Horizon Industrial Parks’ ₹2,600 crore initial public offering saw a modest rise in subscription levels on day two, driven by increased retail investor participation, as the issue nears its closing date amid promising prospects for debt reduction and future profitability.
Horizon Industrial Parks’ ₹2,600 crore initial public offering gathered pace on the second day of bidding on Tuesday, with total subscription rising to 0.24 times by the close, according to The Hindu BusinessLine. That was up from 0.14 times at the end of the opening day, suggesting a modest improvement in investor interest as the offer moved into its final stretch.
Retail investors led the recovery, with their portion of the issue subscribed 0.43 times, more than double the 0.19 times recorded on Monday. The employee reservation was the strongest segment overall at 0.61 times, while non-institutional investors improved to 0.16 times. Within that category, bids from larger applicants were at 0.18 times and the smaller non-institutional bucket at 0.10 times, according to the report.
Qualified institutional buyers, who account for 75% of the allocation, remained under close watch and were subscribed 0.21 times by the end of day two. The Hindu BusinessLine said domestic financial institutions, mutual funds and other institutional investors had bid for 2,85,73,750 shares against 13,65,78,947 shares reserved for the segment. Moneycontrol also reported the same overall subscription level at the end of the second day.
The issue closes on Wednesday, August 19, with a price band of ₹57 to ₹60 a share and a minimum bid lot of 250 shares. It is a pure fresh issue, with proceeds of up to ₹2,250 crore earmarked for debt reduction. SBI Securities has said the lower leverage should trim interest costs and could help Horizon reach profit after tax break-even by FY27. Backed by Blackstone, the company operates 45 assets across 10 cities and has committed occupancy of 93.6%. At the top end of the range, the offer is valued at 37.5 times FY26 EV/EBITDA, according to the report.
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