Horizon Industrial Parks IPO

Mainboard • Equity • Fresh capital only

LISTEDMAINBOARDEquity

Horizon Industrial Parks

Price band

₹57 – ₹60

Lot size

250 shares

Min investment

₹15,000

Issue size

₹2,600.04 Cr

About the company

Horizon Industrial Parks Limited was started in 2009 and is backed by the Blackstone Group. As per a JLL report it is the largest industrial and logistics infrastructure developer, owner and operator in India by total network. It owns 45 logistics and industrial assets in 10 major Indian cities, which add up to 58.01 million square feet. The company builds large modern warehouses and industrial buildings and gives them on long term rent. Its properties are of three types. Fulfillment centres, that is warehouses used by e-commerce, FMCG, retail and logistics companies, made up 15.55 million square feet or 58% of the operational area as on 30 November 2025. Industrial facilities used for manufacturing, EV, renewable energy, electronics and auto units made up 10.36 million square feet or 39%. In-city centres, which are small warehouses near customers for last mile delivery, dark stores, pharma and cloud kitchens, have a pipeline of 6.31 million square feet across 7 cities. The company also gives turnkey construction, solar power, cold storage, staff accommodation and skill development facilities. As on 30 November 2025 it had served more than 100 customers, including many multinational companies.

Horizon Industrial Parks Limited, backed by the Blackstone Group, is India's largest industrial and logistics infrastructure developer by total network as per a JLL report. It owns 45 warehousing and industrial assets of 58.01 million square feet across 10 major cities.

IPO details

Issue price: ₹60
Price band: ₹57 – ₹60
Face value: ₹10
Lot size: 250
Min investment: ₹15,000
Issue size: ₹2,600.04 Cr
Sale type: Fresh capital only
Listing on: BSE, NSE
BSE scrip code: 7890
NSE symbol: HORIZONIND.NS
Employee discount: Rs 5.00 per share

Lot size & investment by category

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
B-HNI (Min)	67	16,750	₹10,05,000

Investor reservation

CATEGORY	RESERVED
QIB	Not less than 75% of the Net Issue
Retail	Not more than 10% of the Net Issue
NII	Not more than 15% of the Net Issue

Objects of the issue

1Repayment 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., Lakshmi2250.00

2General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	13,495.13	9,851.54	4,993.18
Total Income	767.84	439.35	245.52
Profit After Tax	-203.65	-178.78	-162.21
EBITDA	607.80	339.12	151.51
NET Worth	4,676.16	122.00	266.95
Reserves and Surplus	3,214.54	-530.09	-334.75
Total Borrowing	6,884.34	7,009.11	3,688.21

Key performance indicators

P/E Ratio

-ve

EPS (₹)

-ve

RoNW

-4.23%

EBITDA Margin

79.16%

NAV (₹)

27.89

✓ Strengths

• It is the largest industrial and logistics infrastructure player in India by total network as per the JLL report, with 45 assets and 58.01 million square feet across 10 cities.

• It is backed by the Blackstone Group, which brings capital strength and professional management.

• Revenue is growing fast. Total income went from Rs 245.52 crore in FY2024 to Rs 439.35 crore in FY2025 and Rs 767.84 crore in FY2026, a 75% rise in the last year.

• EBITDA is strong and rising, from Rs 151.51 crore in FY2024 to Rs 339.12 crore in FY2025 and Rs 607.80 crore in FY2026. The operating business itself is profitable.

• The whole issue of Rs 2,600 crore is a fresh issue. No promoter is selling and the full amount comes to the company.

• Rs 2,250 crore of the money will repay borrowings of the company and its subsidiaries, which will directly reduce interest cost.

• The customer base is wide, with over 100 customers across e-commerce, retail, FMCG, renewable energy, auto ancillary and manufacturing.

• Warehousing demand is supported by the growth of e-commerce, quick commerce and factory setups in India.

⚠ Risks

• The company is making losses. Profit after tax was a loss of Rs 162.21 crore in FY2024, Rs 178.78 crore in FY2025 and Rs 203.65 crore in FY2026. The loss is getting bigger every year.

• There is no P/E to compare. EPS is negative, so the issue cannot be judged on earnings. The market capitalisation at the offer price is about Rs 17,297.61 crore.

• Debt is very high. Total borrowing was Rs 6,884.34 crore as on 31 March 2026. Even after using Rs 2,250 crore to repay, a large loan will remain on the books.

• Retail investors get a small part of this issue. Not less than 75% of the net issue is for QIB and not more than 10% is for retail.

• Net worth jumped from Rs 122.00 crore to Rs 4,676.16 crore in one year because of restructuring, so the older year ratios are not comparable with the latest year.

• This is a capital heavy business. Land, construction and interest costs are large, and any rise in interest rates directly hits the company.

• RoNW was minus 4.23%, so the company is not yet earning a return on shareholder funds.

• The promoter is a foreign private equity entity, BREP Asia II EIP Holding (NQ) Pte. Ltd. Its holding falls from 88.74% to 75.40%, and private equity owners normally sell down further over time.

Promoters & holding

BREP Asia II EIP Holding (NQ) Pte.Ltd

Pre-issue promoter holding

88.74%

Post-issue promoter holding

75.4%

Data refreshed 07 Nov 2026, 05:05 pm IST. GMP is unofficial market sentiment, not investment advice.