India’s largest integrated industrial and logistics infrastructure platform, Horizon Industrial Parks, has filed draft papers with the Securities and Exchange Board of India (SEBI) to raise up to INR 2,600 crore through a fresh issue of shares. The move marks one of the most significant public listing plans in India’s logistics real estate sector, underscoring investor appetite for new-age infrastructure plays riding on manufacturing and e-commerce expansion.
Horizon Industrial Parks IPO: Business Overview
Horizon Industrial Parks is not a homegrown startup but a carefully constructed logistics empire built and managed under the aegis of Blackstone Group, the world’s largest alternative asset manager with real estate assets exceeding USD 320 billion. Through its Asia-focused vehicles — BREP Asia II EIP Holding (NQ), BREP Asia II Indian Holding Co VI (NQ), and BREP Asia III India Holding Co III — Blackstone collectively owns nearly 89% of Horizon’s equity.
From its first acquisition in 2020, Horizon has amassed a pan-India portfolio of 45 assets across 10 cities, totaling 58.01 million square feet (msf). With an impending 100-acre acquisition in Bengaluru capable of adding 2.55 msf, its network will soon reach 60.56 msf spread across 46 parks. This rapid build-out — achieved in barely five years — places Horizon among the fastest-growing logistics developers globally, as per the JLL report cited in its DRHP.
A Hybrid of Developer, Operator, and Ecosystem Builder
Horizon is not merely a warehouse developer. Its model integrates land acquisition, design, construction, leasing, and asset management under one corporate umbrella — a structure uncommon in India’s fragmented logistics real estate space. The company offers Grade A+ facilities ranging from bulk fulfilment centres and light-industrial manufacturing units to in-city multi-use hubs located near dense consumption clusters.
As of 30 November 2025, Horizon’s operational network stood at 26.74 msf with a committed occupancy rate of 94.55%, serving 107 clients, more than half of them Fortune 500 companies. Its customer list spans e-commerce, FMCG, retail, renewables, auto components, and advanced manufacturing — with no single tenant contributing over 10% of rental income, signaling well-distributed risk.
Horizon Industrial Parks IPO: Details & Use of Funds
Horizon Industrial Parks IPO is a fresh issue (INR 2,600 crore), with no offer-for-sale component by promoters or investors — a strategic decision that emphasises balance-sheet strengthening.
Of the total proceeds, INR 2,250 crore will go toward repayment and/or prepayment of borrowings availed by the company and its subsidiaries, including Bagur Logistics Park, Embassy Industrial Park Hosur, and Farukhnagar Logistics Parks LLP, among others. The balance will fund general corporate purposes.
Lead managers to the issue include JM Financial, Axis Capital, IIFL Capital Services, SBI Capital Markets, and 360 ONE WAM (formerly IIFL Wealth).
Horizon Industrial Parks IPO: Financials
Horizon’s financials depict a company in aggressive growth mode — scaling revenue quickly while absorbing high finance costs.
| Metrics | FY23 | FY24 | FY25 | Q1 FY26 |
|---|---|---|---|---|
| Revenue from Operations | 373.2 | 453.0 | 608.2 | 162.9 |
| EBITDA | 211.8 | 326.0 | 501.7 | 127.5 |
| EBITDA Margin | 52.9 | 68.5 | 78.0 | 74.3 |
| PAT | (293.7) | (254.5) | (233.7) | (59.7) |
While revenues grew at a 27.7% CAGR over three years and operating margins improved dramatically, interest costs (INR 483.9 crore in FY25) and depreciation (INR 198.7 crore) continue to suppress profitability. The company has posted three consecutive years of net losses, but cash flows remain robust due to high occupancy and long-term lease visibility.
A Sector Riding Strong Tailwinds
India’s logistics infrastructure is experiencing a structural transformation. According to JLL, Grade-A industrial and warehousing stock is expected to grow at a 24.3% CAGR between CY24 and CY29, reaching over 1 billion square feet. This growth is propelled by:
- Manufacturing push: Government programs like PLI and “Make in India” are driving industrial space absorption.
- E-commerce and quick commerce: Online retail penetration remains at 6.1% — a fraction of China’s 37% — suggesting massive headroom.
- Supply chain formalization: Global companies are consolidating fragmented warehousing into large compliant facilities.
India’s under-penetration is stark: per-capita warehousing stock of 0.4 sq. ft., compared to 21.5 in Singapore and 47.7 in the US, implying multi-fold growth potential.
Horizon Industrial Parks: In-City Assets and Value-Added Ecosystem
A major differentiator for Horizon is its 17 in-city centers, totaling 6.31 msf across metros such as Delhi-NCR, Mumbai, Pune, Chennai, and Bengaluru. These are high-entry-barrier assets — land-scarce, regulatory-complex, and difficult to replicate — enabling Horizon to command premium rents.
The company’s ecosystem extends beyond real estate. It monetizes rooftops through 17.9 MW of operational solar installations (with another 20.6 MW in pipeline), provides on-site staff housing, cold storage, and even hospitality projects like its upcoming 115-key hotel at Dobbaspet, Bengaluru — a first of its kind in the sector.
Horizon Industrial Parks IPO: Shareholding Pattern
Horizon remains firmly under Blackstone’s control, with minority stakes held by domestic institutions and investors:
| Shareholder | % of Pre-Issue Capital |
|---|---|
| BREP Asia III India Holding Co III | 33.72 |
| BREP Asia II EIP Holding (NQ) | 33.43 |
| BREP Asia II Indian Holding Co VI (NQ) | 21.59 |
| 360 ONE Real Assets Advantage Fund | 1.47 |
| SBI Life Insurance | 1.37 |
| Radhakishan Damani | 1.37 |
The continued presence of long-term institutional investors, notably SBI Life and Damani, signals confidence in the platform’s institutional governance and future listing prospects.
Final Words
Horizon Industrial Parks IPO symbolises a broader shift in India’s real-asset investment narrative — from build-and-sell developers to long-term yield platforms. The company’s strong asset base, near-full occupancy, and recurring rental income make it comparable to a listed REIT-style industrial platform, though it will debut as an operating company.
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