Horizon Industrial Parks IPO
Listed +0.4%17–19 Aug 2026
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Our IPO analysis
The five questions
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1How it makes money₹57 of every ₹100 comes from Delhi-NCR and Chennai, Tamil Nadu.
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2Is it growing, and is profit turning into cash?Sales grew 3.0x from FY24 to 2026 (₹229 cr → ₹691 cr). Over 3 years it made −₹545 cr of profit and brought in ₹818 cr of cash from operations.
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3How much cushion does it have?We haven't read this part of the document yet.
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4What you pay, and who gets the moneyAll the money raised goes to the company. It made a loss last year, so there is no profit to compare the price with.
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5Who controls it, and what is on record?Promoters own 89% before the IPO. The document discloses 3 legal matters.
From the draft document. The final prospectus may change it.
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Latest update:
Listed at ₹60 vs ₹60 issue price (+0.4%) · Day-one close ₹58 · Subscribed 1.44× (QIB 1.9× · NII 1.0× · Retail 1.0×) · Price band ₹57–₹60 · Closed 19 Aug 2026 · Listed 24 Aug 2026 (Confirmed)
How it actually listed
₹60 on open, against a ₹60 issue price +0.4%
It ended its first day at ₹58 (-3.1% against the issue price), per the NSE's price archive.
On the BSE it opened at ₹60 and closed at ₹58, per the BSE's price archive.
We were not recording a grey-market premium before it listed.
What Horizon Industrial Parks does
We are India’s largest industrial and logistics infrastructure developer, owner and operator in terms of Total Network (in terms of total area of our assets). We offer our clients Grade A quality fulfillment centers (warehouses), industrial facilities, and in-city centers across the country’s major industrial and consumption hubs.
Horizon Industrial Parks financials
Rs crore · Annual| FY25 | FY26 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|
| Sales | 390 | 691 | 229 | 390 | 691 | |
| Operating Profit | 339 | 608 | — | — | — | |
| OPM % | 77.2% | 79.2% | — | — | — | |
| Net Profit | -179 | -204 | — | — | — | |
| Total Debt | 701 | 688 | 369 | 701 | 688 |
Horizon Industrial Parks IPO offer structure
Fresh issue: ₹2,600 cr
The fresh issue alone, not the total raise: the document we read does not state the offer-for-sale part.
Use of proceeds- Repayment and/or prepayment, in part or full, of certain borrowings availed by our Company and Identified Subsidiaries: ₹2,250 cr
Horizon Industrial Parks promoters and holding
- BREP Asia II EIP Holding (NQ) Pte. Ltd.: Promoter
- BREP Asia II Indian Holding Co VI (NQ) Pte. Ltd.: Promoter
- BREP Asia III India Holding Co III Pte. Ltd.: Promoter
Horizon Industrial Parks risks and strengths
- A significant portion of our assets in our network have been acquired by our Company from our Promoters and other sellers recently (in Fiscals 2025 and 2026) and we may undertake such acquisitions to expand our network in the future. (p.29)
- We incurred losses of ₹2,036.49 million, ₹1,787.81 million and ₹1,622.10 million, on a restated consolidated basis in Fiscals 2026, 2025, 2024, respectively. (p.31)
- Our Development Network of 30.03 msf is subject to various risks and uncertainties, including construction delays and increasing construction costs. (p.32)
2 more the company lists
- A substantial portion of the Net Proceeds, up to ₹22,500.00 million, will be utilized for the repayment/prepayment of certain outstanding borrowings. (p.33)
- We require substantial funds for meeting our capital expenditure requirements and may not be able to secure funding in a timely manner or at all. (p.35)
- Largest player with premium-quality offerings strategically located across prime markets, including in-city locations with fully integrated platform (p.232)
- Well positioned to benefit from industry tailwinds; our business is derivative of India’s manufacturing, consumption and e-commerce tailwinds (p.232)
- Strong customer relationship - A testament to our ability to lease and actively manage our assets with an ability to provide a comprehensive business ecosystem to our customers, not just real estate solutions (p.232)
Horizon Industrial Parks market and competition
Horizon Industrial Parks is India’s largest industrial and logistics infrastructure developer, owner and operator in terms of Total Network, with 45 assets across 10 cities and a Total Network of 58.58 msf as of May 2026.
Horizon Industrial Parks outlook, as the document states it
The company intends to drive organic growth by leveraging the embedded potential within its existing network, with approximately 30.03 msf of developable potential available to be built out over the next four to five years. It also plans to expand its in-city logistics network across India's major metropolitan areas and continue pursuing greenfield developments and brownfield acquisitions.
Horizon Industrial Parks IPO: common questions
When does the Horizon Industrial Parks IPO open and close?
The Horizon Industrial Parks IPO is open from 17 Aug 2026 to 19 Aug 2026.
What is the Horizon Industrial Parks IPO price band?
The price band is ₹57–₹60 per share.
How much is the Horizon Industrial Parks IPO subscribed?
As of 10 Oct 2026 the total subscription is 1.44×.
When does the Horizon Industrial Parks IPO list?
The listing date is 24 Aug 2026.
How do I check the Horizon Industrial Parks IPO allotment status?
On the allotment status page published by KFin Technologies, this issue's registrar, and on the exchange's basis of allotment. Those are the primary sources. If the issue was oversubscribed, retail allotment was decided by lottery, so a valid application does not mean shares. We do not hold allotment data and cannot look yours up. How allotment is actually decided →
Horizon Industrial Parks IPO allotment status
Listed 24 Aug 2026. Allotment is decided and published by the registrar, not by us. This issue's registrar is KFin Technologies.
Check your allotment on the registrar's own page ↗
We do not hold allotment data and cannot look yours up. If the issue was oversubscribed, retail allotment was decided by lottery, so a valid application does not mean shares. How allotment is actually decided →