Horizon Industrial Parks opens its Rs2,600 crore IPO with limited early demand, aiming to boost its infrastructure portfolio and repay debts despite a modest first-day market premium and cautious investor interest.
Horizon Industrial Parks’ initial public offering opened for subscription on 17 August, with the logistics and industrial parks developer seeking to raise Rs2,600 crore through a fresh issue of shares. Market chatter around the deal has centred on the grey market premium, which suggests a modest first-day gain of about 6% if sentiment holds when the stock lists. According to NDTV Profit, the premium was Rs3.5 against the top end of the issue price band at Rs60, implying a possible listing price of Rs63.5.
The issue is priced in a band of Rs57 to Rs60 a share and comprises 43.34 crore shares. Retail investors must apply for a minimum lot of 250 shares, which works out to an investment of Rs15,000 at the upper end of the band. The issue closes on 19 August, allotment is expected on 20 August, and shares are scheduled to debut on both the NSE and BSE on 24 August. JM Financial is the book-running lead manager, while Kfin Technologies is handling registry work.
Subscription got under way with limited early demand, with BSE data showing the issue booked just 0.02 times by late morning on Monday. The company plans to use most of the proceeds to repay or prepay borrowings, with the rest earmarked for general corporate purposes.
Financial disclosures in the offer documents show that Horizon Industrial Parks reported total income of Rs767.84 crore in FY26, up from Rs439.35 crore a year earlier. It still posted a net loss of Rs203.65 crore, compared with a loss of Rs178.78 crore in FY25, although EBITDA rose to Rs607.8 crore from Rs339.12 crore. Backed by Blackstone, the company says it is India’s largest industrial and logistics infrastructure developer, owner and operator by total network. A JLL report cited in the market coverage says it held 45 assets across 10 major cities, covering 58.01 million square feet at the time of the draft filing.
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