Horizon Industrial Parks IPO

Horizon Industrial Parks IPO is a book-built issue worth ₹2,600 crore. The IPO consists entirely of a fresh issue of 43.34 crore equity shares. 

JM Financial Limited is the book-running lead manager to the issue, while KFin Technologies Limited is the registrar. For detailed information on the company's financials, business operations, and associated risks, investors are advised to refer to the Horizon Industrial Parks IPO RHP.

About Horizon Industrial Parks Limited

Horizon Industrial Parks Limited was originally incorporated as JEM Cements Private Limited on September 22, 2009 in Bengaluru, Karnataka. The company subsequently underwent multiple name changes, including Embassy-Maini Logistics Bangalore Private Limited, Embassy Industrial Parks Private Limited, and Horizon Industrial Parks Private Limited, before being converted into a public limited company and renamed Horizon Industrial Parks Limited on July 28, 2025.

The company is one of India's largest pure-play owners and developers of industrial and logistics real estate assets. It develops, owns, and manages Grade A industrial parks, warehousing facilities, fulfilment centres, and in-city logistics centres that cater to a wide range of industries including e-commerce, third-party logistics, manufacturing, automotive, renewable energy, retail, FMCG, and electronics.

As of May 31, 2026, Horizon Industrial Parks had a total network of 58.58 million square feet spread across 45 assets in major logistics and industrial hubs across India. Its portfolio comprises an operational network of 28.55 million square feet and a development pipeline of 30.03 million square feet, providing significant visibility for future growth.

The company operates a diversified portfolio consisting of industrial facilities, fulfilment centres, and in-city logistics assets. Its fulfilment centres provide bulk storage solutions and play a critical role in supply chains by connecting manufacturers with retailers and end consumers, while its in-city centres support last-mile delivery and urban distribution requirements.

Horizon Industrial Parks is backed by Blackstone affiliates and focuses on providing integrated infrastructure solutions, including tenant fit-outs, energy solutions, cold storage infrastructure, workforce accommodation, and other value-added services. The company aims to strengthen its market position through portfolio expansion, development of new logistics assets, operational efficiency, and strategic acquisitions across key logistics corridors in India.

Industry Outlook

• India's industrial and logistics real estate sector continues to benefit from increasing manufacturing activity, supply chain diversification, growth in organised warehousing, and strong demand from e-commerce and third-party logistics companies.
• The Grade A warehousing market is witnessing growing demand from sectors such as manufacturing, retail, FMCG, electronics, automotive, renewable energy, and e-commerce, supporting long-term absorption across major logistics markets.
• Government initiatives including the Dedicated Freight Corridor (DFC), National Industrial Corridor projects, Production Linked Incentive (PLI) schemes, and logistics infrastructure development are expected to enhance industrial and warehousing demand.
• The rise of e-commerce, quick commerce, omnichannel retailing, and third-party logistics providers is driving demand for modern fulfilment centres, last-mile delivery hubs, and in-city logistics facilities.
• India is emerging as an important global manufacturing and supply chain destination, supported by localisation initiatives and the China+1 strategy adopted by multinational corporations.
• Demand for integrated industrial parks offering warehousing, manufacturing infrastructure, sustainability features, and value-added logistics solutions is expected to increase in the coming years.
• Major logistics markets such as Delhi-NCR, Bengaluru, Chennai, Pune, Mumbai, Hyderabad, and Ahmedabad are expected to remain key growth centres for industrial and warehousing development.

Horizon Industrial Parks IPO Objectives

The company proposes to utilise the net proceeds from the IPO for the following objectives:

• Repayment and/or prepayment of certain outstanding borrowings availed by Horizon Industrial Parks Limited.
• Repayment and/or prepayment of borrowings of certain wholly owned subsidiaries of the company.
• Utilise up to ₹22,500 million towards debt reduction across the company and identified subsidiaries.
• Strengthen the overall balance sheet through reduction of leverage and finance costs.
• Improve the debt-equity ratio and enhance financial flexibility for future growth opportunities.
• Support the company's long-term expansion strategy by creating additional borrowing capacity.
• Meet general corporate purposes in accordance with applicable regulations.

Financial Performance of Horizon Industrial Parks Limited

Strengths and Opportunities of Horizon Industrial Parks IPO

1. India's largest pure-play industrial and logistics real estate platform with a total network of 58.58 million square feet across 45 assets.
2. Strong backing from Blackstone affiliates, providing financial strength, industry expertise, and institutional credibility.
3. Diversified asset portfolio spread across major industrial and logistics markets in India.
4. High occupancy level of approximately 93.56% in the operational network, indicating strong demand for its assets.
5. Large development pipeline of 30.03 million square feet offering substantial growth visibility over the next few years.
6. Well-diversified customer base comprising more than 118 customers across multiple industries.
7. Integrated infrastructure and value-added service offerings enhance customer retention and competitiveness.
8. Expected reduction in debt following utilisation of IPO proceeds could strengthen financial metrics and improve future profitability.
9. Strong sustainability credentials, including extensive IGBC Platinum-certified operational assets and a 5-Star GRESB rating.

Risks and Threats of Horizon Industrial Parks IPO

1. The company has reported losses in FY24, FY25, and FY26 despite strong revenue growth.
2. High borrowings and substantial finance costs continue to impact profitability.
3. A significant portion of assets has been acquired recently from promoters and related entities, creating integration and execution risks.
4. Large development projects are exposed to construction delays, cost overruns, regulatory approvals, and execution challenges.
5. Revenue concentration remains high in key markets such as Delhi-NCR, Chennai, Bengaluru, and Pune.
6. Dependence on key customers could adversely affect revenue if major lease agreements are terminated or not renewed.
7. Land title, development rights, and regulatory compliance issues could impact future project development and operations.
8. The business remains exposed to economic slowdowns, supply chain disruptions, and sector-specific demand fluctuations.
9. Future growth requires significant capital expenditure and continued access to financing, which may not always be available on favourable terms.

Horizon Industrial Parks IPO Reservation

Horizon Industrial Parks IPO Promoter Holding

The promoters of the company are BREP Asia II EIP Holding (NQ) Pte. Limited, Brep ASIA II Indian Holdings Co.VI (NQ) Pte. Limited and BREP Asia III India Holdings Co.III Pte. Limited.

Horizon Industrial Parks IPO Prospectus

• Horizon Industrial Parks IPO RHP

Horizon Industrial Parks IPO Registrar and Lead Managers

Horizon Industrial Parks IPO Lead Managers

• JM Financial Limited
• Axis Capital Limited
• IIFL Capital Services Limited
• SBI Capital Markets Limited
• 360 One WAM Limited

Registrar for Horizon Industrial Parks IPO

KFin Technologies Limited

• Contact Number: 040-79615565
• Email Address:ipo@kfintech.com

Horizon Industrial Parks IPO Registrar

How To Apply for Horizon Industrial Parks IPO Online?

1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
3. Select IPO: Find and select the Horizon Industrial Parks IPO from the list of open IPOs.
4. Enter the Lot Size: Specify the number of lots you want to bid for.
5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

How To Check the Allotment Status of the Horizon Industrial Parks IPO?

Steps to check IPO allotment status on Angel One’s app:

1. Log in to the Angel One app.
2. Go to the IPO Section and then to IPO Orders.
3. Select the individual IPO that you had applied for and check the allotment status.
4. Angel One will notify you of your IPO allotment status via push notification and email.

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Contact Details of Horizon Industrial Parks IPO

Registered Office: One World Centre, Unit No 1501B, Tower 1, 841, Jupiter Textile Mills, Senapati Bapat Marg, Mumbai, Maharashtra, 400013.

Phone: +91 22 4158 1000

E-mail: complianceofficer@hiparks.com