Horizon Industrial Parks
Horizon Industrial Parks is a leading industrial and logistics infrastructure developer in India that develops and leases modern warehouses, fulfillment centers, and in-city centers. The company operates across 10 major Indian cities, serving critical sectors including e-commerce, FMCG, electronics, and pharmaceuticals.
Price Band
₹57 - ₹60
Lot Size
250 Shares
Issue Size
₹2,600.00 Cr
Fresh Issue
₹2,600.00 Cr
OFS
N/A
Registrar
AI Sentiment Score
Current GMP
+₹2
Est. Listing: ₹62 (+3.3%)
📅 IPO Timeline
✓
Open
Aug 17
✓
Close
Aug 19
✓
Allotment
Aug 20
✓
Refund
Aug 21
5
Demat
Aug 21
6
Listing
Aug 24
✨ AI Analysis & Prediction
-2.3%
predicted listing gain
The listing gain is adjusted downward from the 3.33% GMP baseline due to weak institutional demand (QIB < 2x) and negative profitability indicators (negative EPS and RoNW). While the 100% fresh issue structure is positive, the lack of a valuation margin of safety and poor bottom-line performance weigh heavily on the predicted listing pop.
💪 Strengths
- Largest Grade A industrial and warehouse property portfolio in India
- Rapid revenue growth from ₹245.52 Cr to ₹767.84 Cr in 3 years
⚠️ Weaknesses
- Consistent net losses increasing from ₹162.21 Cr to ₹203.65 Cr
- Negative Return on Net Worth (RoNW) of -4.09%
🚀 Opportunities
- Expansion into Bengaluru region with 100 additional acres
- Growth in e-commerce and last-mile delivery sectors
🛡️ Threats
- High debt levels requiring majority of IPO proceeds for repayment
- Lack of listed peers making valuation benchmarks difficult
🎯 Objectives of the IPO
| Requirement / Purpose | Amount (₹ Cr) |
|---|---|
| Repayment and/or prepayment, in part or full, of certain borrowings availed by the company and Certain wholly owned Subsidiaries of our Company, namely Bagur Logistics Park Private Limited, Embassy Industrial Park Hosur Private Limited, Farukhnagar Logistics Parks LLP, FRK II Industrial Park Private Limited, Goodluck Buildtech Private Limited, ILV Distripark Private Limited, ILV Distripark (MWC) Private Limited, Jindpur Industrial Park Private Limited, Kalina Warehousing Private Limited, Lakshmi | ₹2,250.00 |
| General Corporate Purpose | ₹350.00 |
📊 Financial Overview
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue (₹ Cr) | Rs 234.00 Cr | Rs 390.00 Cr | Rs 691.00 Cr |
| Net Profit / PAT (₹ Cr) | Rs -139.00 Cr | Rs -179.00 Cr | Rs -204.00 Cr |
| EBITDA / Op. Profit (₹ Cr) | Rs 137.00 Cr | Rs 290.00 Cr | Rs 531.00 Cr |
| Borrowings (₹ Cr) | Rs 3,294.00 Cr | Rs 7,017.00 Cr | Rs 6,904.00 Cr |
| Total Assets (₹ Cr) | Rs 4,290.00 Cr | Rs 9,835.00 Cr | Rs 13,495.00 Cr |
| ROCE % | 2.00% | 3.00% | 3.00% |
📋 Live Subscription Status
QIB
1.94x
NII
0.70x
Retail
1.02x
Total
1.52x
Updated: Aug 22, 2026 8:06 AM
💼 Reservation Quota
QIB
75.00%
Retail
10.00%
NII
15.00%
📈 Shareholding & Anchor Lock-In
🔗 Important Links & Lead Managers
- Check Allotment StatusCheck Now →
- Registrar WebsiteVisit →
- Download DRHP ProspectusDownload PDF 📥
- Download RHP ProspectusDownload PDF 📥
Lead Managers / Merchant Bankers
This issue is managed by Hem Securities Ltd., and Share India Capital Services Pvt. Ltd.
Disclaimer: The information provided on this page is for educational and informational purposes only and does not constitute financial advice. IPO investments are subject to market risks. AI-generated analysis is based on publicly available data and may not be accurate. Grey Market Premium (GMP) is unofficial and highly speculative. Always consult a qualified financial advisor and read the DRHP/RHP carefully before making investment decisions.
Founded in 2009, Horizon Industrial Parks has evolved into one of India's premier developers of industrial and logistics infrastructure. Over more than a decade, the company has strategically built a massive footprint, now owning 45 logistics and industrial assets across 10 major Indian cities, covering over 2,200 acres of land.
The company's business model focuses on the development of Grade A industrial and warehouse properties. These assets are categorized into fulfillment centers for warehousing, industrial facilities for large-scale manufacturing, and in-city centers designed for the burgeoning last-mile delivery market.
Horizon Industrial Parks caters to a diverse set of high-growth sectors. Its key clients operate in e-commerce, Fast-Moving Consumer Goods (FMCG), Electric Vehicles (EVs), electronics, retail, pharma, and general logistics, providing them with scalable and modern infrastructure to optimize their supply chains.
In terms of operational scale, the company maintains the largest Grade A industrial and warehouse property portfolio in India. Beyond its existing 45 parks, the firm is actively expanding, with plans to acquire an additional 100 acres in the Bengaluru region to meet growing demand.
The promoters of the company consist of BREP Asia II EIP Holding (NQ) Pte. Ltd., Brep ASIA II Indian Holdings Co. VI (NQ) Pte. Ltd., and BREP Asia III India Holdings Co. III Pte. Ltd., indicating strong institutional backing from global real estate investment entities.
Horizon Industrial Parks is launching a Mainboard IPO to raise approximately ₹2,600 Crore, consisting entirely of a fresh issue of equity shares. The IPO is priced with a price band of ₹57 to ₹60 per share, with a minimum retail lot size of 250 shares requiring an application amount of ₹15,000. The issue is scheduled to open on August 17, 2026, and close on August 19, 2026, with listing on the BSE and NSE expected on August 24, 2026.
The proceeds from the fresh issue are primarily earmarked for corporate deleveraging. Specifically, ₹2,250 Crore will be utilized for the repayment or prepayment of borrowings availed by the company and its various wholly-owned subsidiaries, such as Bagur Logistics Park and Embassy Industrial Park Hosur.
Financial performance shows a strong trajectory in top-line growth, with revenue increasing from ₹245.52 Crore in 2024 to ₹767.84 Crore in 2026. However, the bottom line presents a significant concern; the company reported losses of ₹178.78 Crore in 2025 and ₹203.65 Crore in 2026, leading to a negative Basic EPS of ₹(0.95).
From a valuation standpoint, the company does not have listed peers for direct comparison. The Return on Net Worth (RoNW) stands at a negative 4.09%, and the Net Asset Value (NAV) is reported at ₹23.29, which is significantly lower than the IPO price band, suggesting a premium pricing strategy despite the losses.
The key investment strength lies in the company's dominant market position in Grade A warehousing and its aggressive revenue growth. Conversely, the primary risks include the continuing net losses and the high reliance on debt, which necessitates the heavy use of IPO proceeds for repayment.
Overall, the IPO presents a profile of a high-growth infrastructure play with significant balance sheet stress. Investors may view this as a long-term bet on the Indian logistics sector, though the immediate financial losses may deter those seeking short-term listing gains.