Horizon Industrial Parks IPO: 14% Subscribed on Day 1

Horizon Industrial Parks’ initial public offering (IPO) garnered a 14% subscription rate on its opening day of bidding, Monday. The Blackstone-backed industrial and logistics infrastructure developer aims to raise Rs 2,600 crore through this offering.

Data from the NSE shows the company received bids for 35,285,000 shares against a total of 251,356,273 shares offered. Investor interest varied across categories.

Day One Subscription Breakdown

• Overall Subscription: 14%
• Retail Investors: 19% subscription
• Qualified Institutional Buyers (QIBs): 18% subscription
• Non-institutional Investors: 3% subscription

Prior to its IPO launch, Horizon Industrial Parks secured Rs 1,168 crore from anchor investors on the preceding Friday. This pre-IPO funding round provided significant capital ahead of public listing.

The Rs 2,600 crore IPO is structured as a fresh issue of equity shares, with no offer-for-sale component. Funds generated are primarily intended for the repayment of existing borrowings, according to the red herring prospectus.

IPO Specifics

• Closing Date: August 19
• Price Band: Rs 57 to Rs 60 per share
• Projected Market Cap: around Rs 17,298 crore (based on upper price band)
• Listing: BSE and NSE on August 24

Horizon Industrial Parks manages a substantial portfolio across India. The company operates approximately 60 million square feet across 46 assets in 10 different cities, specializing in industrial and logistics infrastructure.

Blackstone currently holds an approximate 89% stake in the company, underscoring its significant backing.