Horizon Industrial Parks IPO: ₹2,600 Cr Launch Aug 17
By Business Desk
Blackstone-backed Horizon Industrial Parks launches ₹2,600 Cr IPO on Aug 17, aiming for expansion and debt reduction. Price band ₹57-60.
Blackstone-backed Horizon Industrial Parks is set to launch its Initial Public Offering on August 17, aiming to raise ₹2,600 crore through a fresh issue.
The IPO, with a price band of ₹57-60 per equity share, targets a post-money equity valuation of around ₹17,250 crore.
Key Financials & IPO Details
- IPO Launch: August 17
- Amount to Raise: ₹2,600 crore (fresh issue)
- Price Band: ₹57-60 per equity share
- Anchor Investor Bidding: August 14
- Issue Closing: August 19
- Post-money Valuation: around ₹17,250 crore
- Gross Debt (March 2026): approximately ₹6,700 crore
- Pro Forma Net Debt (post-IPO): around ₹2,100 crore
- Total Income (FY26): ₹765.2 crore (18.7% year-on-year increase)
- EBITDA (FY26): ₹605 crore (20.6% increase)
- Blackstone Stake (post-IPO): approximately 75% (down from 89%)
The company has significantly expanded its operational footprint from approximately 3 million square feet in 2022 to nearly 28.6 million square feet currently.
This expansion supports a total development potential of about 61 million square feet, with 33 million square feet yet to be developed without additional land acquisition.
Expansion & Future Plans
CEO Urvish Rambhia stated the IPO marks “Horizon 2.0,” inviting new investors for the next growth phase.
Horizon anticipates completing its existing development pipeline within three to four years, maintaining an annual development throughput of 5-6 million square feet.
The IPO proceeds are earmarked for fueling this expansion and reducing the company’s substantial gross debt, which stood at approximately ₹6,700 crore as of March 2026.
Pro forma net debt is expected to decrease to around ₹2,100 crore after the December fundraise and the IPO.
Market Demand & Occupancy
Horizon reported an 18.7% year-on-year increase in total income to ₹765.2 crore in FY26, with EBITDA rising 20.6% to ₹605 crore.
Demand is foreseen from sectors like data centers, semiconductors, aerospace, and defense, supplementing existing clients from electric vehicles, automotive, and renewable energy.
Occupancy rates remain high at 93-94%, with new developments typically leased within three to six months amidst double-digit market rent growth.
Blackstone’s stake in Horizon will decrease from 89% (after a December 2025 private placement) to approximately 75% post-IPO.