Horizon Industrial Parks IPO opens, raises Rs 2,600 crore

Horizon Industrial Parks, a Blackstone-backed logistics infrastructure developer, launched its initial public offering (IPO) on 17 August 2026. The company aims to raise Rs 2,600 crore entirely through a fresh issue of shares. The price band is set at Rs 57 to Rs 60 per share, and the issue closes on 19 August 2026. The grey market premium (GMP) stood at Rs 4, signalling a listing pop of about 7%, according to Livemint.

Economic Times reports that Horizon Industrial Parks is India's largest industrial and logistics infrastructure developer by network, owning 45 assets across 10 cities. Its revenue grew 73.8% annually to Rs 691.4 crore, and EBITDA rose 100.3% to Rs 607.8 crore between FY24 and FY26. However, the company remains loss-making, with net loss widening to Rs 203.6 crore in FY26 from Rs 162.2 crore in FY24. Proceeds from the IPO will be used to repay debt, which is expected to improve profitability.

The company does not have direct listed peers. Its enterprise value-to-EBITDA multiple moderated to 38.7 times in FY26. Swastika Investmart has assigned a 'subscribe' rating for long-term investors, citing Blackstone's promoter backing and the potential for debt reduction to transform the business into a cash-generative platform. The promoter stake will fall to 75.4% after the IPO. Share allotment is tentatively set for 20 August 2026, with listing expected on 24 August 2026 on BSE and NSE.