Horizon Industrial Parks

Incorporated in 2009, Horizon Industrial Parks develops and leases large, modern warehouses and industrial facilities to major companies across India. As of the DRHP date, the company owns 45 logistics and industrial assets across 10 major Indian cities, totaling 58.01 million square feet. Its core asset types span Fulfillment Centers used by e-commerce, FMCG, retail, and logistics companies (15.55 msf, 58% of operational area as of November 30, 2025), Industrial Facilities used for manufacturing, EVs, renewables, electronics, and auto sectors (10.36 msf, 39% of operational area), and In-City Centers positioned close to consumers for last-mile delivery, dark stores, pharma, and cloud kitchens, with a total pipeline of 6.31 msf across 7 cities.

Beyond core leasing, the company offers turnkey solutions, solar energy solutions, cold storage facilities, on-site staff accommodation, and skill development centers. As of November 30, 2025, the company served over 100 customers across e-commerce, retail, FMCG, renewable energy, auto-ancillary, and manufacturing sectors, partnering with both multinational corporations and domestic players through its scale, technical capabilities, and network of strategically located sites.

The company's competitive strengths include its position as the largest player with premium-quality offerings strategically located across prime markets, including in-city locations within a fully integrated platform. Its business is derivative of India's broader manufacturing, consumption, and e-commerce tailwinds, supported by strong customer relationships, proven engineering and technical capabilities for complex industrial projects, and a track record of executing joint ventures and government partnerships. The company also emphasizes enhanced sustainability practices and is led by a highly skilled and professional leadership team.

The Horizon Industrial Parks IPO is a bookbuilt mainboard issue aggregating up to ₹2,600 crore, comprising entirely a fresh issue of shares with no offer-for-sale component. The issue is priced in a band of ₹57 to ₹60 per equity share, with a lot size of 250 shares, and will open on August 17, 2026, closing on August 19, 2026, with listing expected on August 24, 2026 on both the BSE and NSE.

Net proceeds from the fresh issue are earmarked primarily for repayment or prepayment of borrowings availed by the company and several wholly-owned subsidiaries, including Bagur Logistics Park, Embassy Industrial Park Hosur, and Farukhnagar Logistics Parks LLP among others, estimated at ₹2,250 crore, with the remainder allocated to general corporate purposes. The company has shown strong revenue growth, with total income rising from ₹245.52 crore in FY24 to ₹767.84 crore in FY26, and EBITDA expanding sharply from ₹151.51 crore to ₹607.80 crore, though the company has remained loss-making at the PAT level throughout this period, with losses widening from ₹162.21 crore to ₹203.65 crore.

At the upper price band, the issue reflects a Price to Book Value of 2.15 times, with an exceptionally high EBITDA margin of 79.16% typical of asset-heavy leasing businesses, though negative earnings mean P/E and post-issue EPS are not meaningful metrics for this issue. Key strengths cited include its position as India's largest industrial and logistics infrastructure player, Blackstone Group backing, and exposure to strong structural tailwinds from India's manufacturing and e-commerce growth. Key risks include continued net losses despite strong revenue and EBITDA growth, high leverage typical of large-scale infrastructure developers, and the fact that the issue is being valued on asset and EBITDA metrics rather than earnings given the absence of positive PAT. Investors may find it useful to benchmark this issue against listed REITs and industrial real estate players, given the company's asset-heavy leasing model, when evaluating its relative valuation.