Horizon Industrial Parks IPO

The Horizon Industrial Parks mainboard IPO is open between 17 Aug 2026 and 19 Aug 2026, offered at a price band of ₹57–60 per share, and is set to list on NSE and BSE. The IPO seeks to raise ₹2,600.04 crore. Retail investors bid in lots of 250 shares, a minimum application of ₹15,000.

Issue structure

The IPO is structured entirely as a fresh issue of ₹2,600.04 crore, so the full proceeds flow to the company to fund its stated objects of the issue.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward 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 crore), alongside general corporate purposes.

Financials

In FY2026, Horizon Industrial Parks reported revenue of ₹767.84 crore and a net loss of ₹203.65 crore. Revenue grew from ₹245.52 crore in FY2024 to ₹767.84 crore in FY2026 (+213.0%). Net worth stood at ₹4,676.16 crore at the end of FY2026.

Valuation

At the upper band, the issue is priced at -84.51× post-issue earnings and 2.15× book value, against a return on net worth of -4.23%. These ratios come from the offer document and are for comparison, not a recommendation.

Promoters

The promoters of the company are <p>BREP Asia II EIP Holding (NQ) Pte.Ltd., Brep ASIA II Indian Holdings Co.VI (NQ) Pte.Ltd., BREP Asia III India Holdings Co.III Pte.Ltd.</p>. Promoter holding stands at 88.74% before the issue and comes down to 75.4% after listing.

Grey market premium (GMP)

In the unofficial grey market, Horizon Industrial Parks shares are quoted at a premium of ₹1.5 implying an expected listing around ₹61.5, about +2.5% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

Subscription

The Horizon Industrial Parks IPO was subscribed 1.52 times overall. The strongest demand came from qualified institutional buyers (QIB) at 1.94 times, with non-institutional investors (NII) at 1.03× and retail investors at 1.02×.

What to weigh

When evaluating the Horizon Industrial Parks IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About Horizon Industrial Parks

Incorporated in 2009, Horizon Industrial Parks, backed by Blackstone Group, is India&rsquo;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). Core Offerings The company develops and leases large, modern warehouses and industrial facilities to major companies. Its core asset types include: Fulfillment Centers (Warehousing): Used by e-commerce, FMCG, retail, and logistics companies, 15.55 msf (58%) of operational area as of Nov 30, 2025. Industrial Facilities: Used for manufacturing, EVs, renewables, electronics, auto, etc, 10.36 msf (39%) of operational area as of Nov 30, 2025. In-City Centers: Located close to consumers for last-mile delivery. Used for dark stores, pharma, cloud kitchens, retail, and service. Total pipeline of 6.31 msf across 7 cities. Additionally, it also offers turnkey solutions, solar energy solutions, cold storage facilities, on-site staff accommodation, skill development centers, etc. Customers: As of Nov 30, 2025, the company has served over 100 customers across key sectors, including e-commerce, retail, fast-moving consumer goods (&ldquo;FMCG&rdquo;), renewable energy, auto-ancillary, and manufacturing. Our scale, technical capabilities, network of strategically located sites, and full-service offerings allow us to partner with both multinational corporations (&ldquo;MNCs&rdquo;). Competitive Strengths Largest player with premium-quality offerings strategically located across prime markets, including in-city locations with a fully integrated platform. Well-positioned to benefit from strong industry tailwinds; Our business is derivative of India&rsquo;s manufacturing, consumption, and e-commerce tailwinds. Strong customer relationship - A testament to our ability to lease and actively manage our assets with the ability to provide a comprehensive business ecosystem to our customers, not just real estate solutions. Proven engineering and technical capabilities enabling the execution of complex industrial projects. Proven expertise in development and acquisitions, backed by a strong track record of executing joint ventures and maintaining government partnerships. Commitment to enhanced sustainability practices with high sustainability standards. Highly skilled and professional leadership team.