Horizon Industrial Parks
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 1.85×
- Big non-institutionalbNII · above ₹10 lakh
- 1.13×
- Small non-institutionalsNII · ₹2–10 lakh
- 0.65×
- Retail individualRII · up to ₹2 lakh
- 0.91×
- Employeesreserved quota
- 1.40×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 13 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 24 Aug 2026 | ₹1.5 | +2.50% | ₹300 | ₹61.5 | ₹375 |
| 23 Aug 2026 | ₹1.5 | +2.50% | ₹300 | ₹61.5 | ₹375 |
| 22 Aug 2026 | ₹3 | +5.00% | ₹600 | ₹63 | ₹750 |
| 21 Aug 2026 | ₹2.5 | +4.17% | ₹500 | ₹62.5 | ₹625 |
| 20 Aug 2026 | ₹3.4 | +5.67% | ₹600 | ₹63.4 | ₹850 |
| 19 Aug 2026 | ₹1.3 | +2.17% | ₹200 | ₹61.3 | ₹325 |
| 18 Aug 2026 | ₹1 | +1.67% | ₹200 | ₹61 | ₹250 |
| 17 Aug 2026 | ₹1.7 | +2.83% | ₹300 | ₹61.7 | ₹425 |
| 16 Aug 2026 | ₹3.5 | +5.83% | ₹700 | ₹63.5 | ₹875 |
| 15 Aug 2026 | ₹4 | +6.67% | ₹800 | ₹64 | ₹1,000 |
| 14 Aug 2026 | ₹4 | +6.67% | ₹800 | ₹64 | ₹1,000 |
| 13 Aug 2026 | ₹4.5 | +7.50% | ₹900 | ₹64.5 | ₹1,125 |
| 12 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹60 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 17 Aug 2026 – 19 Aug 2026
- Listing date
- 24 Aug 2026
- Face value
- ₹10 per share
- Price band
- ₹57 – ₹60
- Lot size
- 250 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹2,600 Cr
- Fresh issue
- ₹2,600 Cr 43,33,76,374 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹17,298 Cr
- Promoter holding
- 88.74% → 75.40% pre-issue → post-issue
- ISIN
- INE685T01010
- CIN
- U60231MH2009PLC222156
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- JM Financial Ltd.
- Registered office
- One World Centre, Unit No 1501B, Tower 1, 841, Jupiter Textile Mills, Senapati Bapat Marg, Mumbai 400 013, Maharashtra, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 13,65,78,947 | 54.55% | 54.34% |
| Anchor investor · within QIB | 19,46,25,000 | — | 77.43% |
| NII (HNI) | 6,82,89,473 | 27.27% | 27.17% |
| bNII > ₹10L · within NII | 4,55,26,316 | — | 18.11% |
| sNII < ₹10L · within NII | 2,27,63,157 | — | 9.06% |
| Retail (RII) | 4,55,26,315 | 18.18% | 18.11% |
| Employee | 9,61,538 | — | 0.38% |
| Market maker | 0 | — | 0.00% |
| Total issue | 25,13,56,273 | — | 100.00% |
Net offer to the public of 25,03,94,735 shares, out of a total issue of 25,13,56,273. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 250 shares per lot, in multiples, at ₹60
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 250 | ₹15,000 |
| Retail (max) | 13 | 3,250 | ₹1,95,000 |
| S-HNI (min) | 14 | 3,500 | ₹2,10,000 |
| S-HNI (max) | 66 | 16,500 | ₹9,90,000 |
| B-HNI (min) | 67 | 16,750 | ₹10,05,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹60 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | -0.83 | -0.71 |
| Price to book (×) | 2.15 | — |
| Market cap | — | ₹17,298 Cr |
No price-to-earnings multiple is shown: the company reported a loss, and an earnings multiple struck on negative earnings would read as a cheap valuation while meaning the opposite.
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- -4.23%
- EBITDA margin
- 79.16%
- NAV per share
- ₹27.89
- Price to book
- 2.15
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 767.84 | 439.35 | 245.52 |
| Revenue from operations | 691.38 | 390.29 | 228.86 |
| Other income | 76.46 | 49.06 | 16.66 |
| Total expenses | 965.14 | 596.41 | 403.01 |
| Operating profit | -197.3 | -157.06 | -157.49 |
| Operating margin | -25.70% | -35.75% | -64.15% |
| Profit before tax | -197.29 | -180.81 | -162.34 |
| Profit after tax | -203.65 | -178.78 | -162.21 |
| PAT margin | -26.52% | -40.69% | -66.07% |
| Balance sheet | |||
| Total assets | 13,495.13 | 9,851.54 | 4,993.18 |
| Current assets | 2,601.87 | 595.63 | 352.99 |
| Current liabilities | 607.7 | 1,817.57 | 305.12 |
| Total liabilities | 7,636.39 | 8,672.82 | 4,290.8 |
| Net worth | 5,858.74 | 1,178.72 | 702.38 |
| Current ratio | 4.28× | 0.33× | 1.16× |
| Return on equity | -3.48% | -15.17% | -23.09% |
| Cash flow | |||
| Operating cash flow | 464.07 | 235.14 | 119.28 |
| Investing cash flow | -4,872.84 | -1,596.31 | -876.42 |
| Financing cash flow | 4,638.15 | 1,457.86 | 794.25 |
| Net cash flow | 229.38 | 96.7 | 37.11 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Repayment and/or prepayment of borrowings ₹2,250 Cr
The company proposes to utilize Net Proceeds for repayment and/or prepayment, in part or full, of certain borrowings availed by the company and certain wholly owned subsidiaries. This will help reduce outstanding indebtedness, debt servicing costs, assist in maintaining favorable debt-equity ratio and enable utilization of funds from internal accruals for further investment in business growth and expansion.
2 General corporate purposes —
The company proposes to deploy the balance Net Proceeds towards general corporate purposes and business requirements, including strategic initiatives, capital expenditure, funding organic and inorganic growth opportunities, strengthening marketing capabilities, funding working capital requirements, and meeting ongoing general corporate purposes or contingencies.
1 of 2 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Horizon Industrial Parks
Horizon Industrial Parks Limited develops and operates a pan-India network of specialized industrial and logistics real estate assets. As of May 31, 2026, the company operates 45 assets totaling 58.58 million square feet across 10 major cities including Delhi-NCR, Chennai, Bangalore, and Pune. The company generates revenue primarily through long-term lease arrangements with customers across e-commerce, third-party logistics, FMCG, renewable energy, auto-ancillary, and manufacturing sectors. The company's business model involves acquiring land, developing Grade A warehousing and industrial facilities, and leasing them to institutional customers under long-term lease agreements. Historically, most of the company's assets were acquired from its promoters and other sellers in fiscal years 2025 and 2026.
Management
Urvish Jayantilal Rambhia
CEO
Anshu Prakash
MD
Asheesh Mohta
Director
Alok Kumar Jain
Director
Michael David Holland
Director
Sangeeta Singh
Director
Kunal Harun Shah
CFO
Shraddha Poddar
COO
R.K. Narayan
CTO
Pooja Malik
VP of Sales
Mahendra Siddheshwar Waghule
COO
Swati Karmarkar
Director
Taruna Mahajan
VP of Marketing
Aviraj Nandan
Director of HR
Mitesh Vishnu Garg
CTO
Nikhil Navalkar
Director of Operations
Prapti Zaveri
Director
Strengths
As stated in the offer document
Largest player with premium-quality offerings strategically located across prime markets
The company is India's largest industrial and logistics infrastructure developer with a Total Network of 58.58 msf spread across 45 assets, offering Grade A+ specifications including 12-meter clear heights and advanced fire protection systems.
Well positioned to benefit from industry tailwinds
The company's business is derivative of India's manufacturing, consumption and e-commerce tailwinds, with manufacturing gross value expected to double to over US$1 trillion by Fiscal 2030.
Strong customer relationship and comprehensive business ecosystem
The company serves over 118 customers with 54.05% of committed Operational Network contracted to Fortune 500 companies, and 40.65% of incremental area contracted since Fiscal 2024 through repeated engagements.
Proven expertise in development and acquisitions
The company has established a strategically positioned Total Network of 58.58 msf in just over five years through multiple acquisitions, with an in-house development team of 120 personnel.
Commitment to enhanced sustainability practices
The company achieved a 5-Star rating with participation score exceeding 90% in inaugural GRESB assessment, with 91.85% of Operational Network being Platinum certified by IGBC.
Highly skilled leadership team backed by experienced promoter
The company's KMPs and SMPs collectively bring over 250 years of industry experience, backed by Blackstone Group with more than 1.2 billion square feet of logistics holdings globally.
Risk factors
As stated in the offer document
Significant Recent Asset Acquisitions and Proforma Financial Information Limitations
The company acquired 62% of its network assets (35 out of 45 assets) from promoters and other sellers during Fiscals 2025 and 2026. The Proforma Financial Information is presented for illustrative purposes only and may not accurately reflect the company's actual financial condition or future results of operations.
Substantial Historical Losses and High Finance Costs
The company incurred losses of ₹2,036.49 million, ₹1,787.81 million and ₹1,622.10 million on a restated basis in Fiscals 2026, 2025, 2024 respectively. Finance costs represented 77.96%, 90.42% and 92.12% of revenue from operations in the respective periods, primarily due to the capital-intensive nature of the business.
Large Development Network Subject to Construction and Cost Risks
The company's Development Network of 30.03 msf (51.26% of Total Network) includes 75.96% Planned Projects where less than 1% construction is completed. This pipeline is subject to construction delays, cost overruns, regulatory challenges, and financing limitations that could materially impact project delivery and profitability.
High Debt Burden and Restrictive Financial Covenants
The company has substantial indebtedness of ₹68,843.41 million as of March 31, 2026, with a debt-equity ratio of 1.18 times. The borrowings include restrictive covenants requiring lender consent for management changes, acquisitions, and control transfers, with potential acceleration of payments upon covenant breaches.
Customer Revenue Concentration Risk
The company's top 10 customers accounted for 42.60%, 43.12% and 54.04% of proforma revenue from operations in Fiscals 2026, 2025 and 2024 respectively. Loss of any major customers or reduction in their lease commitments could significantly impact revenue and financial performance.
Geographic Revenue Concentration
A significant portion of revenue is derived from assets in Delhi-NCR, Chennai, Bangalore and Pune, which collectively contributed 79.00%, 79.79% and 87.67% of proforma revenue in Fiscals 2026, 2025 and 2024 respectively. Adverse developments in these key markets could materially impact business operations.
Land Title and Legal Uncertainties
The company faces various legal defects and irregularities in land titles, including non-compliance with conversion processes, missing consents, and encumbrances. Several assets have specific title issues including forest land categorization and pending regulatory approvals that could affect ownership rights.
Dependence on Independent Contractors for Construction
The company relies on over 40 independent contractors for construction activities across its 30.03 msf Development Network. Contractor failures, delays, or performance issues could adversely affect project completion timelines, costs, and quality standards, potentially resulting in customer penalties.
Regulatory Compliance and Licensing Requirements
The company requires various statutory approvals, licenses and permits for operations, including environmental clearances, building permits, and occupancy certificates. Failure to obtain, maintain or renew these approvals could result in operational disruptions, penalties, and compliance costs.
Capital Expenditure Funding Requirements
The company operates in a capital-intensive sector requiring significant funding for land acquisition and development. Capital expenditure was ₹15,697.72 million, ₹15,458.53 million and ₹5,225.72 million in Fiscals 2026, 2025 and 2024 respectively. Inability to secure adequate funding could impact growth prospects and project execution.
Company Analysis
from RHPHorizon Industrial Parks Limited is a developer and operator of Grade A industrial parks, fulfillment centers, and in-city logistics facilities across India's major industrial and consumption hubs.
Horizon Industrial Parks Limited develops and operates a pan-India network of specialized industrial and logistics real estate assets. As of May 31, 2026, the company operates 45 assets totaling 58.58 million square feet across 10 major cities including Delhi-NCR, Chennai, Bangalore, and Pune. The company generates revenue primarily through long-term lease arrangements with customers across e-commerce, third-party logistics, FMCG, renewable energy, auto-ancillary, and manufacturing sectors. The company's business model involves acquiring land, developing Grade A warehousing and industrial facilities, and leasing them to institutional customers under long-term lease agreements. Historically, most of the company's assets were acquired from its promoters and other sellers in fiscal years 2025 and 2026.
Objects of the Issue
- Repayment and/or prepayment, in part or full, of certain borrowings availed by our Company and certain wholly-owned Subsidiaries ₹22,500.00 million p.38
- General corporate purposes Remainder of Net Proceeds p.136
Issue Structure
- Total Issue
- Up to ₹26,000.00 million
- Fresh Issue
- Up to [●] Equity Shares of face value of ₹10 each aggregating up to ₹26,000.00 million
- Offer for Sale
- Not Applicable
- Price Band
- To be determined through book building process
- Lot Size
- [●] Equity Shares (minimum bid lot)
- Face Value
- ₹10 per Equity Share
Business Model
Horizon Industrial Parks operates as a real estate developer and operator of Grade A industrial and logistics parks. The company acquires land parcels, develops specialized industrial and fulfillment facilities, and leases them to institutional customers under long-term lease agreements. Revenue is derived primarily from facility rental income, with additional income from value-added services. The company also manages a development pipeline of over 30 million square feet expected to be delivered over the next four to five years.
Business Segments
SWOT Analysis
- • Pan-India portfolio of Grade A industrial and logistics assets across major cities(p.83)
- • Strong committed occupancy levels demonstrating customer retention(p.71)
- • Large and diversified customer base across key sectors(p.48)
- • Strategic positioning backed by Blackstone affiliates as promoters(p.63)
- • Significant development pipeline for future growth(p.37)
- • Continuing operational losses and negative profitability(p.36)
- • High finance costs relative to revenue limiting profitability(p.36)
- • Significant portion of subsidiaries carrying negative net worth(p.59)
- • High dependency on top 10 customers for revenue(p.41)
- • Dependence on four cities for majority of revenue(p.42)
- • Title and development rights defects affecting certain assets(p.43)
- • Expanding e-commerce and 3PL driving Grade A warehouse demand(p.48)
- • Significant India logistics market growth and infrastructure development(p.210)
- • Planned development network expansion across untapped geographies(p.37)
- • Strategic acquisitions to consolidate market position(p.71)
- • Manufacturing relocation and supply chain diversification trends(p.48)
- • Escalating geopolitical tensions affecting construction costs and supply chains(p.37)
- • Regulatory and policy changes impacting operations(p.42)
- • Land acquisition risk from government authorities(p.60)
- • Increased competition in warehousing and logistics sector(p.71)
- • Economic slowdown impacting customer demand and occupancy(p.48)
- • Foreign investment restrictions limiting capital access(p.82)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| BREP Asia II EIP Holding (NQ) Pte. Ltd. | Promoter | — | — |
| BREP Asia II Indian Holding Co VI (NQ) Pte. Ltd. | Promoter | — | — |
| BREP Asia III India Holding Co III Pte. Ltd. | Promoter | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.