Horizon Industrial Parks IPO
- Issue price
- ₹60
- Listing price
- ₹60.25
- +0.42%
- Current price
- ₹48.65
- -18.92%
- Subscribed
- 1.45x
- Issue size
- ₹2,600.04 Cr
- Listed on
- 24 Aug 2026
IPO timeline
- Opens17 AugMon
- Closes19 AugWed
- Allotment20 AugThu
- Refunds21 AugFri
- Demat credit21 AugFri
- Listing24 AugMon
Issue details
- Price band
- ₹57 – ₹60 per share
- Issue size
- ₹2,600.04 Cr
- Fresh issue
- ₹2,600.04 Cr · 43.33 Cr shares
- Offer for sale
- None
- Issue type
- Fresh capital only
- Face value
- ₹10 per share
- Lot size
- 250 shares
- Minimum investment
- ₹15,000
- Listing on
- BSE, NSE
- Exchange code
- HORIZONIND · 7890
Lot size and investment
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 250 | ₹15,000 |
| Retail (Max) | 13 | 3,250 | ₹1,95,000 |
| S-HNI (Min) | 14 | 3,500 | ₹2,10,000 |
| B-HNI (Min) | 67 | 16,750 | ₹10,05,000 |
Reservation
- QIB
- Not less than 75% of the Net Issue
- Retail
- Not more than 10% of the Net Issue
- NII
- Not more than 15% of the Net Issue
Allotment status
The allotment for this IPO is final. Check whether you received shares on the registrar's website using your PAN, application number or demat account (DP / Client ID).
Check allotment on KFin Technologies- 1Open the registrar's allotment page and select this IPO from the list.
- 2Enter your PAN, application number or DP / Client ID.
- 3Submit to see the number of shares allotted, if any.
- Basis of allotment
- 20 Aug 2026
- Refunds initiated
- 21 Aug 2026
- Shares credited to demat
- 21 Aug 2026
- Listing
- 24 Aug 2026
Grey market premium (GMP)
- Current GMP
- ₹1.5
- +2.50%
- Estimated listing price
- ₹61.5
- Issue price ₹60
- Highest
- ₹4.5
- 13 Aug
- Lowest
- ₹1
- 18 Aug
GMP by day (₹ per share)
Day-wise GMP table
| Date | GMP | Premium | Est. listing |
|---|---|---|---|
| 24 Aug 2026 | ₹1.5 | +2.50% | ₹61.5 |
| 23 Aug 2026 | ₹1.5 | +2.50% | ₹61.5 |
| 22 Aug 2026 | ₹3 | +5.00% | ₹63 |
| 21 Aug 2026 | ₹2.5 | +4.17% | ₹62.5 |
| 20 Aug 2026 | ₹3.4 | +5.67% | ₹63.4 |
| 19 Aug 2026 | ₹1.3 | +2.17% | ₹61.3 |
| 18 Aug 2026 | ₹1 | +1.67% | ₹61 |
| 17 Aug 2026 | ₹1.7 | +2.83% | ₹61.7 |
| 16 Aug 2026 | ₹3.5 | +5.83% | ₹63.5 |
| 15 Aug 2026 | ₹4 | +6.67% | ₹64 |
| 14 Aug 2026 | ₹4 | +6.67% | ₹64 |
| 13 Aug 2026 | ₹4.5 | +7.50% | ₹64.5 |
GMP is an unofficial indicator from an unregulated market. It is shown for information only and is not a prediction of the listing price or a recommendation to apply.
Subscription status
- QIB1.85x
- NII (HNI)0.98x
- Retail0.96x
- Employee1.42x
| Category | Shares offered | Shares bid for | Subscribed |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 13,65,78,947 | 25,21,66,000 | 1.85x |
| Non-Institutional Investors (NII) | 6,82,89,473 | 6,66,05,000 | 0.98x |
| bNII — bids above ₹10 Lakh | 4,55,26,316 | 5,15,01,250 | 1.13x |
| sNII — bids ₹2 Lakh to ₹10 Lakh | 2,27,63,157 | 1,51,03,750 | 0.66x |
| Retail Individual Investors (RII) | 4,55,26,315 | 4,36,62,500 | 0.96x |
| Employee | 9,61,538 | 13,64,500 | 1.42x |
| Total | 25,13,56,273 | 36,37,98,000 | 1.45x |
Financials
- P/E Ratio
- -ve
- EPS (₹)
- -ve
- RoNW
- -4.23%
- EBITDA Margin
- 79.16%
- NAV (₹)
- 27.89
Separate pre- and post-issue P/E are not available for this IPO; the P/E shown is as disclosed for the issue.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 13,495.13 | 9,851.54 | 4,993.18 |
| Total Income | 767.84 | 439.35 | 245.52 |
| Profit After Tax | -203.65 | -178.78 | -162.21 |
| EBITDA | 607.80 | 339.12 | 151.51 |
| NET Worth | 4,676.16 | 122.00 | 266.95 |
| Reserves and Surplus | 3,214.54 | -530.09 | -334.75 |
| Total Borrowing | 6,884.34 | 7,009.11 | 3,688.21 |
Peer comparison
| Company | Issue size | P/E | RoNW | PAT margin | Subscribed | Listing gain |
|---|---|---|---|---|---|---|
| Horizon Industrial Parks This IPO | ₹2,600.04 Cr | -ve | -4.23% | — | 1.45x | +0.42% |
| WeWork India Management Mainboard · listed 10 Oct 2025 | ₹3,000 Cr | 67.75 | 63.80% | — | — | +0.31% |
| Bagmane Prime Office REIT Mainboard · listed 15 May 2026 | ₹3,405 Cr | — | — | — | 24.96x | +3.50% |
| Runwal Enterprises Mainboard · Closed | ₹500 Cr | 24.26 | 27.24% | — | 2.5x | — |
| Pranav Constructions Mainboard · listed 15 Sep 2026 | ₹351.03 Cr | 19.59 | 33.78% | 9.37% | 121x | +33.06% |
| Property Share Investment Trust Mainboard · listed 24 Apr 2026 | ₹245 Cr | — | — | — | 1.33x | 0.00% |
| Veegaland Developers Mainboard · listed 18 Sep 2026 | ₹210 Cr | 25.64 | 16.02% | 10.47% | 13.55x | +10.00% |
Peers are other recent IPOs from the same industry, closest in issue size. Ratios are as disclosed at the time of each issue. This is not the listed-peer table from the offer document.
About Horizon Industrial Parks
Horizon Industrial Parks Limited was started in 2009 and is backed by the Blackstone Group. As per a JLL report it is the largest industrial and logistics infrastructure developer, owner and operator in India by total network. It owns 45 logistics and industrial assets in 10 major Indian cities, which add up to 58.01 million square feet. The company builds large modern warehouses and industrial buildings and gives them on long term rent. Its properties are of three types. Fulfillment centres, that is warehouses used by e-commerce, FMCG, retail and logistics companies, made up 15.55 million square feet or 58% of the operational area as on 30 November 2025. Industrial facilities used for manufacturing, EV, renewable energy, electronics and auto units made up 10.36 million square feet or 39%. In-city centres, which are small warehouses near customers for last mile delivery, dark stores, pharma and cloud kitchens, have a pipeline of 6.31 million square feet across 7 cities. The company also gives turnkey construction, solar power, cold storage, staff accommodation and skill development facilities. As on 30 November 2025 it had served more than 100 customers, including many multinational companies.
Strengths
- It is the largest industrial and logistics infrastructure player in India by total network as per the JLL report, with 45 assets and 58.01 million square feet across 10 cities.
- It is backed by the Blackstone Group, which brings capital strength and professional management.
- Revenue is growing fast. Total income went from Rs 245.52 crore in FY2024 to Rs 439.35 crore in FY2025 and Rs 767.84 crore in FY2026, a 75% rise in the last year.
- EBITDA is strong and rising, from Rs 151.51 crore in FY2024 to Rs 339.12 crore in FY2025 and Rs 607.80 crore in FY2026. The operating business itself is profitable.
- The whole issue of Rs 2,600 crore is a fresh issue. No promoter is selling and the full amount comes to the company.
- Rs 2,250 crore of the money will repay borrowings of the company and its subsidiaries, which will directly reduce interest cost.
- The customer base is wide, with over 100 customers across e-commerce, retail, FMCG, renewable energy, auto ancillary and manufacturing.
- Warehousing demand is supported by the growth of e-commerce, quick commerce and factory setups in India.
Risks
- The company is making losses. Profit after tax was a loss of Rs 162.21 crore in FY2024, Rs 178.78 crore in FY2025 and Rs 203.65 crore in FY2026. The loss is getting bigger every year.
- There is no P/E to compare. EPS is negative, so the issue cannot be judged on earnings. The market capitalisation at the offer price is about Rs 17,297.61 crore.
- Debt is very high. Total borrowing was Rs 6,884.34 crore as on 31 March 2026. Even after using Rs 2,250 crore to repay, a large loan will remain on the books.
- Retail investors get a small part of this issue. Not less than 75% of the net issue is for QIB and not more than 10% is for retail.
- Net worth jumped from Rs 122.00 crore to Rs 4,676.16 crore in one year because of restructuring, so the older year ratios are not comparable with the latest year.
- This is a capital heavy business. Land, construction and interest costs are large, and any rise in interest rates directly hits the company.
- RoNW was minus 4.23%, so the company is not yet earning a return on shareholder funds.
- The promoter is a foreign private equity entity, BREP Asia II EIP Holding (NQ) Pte. Ltd. Its holding falls from 88.74% to 75.40%, and private equity owners normally sell down further over time.
Objects of the issue
- Repayment and/or prepayment, in part or full, of certain borrowings availed by the company and Certain wholly owned Subsidiaries of Company, namely Bagur Logistics Park Pvt.Ltd., Embassy Industrial Park Hosur Pvt.Ltd., Farukhnagar Logistics Parks LLP, FRK II Industrial Park Pvt.Ltd., Goodluck Buildtech Pvt.Ltd., ILV Distripark Pvt.Ltd., ILV Distripark (MWC) Pvt.Ltd., Jindpur Industrial Park Pvt.Ltd., Kalina Warehousing Pvt.Ltd., Lakshmi₹2,250 Cr
- General Corporate Purposes
Promoters and shareholding
BREP Asia II EIP Holding (NQ) Pte.Ltd
- Promoter holding, pre-issue
- 88.74%
- Promoter holding, post-issue
- 75.4%
Anchor investors
Registrar, lead managers and documents
Company contact
One World Centre, Unit No 1501B, Tower 1, 841, Jupiter Textile Mills, Senapati Bapat Marg, Mumbai, Maharashtra, 400013
+91 22 4158 1000
complianceofficer@hiparks.comDocuments
Horizon Industrial Parks IPO: common questions
When does the Horizon Industrial Parks IPO open and close?
The Horizon Industrial Parks IPO opens on 17 Aug 2026 and closes on 19 Aug 2026.
What is the price band of the Horizon Industrial Parks IPO?
The price band is ₹57 – ₹60 per share, with a lot size of 250 shares and a minimum investment of ₹15,000.
What is the size of the Horizon Industrial Parks IPO?
The issue size is ₹2,600.04 Cr (Fresh capital only).
What is the GMP of the Horizon Industrial Parks IPO?
The last reported grey market premium is ₹1.5 per share as of 24 Aug 2026, 08:24 AM IST. GMP is unofficial and changes frequently.
When is the Horizon Industrial Parks IPO allotment?
The basis of allotment is expected on 20 Aug 2026. Allotment status can be checked with the registrar, KFin Technologies Limited.
When will the Horizon Industrial Parks IPO list?
The shares listed on 24 Aug 2026 on BSE, NSE.
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