Global private equity major Blackstone-promoted Horizon Industrial Parks, India’s largest industrial and logistics infrastructure developer, has filed draft papers with the Securities and Exchange Board of India (SEBI) on December 29 to raise up to Rs 2,600 crore through an initial public offering (IPO).
The proposed public issue comprises an entirely fresh issue of equity shares, with no offer-for-sale (OFS) component, according to the draft red herring prospectus (DRHP).
Ahead of the IPO, the company may consider a pre-IPO placement of up to Rs 520 crore, which will form part of the fresh issue. The pre-IPO round saw participation from the SBI group, including the parent bank and SBI Life Insurance, as well as prominent high-net-worth investors such as D-Mart founder Radhakishan Damani and DSP Group founder Hemendra Kothari.
As per the DRHP, Blackstone, through its three investment vehicles, holds an 88.74 percent stake in Horizon Industrial Parks. The remaining 11.26 percent is held by public shareholders, including 360 ONE Real Assets Advantage Fund (1.47 percent), SBI Life Insurance Company (1.37 percent) and Radhakishan Damani (1.37 percent).
Horizon Industrial Parks operates a pan-India portfolio of 45 industrial and logistics assets and is in the process of acquiring a 100-acre land parcel in Bengaluru, with development potential of 2.55 million square feet (msf). Following the acquisition, the company’s total portfolio is expected to expand to 60.56 msf across 46 assets, built through a mix of strategic acquisitions and greenfield developments.
The platform leverages Blackstone’s global logistics expertise, with the private equity firm owning more than 1.2 billion square feet of logistics assets worldwide. In India, Horizon serves over 100 customers across sectors including e-commerce, retail, FMCG, renewable energy, auto ancillaries, and manufacturing.
Of the IPO proceeds, around Rs 2,250 crore will be utilised for repayment or prepayment of certain borrowings availed by the company and its subsidiaries. The remaining funds will be used for general corporate purposes.
On the financial front, Horizon Industrial Parks reported a reduction in losses to Rs 131 crore in FY25, compared with a loss of Rs 140 crore in the previous fiscal year. Revenue during the year rose nearly 54 percent to Rs 359.3 crore, from Rs 233.6 crore a year earlier. For the quarter ended June 2025, the company posted a loss of Rs 57.6 crore on revenue of Rs 128.6 crore.
The IPO is being managed by JM Financial, Axis Capital, IIFL Capital Services, SBI Capital Markets, and 360 ONE WAM as book-running lead managers.
