- Horizon Industrial Parks, backed by Blackstone, has opened its IPO today with a price band of ₹57-60 per share.
- The company raised ₹1,167.75 crore by allotting 19.46 crore shares to 54 anchor investors at ₹60 a share.
- In December 2025, Horizon Industrial Parks completed a primary raise of ₹1,650 crore through a private placement from investors including 360 One, SBI Life, Radhakishan Damani.
- The book running lead managers to the issue are JM Financial Ltd, Axis Capital Ltd, IIFL Capital Services Ltd, SBI Capital Markets Ltd, and 360 ONE WAM Ltd.
- At the upper price band of ₹960, the issue is valued at 2.1x FY26 P/B and 37.5x FY26 EV/EBITDA on a post issue basis.
- Horizon Industrial Parks is expected to achieve break-even at PAT level in FY27.
Horizon Industrial Parks Ltd. (HIPL), backed by Blackstone, opened its IPO today at a price band of ₹57-60, aiming to raise ₹2,600 crore. The IPO is entirely a fresh issue, with bids accepted for a minimum of 250 shares and in multiples thereafter.1
The company has already raised ₹1,167.75 crore from 54 anchor investors by allotting 19.46 crore shares at ₹60 each. Notable investors include Carmignac, WhiteOak Capital, and SBI Life Insurance among others.2
HIPL plans to utilize the IPO proceeds primarily for debt repayment of up to ₹2,250 crore, which will help deleverage its balance sheet and reduce interest costs. The company has a strong portfolio with a committed occupancy of 93.6% across its operational assets, which span 45 properties in 10 cities and cover a total network area of 58.58 million sq. ft.
The IPO is structured with 75% of the net issue reserved for qualified institutional buyers, 10% for retail investors, and 15% for non-institutional investors. At the upper price band, the issue is valued at 2.1x FY26 P/B and 37.5x FY26 EV/EBITDA on a post-issue basis, with expectations to achieve break-even at the PAT level by FY27.5
“The IPO's anchor book included Carmignac, Morgan Stanley, and SBI Life, among others, at ₹60 per share. The company had earlier raised ₹1,650 crore via private placement in December 2025, and expects break-even at PAT level by FY27.”
