Horizon Industrial Parks IPO gets 14% subscription on first day of bidding

The initial public offering of Horizon Industrial Parks Ltd received 14 per cent subscription on the first day of bidding on Monday.

The company's IPO received bids for 3,52,85,000 shares against 25,13,56,273 shares on offer, according to NSE data.

The category for retail investors received 19 per cent subscription. The quota for Qualified Institutional Buyers (QIBs) was subscribed 18 per cent and that of non-institutional investors 3 per cent.

Horizon Industrial Parks is an industrial and logistics infrastructure developer, owner and operator with a portfolio of around 60 million square feet across 46 assets in 10 cities.

Blackstone-backed Horizon Industrial Parks Ltd on Friday raised Rs 1,168 crore from anchor investors.

 

The company's Rs 2,600-crore IPO will close on August 19. The price band has been fixed at Rs 57-60 per share.

The IPO comprises entirely a fresh issue of equity shares, with no offer-for-sale (OFS) component. At the upper price band, the issue values the company at a post-issue market capitalisation of around Rs 17,298 crore.

The company proposes to use the IPO proceeds primarily to repay borrowings.

Blackstone currently holds around an 89 per cent stake in the company, according to the red herring prospectus.

The equity shares are proposed to be listed on the BSE and NSE on August 24.