Horizon Industrial Parks opens Rs 2,600 crore IPO to reduce debt
India's largest logistics developer is seeking Rs 2,600 crore to pay down debt as revenue surges but net losses widen.
Horizon Industrial Parks has opened its initial public offering, seeking to raise Rs 2,600 crore through a fresh issue of 43.34 crore shares. The Blackstone Group-backed company set a price band of Rs 57 to Rs 60 per share, with bidding scheduled to close on August 19 ahead of an expected listing on the NSE and BSE on August 24.
The logistics developer intends to use the bulk of the proceeds to pay down debt across its network of wholly owned subsidiaries. By retiring borrowings for entities including Bagur Logistics Park and Farukhnagar Logistics Parks, the company aims to lower financial costs and strengthen its balance sheet. Any surplus capital generated from the share sale will be directed toward general corporate purposes.
Investors are weighing strong top-line growth against expanding bottom-line deficits. Total income jumped 75 percent year-on-year to Rs 767.84 crore in the fiscal year ending 2026, yet the company's net loss widened to Rs 203 crore from Rs 178 crore in the previous year.
Despite the widening losses, grey market indicators suggest mild investor appetite. The unlisted shares are currently trading at a premium of Rs 4 over the upper price band, implying an estimated listing price of Rs 64 and a potential six percent gain for early backers.
Founded in 2009, Horizon operates 58.01 million square feet of industrial and logistics assets across ten major Indian cities. The portfolio comprises 45 facilities catering to more than 100 clients in sectors like e-commerce, fast-moving consumer goods, and manufacturing, supported by a development pipeline of 6.31 million square feet.
The company provides modern warehouses, in-city fulfillment centers for dark stores and cloud kitchens, and value-added services like solar energy and cold storage. JM Financial is managing the book-running process for the issue, while Kfin Technologies serves as the registrar.
