Independent Research on Mutual Funds, Stocks & IPOs for Indian Investors

Horizon Industrial Parks Limited, incorporated 2009 and backed by Blackstone (89% pre-issue stake), is India's largest industrial and logistics infrastructure developer, owner and operator by total network, per JLL. Owns 45 logistics and industrial assets across 10 major cities, totaling 58.58 million sq ft (61.13 msf including 49% stake in Vision Softech Facilities). Develops and leases Grade A warehouses, fulfilment centres and industrial facilities to e-commerce, 3PL, FMCG, automotive, electronics, renewable energy and aerospace customers. Total borrowings Rs 6,884.34 Cr as of Mar 31, 2026. Entirely fresh issue - no OFS. Rs 2,250 Cr of proceeds earmarked for debt repayment. Raised Rs 1,167.75 Cr from 54 anchor investors on Aug 14 (Morgan Stanley, Carmignac, Millennium Management, Societe Generale, Citigroup Global, WhiteOak Capital, Sundaram MF and others). Post-listing market cap ~Rs 17,300 Cr at upper band. Final subscription: 1.45x overall (QIB 1.85x, NII 0.98x, Retail 0.96x). Corrected final subscription to 1.52x overall. Listed Aug 24, 2026 flat at Rs 60.25 (+0.41%) on NSE; Rs 59.65 (-0.58%) on BSE.