Horizon Industrial Parks eyes next growth phase with ₹2,600 crore IPO

The Blackstone-backed industrial and logistics platform plans to use the fresh issue to reduce debt and support the development of its 33-million-square-foot pipeline.

Blackstone-backed Horizon Industrial Parks will open its initial public offering (IPO) on August 17, with the industrial and logistics platform seeking to raise ~2,600 crore through a fresh issue as it looks to fund its next phase of growth.

 

The IPO price band has been fixed at ~57-60 per share. Bidding by anchor investors will take place on August 14. The issue will close on August 19. The minimum bid size is 250 shares.

 

At the top end of the price band, Horizon's post-money equity valuation is around ~17,250 crore. The company had raised ~1,650 crore of primary capital in December, taking the valuation from around ~13,000 crore to ~14,650 crore before the current issue. The company had completed the primary raise through a private placement from investors including 360 One, SBI Life and Radhakishan Damani, according to the IPO announcement.

 

Blackstone diluted its stake in Horizon from 100 per cent to 89 per cent after the December fundraise. Following the IPO, its stake is expected to decline to around 75 per cent.

 

The company has expanded its operational platform from almost 3 million square feet (msf) in 2022 to nearly 28.6 msf at present. Its total build potential stood at around 61 msf, leaving roughly 33 msf to be developed without acquiring additional land.

 

“What we believe today is that all the hard yards required to build the company, putting the building blocks in place, getting the team together and establishing an execution track record, have already been done,” Urvish Rambhia, chief executive officer, Horizon Industrial Parks, told Business Standard. “Our intent is to embark on the next leg of growth, or Horizon 2.0. We believe this is a good time to invite new investors into the company.”

 

The company said a significant portion of its development pipeline already has land, approvals and financing in place. At its current pace, the company would take around three to four years to complete the pipeline. It expects to maintain a development throughput of around 5-6 msf annually.

 

Horizon has grown its development potential from around 10 msf to 61 msf in the last five to six years. It has a presence in 10 key industrial markets, including four in Tier-II markets, and plans to enter another two or three markets over the next 24 months.

 

The IPO proceeds would help deleverage its balance sheet while supporting growth, the company said. Gross debt stood at around ~6,700 crore as of March 2026. Pro forma net debt, after accounting for the ~1,650 crore raised in December and the ~2,600 crore proposed IPO, would have been around ~2,100 crore as of March 2026. Current net debt is estimated at around ~2,500-2,600 crore.

 

Horizon’s total income on a pro forma basis rose 18.7 per cent year-on-year (Y-o-Y) to ~765.2 crore in FY26. Meanwhile, earnings before interest, taxes, depreciation and amortisation (Ebitda) rose 20.6 per cent to ~605 crore.

 

The company expects data centres, semiconductors, aerospace, and defence to add to demand alongside existing occupiers from electric vehicle (EV), automotive, renewable energy, solar, wind, and general manufacturing.

 

“Our parks are largely sector-agnostic. The same infrastructure can accommodate a high-quality ecommerce company, a data centre equipment manufacturer or an industrial occupier,” Rambhia said.

 

“That said, we are seeing strong activity in the data centre and semiconductor industries. India is increasingly looking to build semiconductor manufacturing capacity domestically, and the supporting ecosystem is being created,” it said.

 

Horizon’s portfolio occupancy currently stands at around 93-94 per cent, with the remaining 6-7 per cent largely comprising stock from newer developments. The company expects to lease this space over the next three to six months.

 

Rental growth has also been strong. The company said it is seeing double-digit growth in market rents across several parks.

 

Horizon leased 5.1 msf in FY26 and expects to exceed that figure this year.