Retail investors can bid for at least one lot of 250 equity shares and in multiples thereafter. At the upper end of the price band, the minimum investment will be Rs 15,000. About 75 per cent of the issue is reserved for qualified institutional buyers, 15 per cent for non-institutional investors and 10 per cent for retail investors.

Of the Rs 2,600 crore to be raised, Rs 2,250 crore will be used for repayment or prepayment of debt. Horizon Industrial Parks had total borrowings of Rs 6,884.34 crore as of March 31, 2026, on a restated basis. The company has also raised Rs 1,650 crore through a pre-IPO primary fundraise. Blackstone currently holds 89 per cent in the company, and this stake will be diluted after the IPO.

Horizon Industrial Parks owns, develops and operates warehouses, fulfilment centres, industrial facilities and in-city logistics centres. According to a JLL report, it is India’s largest industrial and logistics infrastructure developer, owner and operator by total network. It has 45 assets across 10 cities covering 58.58 million square feet, and its total network expands to 46 assets covering 61.13 million square feet when its 49 per cent stake in Vision Softech Facilities Pvt Ltd at Narsapura is included.

As of May 31, 2026, the company’s operational network stood at 28.55 million square feet, with committed occupancy of 93.56 per cent. Its development pipeline is 30.03 million square feet, including 7.22 million square feet of near-term deliveries and 22.81 million square feet of planned projects.

Fulfilment centres account for about 57 per cent of the operational network, while industrial facilities contribute around 40 per cent. The company said it serves more than 118 customers, with contracts typically running for five to 10 years and lock-in periods of one to five years. Rental contracts generally include annual escalations of 4.5-5 per cent.

The company said industrial facilities cater to manufacturing, assembly and light engineering customers, while it is also expanding into in-city logistics centres for last-mile delivery, dark stores, micro-fulfilment, cold storage and research and development needs.

Key risks include customer concentration, with the top 10 customers contributing 42.6 per cent of FY26 pro forma revenue, and execution risk linked to around 30 million square feet still to be constructed, leased and monetised. Despite EBITDA margins of nearly 80 per cent, it continues to report negative profit after tax. JM Financial, Axis Capital, IIFL Capital Services, SBI Capital Markets and 360 ONE WAM are the merchant bankers to the issue.