Horizon Industrial IPO

About Horizon Industrial IPO

The Horizon Industrial IPO, a mainboard IPO, opens on Monday, August 17, 2026 and closes on Wednesday, August 19, 2026. The allotment of shares will take place on Thursday, August 20, 2026. The credit of shares to the demat account will take place on Friday, August 21, 2026. The initiation of refunds will take place on Friday, August 21, 2026. The listing of shares will take place on Monday, August 24, 2026.

The equity shares offered through the IPO are proposed to be listed on the BSE and the NSE.

The offer consists of a fresh issue component. The fresh issue will include 43,34,09,090 equity shares of face value ₹10 each aggregating up to ₹2,600 crore. There is no offer for sale component.

Horizon Industrial IPO's price band is set at ₹57 to ₹60 per share. The lot size for an application is 250. The minimum amount of investment required by a retail investor is ₹15,000 (250 shares) based on the upper price band.

Horizon Industrial Parks offers an employee discount of ₹5 per equity share. The Employee Reservation Portion comprises up to ₹5 crore and shall not exceed 5% of the post-Issue equity share capital of the Company.

Horizon Industrial Parks Limited develops industrial and logistics parks, offering a fully integrated, end-to-end business ecosystem for its customers.

Objectives of Horizon Industrial Parks IPO

• Repayment and/or prepayment, in part or full of certain borrowings availed by the Company and certain of its wholly owned subsidiaries (the Identified Subsidiaries), through investment in such subsidiaries.
  
• General corporate purposes.
  

Industry Outlook

India's industrial and logistics real estate sector is expanding fast. Combined Grade A and Grade B warehousing and industrial stock reached 531.6 million square feet as of CY25, having grown at a 15.6% CAGR between CY20 and CY25, and rose further to 548.9 million square feet in Q1 CY26. This stock is projected to grow at an 18.4% CAGR from CY25 to CY30, potentially crossing 1.2 billion square feet by CY30.

Third-party logistics (3PL) remained a leading contributor to Grade A warehousing absorption, supported by India's manufacturing and consumption growth. India recorded real GDP growth of 7.7% in FY26 and holds a nominal GDP of US$ 4.2 trillion as the sixth-largest economy globally.

About Horizon Industrial Parks

Horizon Industrial Parks Limited develops industrial and logistics parks. Its pan-India network consists of 45 assets across 10 cities, totalling 58.58 million square feet as of the date of the Red Herring Prospectus. The network splits into an Operational Network of 28.55 million square feet and a Development Network of 30.03 million square feet, with a Committed Occupancy rate of 93.56% as of May 31, 2026. The company serves 118 customers as of May 31, 2026.

The company was incorporated on September 22, 2009. Its promoters, which are part of the Blackstone Group, acquired 100.00% of the then equity share capital in May 2021, after which the network expanded rapidly from five assets to its current scale. The company offers Grade A+ specification facilities together with turnkey development, rooftop solar energy solutions with 21.31 MW of operational capacity as of May 31, 2026, on-site staff accommodation, cold storage, and hospitality offerings under development.

Its assets are concentrated in India's major industrial and consumption hubs. The Development Network includes 7.22 million square feet of Near-Term Deliveries and 22.81 million square feet of Planned Projects expected over the next four to five years. As of May 31, 2026, the Company had pre-contracted 2.57 million square feet across eight locations. Urvish Jayantilal Rambhia serves as Whole Time Director and Chief Executive Officer of the Company.

Strengths of Horizon Industrial Parks

• Largest player with premium-quality offerings strategically located across prime markets, including in-city locations with a fully integrated platform.
• Well positioned to benefit from industry tailwinds driven by India’s manufacturing, consumption and e-commerce growth.
• Strong customer relationships supported by the ability to lease and actively manage assets while providing a comprehensive business ecosystem beyond real estate solutions.
• Proven engineering and technical capabilities enabling the execution of complex industrial projects.
• Proven expertise in development and acquisitions, supported by a track record of executing joint ventures and maintaining government partnerships.
• Commitment to enhanced sustainability practices with high sustainability standards.

Risks of Horizon Industrial Parks

• Market conditions, demand volatility and supply-demand imbalances may increase vacancy rates and affect rents and overall demand for warehousing and industrial facilities.
• Rising land, construction, labour and utility costs may increase development and operating expenses and impact project feasibility and profitability.
• Changes in international trade policies, tariffs and global supply chains may affect import-export volumes, distribution patterns and demand for warehousing facilities.
• Location and infrastructure constraints may affect the competitiveness, tenant demand, rental potential and long-term value of the Company’s properties.
• Seasonal demand fluctuations and tenant-related factors may impact occupancy levels, revenue stability and asset management.

Peer Comparison

The Red Herring Prospectus states that there are no companies listed in India or in other major select economies that operate purely as an industrial and logistics park developer and are comparable with the company's business model.

Anchor Investor Bidding Date

Friday, August 14, 2026

IPO Registrar and Book Running Lead Managers

Registrar IPO
KFin Technologies Limited
Tel: +91 40 6716 2222/ 1800 309 4001
E-mail: horizon.ipo@kfintech.com

Book Running Lead Managers:

• JM Financial Limited
  
• Axis Capital Limited
  
• IIFL Capital Services Limited (formerly known as IIFL Securities Limited)
  
• SBI Capital Markets Limited
  
• 360 ONE WAM Limited
  

Horizon Industrial Parks Contact Details
One World Centre, Unit No 1501B, Tower 1, 841, Jupiter, Textile Mills,
Senapati Bapat Marg, Mumbai 400 013, Maharashtra, India.
Email:complianceofficer@hiparks.com
Tel: +91 22 4158 1000

Horizon Industrial Parks Business Model

The company earns its revenue through leasing Grade A+ industrial and logistics facilities to its customers across its pan-India network. It supplements lease income with value-added streams including turnkey development for select customers, rooftop solar energy solutions, on-site staff accommodation, cold storage infrastructure, and hospitality facilities under development. Its customers span third-party logistics providers, manufacturers, and consumption-driven occupiers, and its fully integrated platform is designed to reduce a customer's time-to-market to approximately six to nine months, strengthening customer stickiness and overall realisation.

Horizon Industrial Parks Growth Trajectory

Horizon Industrial Parks' Total Income for FY 26 was ₹767.84 crore, whereas in FY 25 and FY 24 it was ₹439.35 crore and ₹245.52 crore, respectively.

The Profit After Tax for FY 26 was a loss of ₹203.65 crore, whereas in FY 25 and FY 24 it was a loss of ₹178.78 crore and ₹162.21 crore, respectively.

Their EBITDA for FY 26 was ₹607.80 crore, whereas in FY 25 and FY 24 it was ₹339.12 crore and ₹151.51 crore, respectively.

Horizon Industrial Parks Market Position

Horizon Industrial Parks is the market leader in India's industrial and logistics solutions, with a pan-India network of 45 assets across 10 cities totalling 58.58 million square feet. Its Operational Network of 28.55 million square feet carried a Committed Occupancy of 93.56% as of May 31, 2026, serving a base of 118 customers.

As of 31 March 2026, the company's Total Income, Profit After Tax, and EBITDA were ₹767.84 crore, ₹(203.65) crore, and ₹607.80 crore, respectively.

How to apply for Horizon Industrial IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.