Horizon Industrial Parks IPO: Should you apply or avoid? Price band, GMP, reviews & more

The initial public offering (IPO) of Horizon Industrial Parks shall open for subscription on Monday, August 17. The logistics and infra player is selling its shares in the range of Rs 57-60 apiece, with investors applying for a minimum of 250 equity shares and its multiples thereafter. The issue will close for bidding on Wednesday, August 19.

The IPO of Horizon Industrial Parks is entirely a fresh share sale of 43,34,09,090 equity shares worth Rs 2,600 crore. The net proceeds from the issue shall be utilized towards repayment of debt availed by the company and its wholly owned subsidiaries and general corporate purposes.

Incorporated in 2009, Mumbai-based Horizon Industrial Parks, backed by Blackstone Group, is India’s largest industrial and logistics infrastructure developer, owner, and operator by total network. The company owns 45 logistics and industrial assets across 10 major Indian cities, totaling 58.01 million square feet (msf).

Horizon Industrial Parks raised a total of Rs 1,167.75 crore from 54 anchor investors as it allocated 19,64,25,000 equity at Rs 60 apiece. Its anchor book included names like Morgan Stanley Asia, Carmignac Funds, Whiteoak Capital MF, Sundaram MF, SBI Life, 360 ONE MF, Nuvama MF, Poonawala Vision Fund, PGIM India MF, JM Financial MF, ECL Finance, LRSD Securities and more.

Horizon Industrial Parks reported a net loss of Rs 203.65 crore with a revenue of Rs 767.84 crore for the financial year ended on March 31, 2025. The company clocked a net profit of Rs 178.78 crore with a revenue of Rs 439.35 crore for the financial year 2024-25. At the current valuations, the company commands a valuation close to Rs 17,300 crore.

The company has reserved 75 per cent of the issue for qualified institutional bidders (QIBs), while non-institutional investors (NIIs)have a 15 per cent of allocation in the IPO. The retail investors will have only a 10 per cent of allocation in the issue. Last heard, the company was commanding a grey market premium (GMP) of Rs 3.5-4 apeice, suggesting a nearly 6-8 per cent gains for investors.

JM Financial Ltd, Axis Capital, IIFL Capital Services, SBI Capital Markets and 360 One WAM is the book running lead manager and Kfin Technologies Ltd is the registrar of the issue. Shares of the company shall be listed on both BSE and NSE on August 24, Monday. Here's what a host of brokerages firms say about the IPO of Horizon Industrial Parks:

Swastika Investmart
Rating: Subscribe for long-term
Horizon Industrial Parks is committed operational occupancy stands at 93.56 per cent across 118 enterprise tenants. 54.05 per cent 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 per cent in FY26. The IPO offers a clean structural asset play, said Swastika Investmart.

88.74 per cent pre-issue promoter backing from Blackstone provides global tenant referral pipelines, low borrowing spreads, and disciplined capital allocation. 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," it said with 'subscribe for long-term' tag.

BP Equities
Rating: Subscribe
The combination of strong asset quality, high occupancy, healthy cash generation, sizable development potential and structural growth in India's logistics and industrial real estate market provides a favourable outlook for sustained rental income and cash-flow growth.  It commands an implied market cap/sales of 25 times on FY26, said BP Equities with a 'subscribe with a long-term' rating.

Ventura Securities
Rating: Subscribe
Horizon Industrial Parks is India’s largest industrial and logistics infrastructure developer and operator by total network area, with 45 assets spanning 58.58 million square feet across 10 major hubs. Its Grade A portfolio includes fulfilment centres, industrial facilities and in-city logistics centres, with facility rentals contributing the bulk of income, said Ventura.

Backed by Blackstone, the company benefits from a strong customer base, high entry barriers and a large development pipeline of 30.03 million square feet. FY26 revenue rose 77.15 per cent to Rs 691.38 crore, while EBITDA stood at Rs 607.80 crore. However, finance costs and depreciation resulted in a restated loss of Rs 203.65 crore, it said with a 'subscribe' rating.

Kunvarji Financial Services
Rating: Subscribe
"We recommend 'subscribe' rating to this IPO with a long-term view only. Horizon Industrial Park is expected to benefit from improving occupancy and stronger demand for industrial and logistics space. Focus on asset monetisation and operational efficiencies could support revenue growth and gradual improvement in profitability," said Kunvarji Financial Services.