Blackstone-backed Horizon Industrial Parks opens its ₹2,600 crore IPO, drawing notable institutional attention with a valuation based on FY26 forecasts, as it aims to bolster its industrial and logistics portfolio across India.
Blackstone-backed Horizon Industrial Parks launched its ₹2,600 crore initial public offering on Monday, with the issue priced in a band of ₹57 to ₹60 a share and scheduled to close on Wednesday. The entire offering is a fresh issue, and investors can bid for a minimum of 250 shares and in multiples thereafter.
The company said it will use most of the proceeds to repay or prepay borrowings at the parent level and in subsidiaries, with the balance set aside for general corporate purposes. At the top end of the price band, broker views published alongside the offer said the IPO values the business at 2.1 times forecast FY26 book value and 37.5 times FY26 enterprise value to EBITDA on a post-issue basis.
Horizon has already drawn strong institutional interest. It raised ₹1,167.75 crore from 54 anchor investors by placing 19.46 crore shares at ₹60 each, according to the company’s offer documents. The anchor list included Carmignac, WhiteOak Capital, SBI Life Insurance, 360 ONE, Nuvama, Matthews, Poonawalla Vision Fund, PGIM India, JM Financial Mutual Fund, Edelweiss, Sundaram Mutual Fund, SBI General Insurance, Societe Generale, BNP Paribas and Morgan Stanley, among others.
The issue comes after a series of private fundraising rounds ahead of the public offering. Moneycontrol reported that Horizon received regulatory observations from the Securities and Exchange Board of India for the float, while earlier disclosures showed a pre-IPO placement that brought in investors including 360 ONE, SBI Life Insurance, State Bank of India and Radhakishan Damani. The business, described as India’s largest industrial and logistics infrastructure developer by total network area, operates a portfolio of 45 assets across 10 cities and says it has 93.6 per cent occupancy across its operational assets, with 54.1 per cent of leased area tied to Fortune 500 companies.
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