Horizon Industrial Parks IPO
Horizon Industrial Parks LtdMainboard
This IPO has listed.
- Open date
- 17 Aug 2026
- Close date
- 19 Aug 2026
- Min. Investment
- ₹15,000
- Lot Size
- -
- Fresh Issue
- ₹2600.00 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- -
Subscription rate
- Qualified Institutional Buyers1.85x
- Non-Institutional Investors0.98x
- Retail-Individual Investors0.96x
- Total1.45x
Schedule
- Completed: IPO open date17 Aug 2026
- Completed: IPO close date19 Aug 2026
- Completed: Allotment date20 Aug 2026
- Completed: Funds unblock or debit21 Aug 2026
- Completed: Tentative listing date24 Aug 2026
About
Promoter shareholding in Horizon Industrial Parks Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Brep Asia II EIP Holding (NQ) | 81,88,68,793 | 33.43% | 81,88,68,793 | 28.40% |
| Brep Asia II Indian Holding Co | 52,89,13,367 | 21.59% | 52,89,13,367 | 18.35% |
| Brep Asia III India Holding Co | 82,58,70,701 | 33.72% | 82,58,70,701 | 28.65% |
Financials of Horizon Industrial Parks IPO
| Key Performance Indicators | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Operating Revenue | - | - | - |
| Other Income | - | - | - |
| Total Income | 233.55 | 390.29 | 691.38 |
| Total Expenses | 388.74 | 620.15 | 965.13 |
| Profit Before Tax | - | - | - |
| Total Profit | -135.49 | -166.35 | -197.64 |
Horizon Industrial Parks IPO Strengths & Risks
- Premium-quality offerings strategically located across prime markets, including in-city locations with fully integrated platform.
- Well positioned to benefit from industry tailwinds - Our business is derivative of India's manufacturing, consumption and e-commerce tailwinds.
- 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.
- Proven engineering and technical capabilities enabling execution of complex industrial projects.
- Proven expertise in development and acquisitions, backed by a track record of executing joint ventures and maintaining government partnerships.
- Proven track record of active asset management.
- Commitment to enhanced sustainability practices with high sustainability standards.
- Highly skilled and professional leadership team backed by a experienced promoter with extensive industry experience and execution expertise.
- Risks Relating to the Business: A significant portion of its assets in the company's network has been acquired by the Company from its Promoters and other sellers recently (in Fiscals 2025 and 2026) and the company may undertake such acquisitions to expand its network in the future. Further, the Proforma Financial Information included in this Red Herring Prospectus is presented for illustrative purposes only, to demonstrate the impact of the Acquisition Transactions as if such acquisitions has been consummated on April 1, 2023 or from the date of incorporation of such acquired entities, whichever is later, and may not accurately reflect the company's financial condition or results of operations.
- Risks Relating to the Business: The company incurred losses of Rs.2,036.49 million, Rs.1,787.81 million and Rs.1,622.10 million, on a restated consolidated basis in Fiscals 2026, 2025, 2024, respectively and Rs.1,908.20 million, Rs.2,394.27 million and Rs.2,750.70 million, on a proforma basis, in Fiscals 2026, 2025 and 2024, respectively and some of its Material Subsidiaries incurred losses in the past, based on their respective standalone financial information primarily due to high finance costs and depreciation and amortization expenses. There can be no assurance that its will achieve or maintain profitability in the future.
- Risks Relating to the Business: The company's Development Network of 30.03 msf (which constituted 51.26% of its Total Network) included 7.22 msf of Near Term Deliveries (24.04% of Development Network) and 22.81 msf of Planned Projects (75.96% of Development Network) as of May 31, 2026, is subject to various risks and uncertainties, including construction delays and increasing construction costs, which could lead to time and cost overruns, and adversely affect the company's business, financial condition, operations and cash flows.
- Risks Relating to the Business: A substantial portion of the Net Proceeds, up to Rs.22,500.00 million, will be utilized for the repayment/prepayment of certain outstanding borrowings availed of by the Company and the Identified Subsidiaries. Any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval. Its total borrowings were Rs.68,843.41 million as of March 31, 2026, on a restated basis, which will reduce to Rs.46,343.41 million, subsequent to the repayment/prepayment from Net Proceeds and its debt-equity ratio as of March 31, 2026 will accordingly reduce from 1.18 times to 0.55 times.
- Risks Relating to the Business: The company requires substantial funds for meeting its capital expenditure requirements. The company may not be able to secure funding for such capital expenditure in a timely manner or at all which may adversely impact its growth prospects and overall financial performance.
- Risks Relating to the Business: The company's revenue is significantly dependent on its top 10 customers (identified based on their proforma revenue contribution in Fiscal 2026). These customers accounted for 42.60%, 43.12% and 54.04% of the company's proforma revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Loss of any of these customers or a significant reduction in their lease commitments could adversely affect its business, results of operations, financial condition and prospects.
- Risks Relating to the Business: A significant portion of the company's revenue is derived from its assets situated in the cities of Delhi-NCR, Chennai, Bangalore and Pune, which collectively contributed 79.00%, 79.79% and 87.67% of the company's proforma revenue from operations for Fiscals 2026, 2025 and 2024, respectively. Any adverse developments affecting the locations of its assets in these cities could have an adverse effect on the company's business, results of operations, financial condition and prospects.
- Risks Relating to the Business: The title and development rights or other interests over land where the company's assets are located, may be subject to legal uncertainties and defects, which may interfere with its ownership of the company's assets and result in it incurring additional costs to remedy and cure such defects.
- Risks Relating to the Business: The company is exposed to the risks pertaining to land scarcity and the limited supply of land, increasing competition and applicable regulations, which may adversely affect its business, results of operations and financial condition.
- Risks Relating to the Business: The company relies on independent contractors for the construction of its assets and any failures on their part to perform their obligations could adversely affect the company's business, results of operations, financial condition and prospects.
- Risks Relating to the Business: A portion of the Net Proceeds are proposed to be utilized for repayment or pre-payment of certain borrowings availed by the company's Subsidiaries from State Bank of India and Axis Bank Limited, which is an associate of SBI Capital Markets Limited and Axis Capital Limited, respectively, two of the BRLMs.
- Risks Relating to the Business: The company has substantial indebtedness which requires significant cash flows to service and limits its ability to operates freely. Any breach of terms under the company's financing arrangements or its inability to meet the company's obligations, including financial and other covenants under its debt financing arrangements could adversely affect the company's business and financial condition.
- Risks Relating to the Business: The company's success depends on its ability to attract and retain customers. Further, any adverse developments affecting the company's customers could impact their ability to make timely payment to it, requires them to reduce usage of its services or cause them to default on their contractual obligations, any of which could adversely affect the company's business, results of operations, financial condition and prospects.
- Risks Relating to the Business: Its Promoters has substantial interest in the Company. Conflicts of interest may arise out of common business objectives shared by the company's Promoters, its Company and their respective associates/affiliates and the company's Directors.
- Risks Relating to the Business: Certain of the company's assets and its Registered and Corporate Office are leased by it. If the company is unable to comply with the terms of these lease deeds or renew such lease deeds or enter into new lease deeds on favourable terms, or at all, its business, results of operations, financial condition and cash flows may be adversely affected.
- Risks Relating to the Business: In the event the company fails to obtain, maintain or renew the statutory and regulatory licenses, permits and approvals required to operates its business, the company's business, results of operations, financial condition and prospects may be adversely affected.
- Risks Relating to the Business: There are outstanding legal proceedings against the Company, Subsidiaries, and certain of its Directors. Any adverse decision in such proceedings may render it liable to liabilities/penalties and may adversely affect the company's business, cash flows and reputation.
- Risks Relating to the Business: Audit reports on the company's Restated Consolidated Financial Information and the assurance report on its Proforma Financial Information disclose certain emphasis of matters, Companies (Auditor's Report) Order, 2020 ("CARO 2020") and other matters. There can be no assurance that future audit reports will not include similar observations, qualifications, modifications, material uncertainties, remarks or matters of emphasis, which may have an adverse effect on its business, financial condition, results of operations, cash flows and prospects.
- Risks Relating to the Business: The company has contingent liabilities and capital commitments as of March 31, 2026, and its financial condition could be adversely affected if any of these contingent liabilities or capital commitments materialise.
- Risks Relating to the Business: Land may be subject to acquisition or eminent domain by governments and regulatory authorities and compensation in lieu of such acquisition may be inadequate.
- Risks Relating to the Business: The company has issued Equity Shares during the preceding twelve months at a price which may be lower than the Issue Price.
- Risks Relating to the Business: The company's Promoters is affiliated with Blackstone, which has diverse interests across the globe and adverse developments concerning those interests could have an adverse impact on the Company's brand and reputation and the performance of its Equity Shares.
- Risks Relating to the Business: The company may be vulnerable to security breaches, cyberattacks or other disruptions to its information technology systems, which could disrupt the company's operations and have a material adverse effect on its financial condition, operating results and reputation.
- Risks Relating to the Business: The company has in the past inadvertently been in non-compliance with certain provisions of the FEMA (in relation to certain form filings) and have paid the relevant fees for such non-compliances. Further, in relation to acquisition of certain Subsidiaries, the company is in the process of filing Form FCTRS and Form DI with the RBI as of the date of this Red Herring Prospectus. Its cannot assure you that there will be no such non-compliances in the future and that the company will not be subject to any action including payment of penalty amount.
- Risks Relating to the Business: The company may not be able to prevent others from unauthorized use of its intellectual property or may be subject to claims by third parties for alleged infringement, misappropriation, or other violation of their intellectual property or other proprietary rights, any of which could harm the company's business and competitive position.
- Risks Relating to the Business: The company may not be able to successfully manage its operating costs, which could adversely affect the company's results of operations and financial condition.
- Risks Relating to the Business: Some of the company's Subsidiaries, including one of its Material Subsidiaries, Volumnus Developers Private Limited, has negative net worth in the past and may continue to record negative net worth in the future which could result in an adverse effect on the company's business, cash flows, financial condition and results of operations.
- Risks Relating to the Business: Any downgrade of the company's credit ratings may restrict its access to capital and thereby adversely affect the company's business, reputation, cash flows and results of operations.
- Risks Relating to the Business: There have been certain instances of delays in payment of statutory dues by the Company and its Subsidiaries during Fiscals 2026, 2025 and 2024. Any failures or delay in payment of such statutory dues in future, may result in the imposition of penalties and in turn may have an adverse effect on the company's business, financial condition, results of operation and cash flows.
- Risks Relating to the Business: The company's inability to attract and retain its Key Managerial Personnel, Senior Management Personnel, or other key employees, could adversely affect the company's business, results of operations, financial condition and prospects.
- Risks Relating to the Business: The company's assets and operations is subject to certain risks and hazards, including the risk that its may be subject to third-party indemnification or liability claims. The company's insurance coverage may not be sufficient to protect it from all business risks, and if the company's insurance coverage is inadequate, it may have an adverse effect on its business, results of operations, financial condition and prospects.
- Risks Relating to the Business: The company has engaged in, and may continue to engage in, related party transactions. Its cannot assure you that such transactions, individually or in the aggregate, will not have an adverse effect on the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company may not be able to maintain the historical rate at which the company has pursued new acquisitions or execute its broader business plans, which may prevent it from achieving the company's historical pace of growth and could materially and adversely affect the company's business and prospects.
- Risks Relating to the Business: The company's funding requirements and the proposed deployment of Net Proceeds are not appraised by any independent agency, which may affect its business and results of operations.
- Risks Relating to the Business: Competition in the warehousing and logistics industry may increase over time if the company's competitors open new facilities or expand their offerings.
- Risks Relating to the Business: The company's financial performance is dependent on maintaining high committed occupancy levels across its Operational Network. Any failures to achieve or maintain occupancy at desired levels could materially and adversely affect its revenue from operations, cash flows, profitability, and overall financial condition.
- Risks Relating to the Business: The company's business depends on its brand and reputation. If the company is unable to maintain and enhance its brand or if the company is unable to establish and maintain an effective internal controls and compliance system, its business, financial condition, results of operations and reputation could be adversely affected. In addition, misconducts by the company's employees, its customers or any of their affiliates could harm it and is difficult to detect and deter, and such misconduct could adversely affect the company's business and its reputation.
- Risks Relating to the Business: If the company is unable to establish and maintain effective internal controls measures and compliance system, its business and reputation could be adversely affected.
- Risks Relating to the Business: The company's Promoters will continue to retain a significant shareholding in the Company after the Issue, which will allow them to exercise influence and control over it. Any substantial change in the company's Promoters' shareholding, or change in their shareholding in its Company, may have an impact on the trading price of the company's Equity Shares of face value of Rs. 10 each which could have an adverse effect on its business, results of operations, financial condition and prospects.
- Risks Relating to the Business: Certain sections of this Red Herring Prospectus contain information from the JLL Report which has been exclusively commissioned and paid for by the Company in relation to the Issue and any reliance on such information contained therein for making an investment decision in this offering is subject to inherent risks.
- Risks Relating to the Business: Any failures by the company or business partners who work with it to comply with applicable anti-corruption, anti-money laundering, counter-terrorist financing and economic sanction laws and regulations could lead to penalties and may damage the company's reputation.
- Risks Relating to the Business: The company is required to comply with data privacy regulations and any non-compliance in the future may have an adverse impact on business, results of operations, financial condition and prospects.
- Risks Relating to the Business: The company is and after this offering may remain, a "foreign owned and controlled" company in accordance with the Consolidated FDI Policy and FEMA Rules and accordingly, its shall be subject to Indian foreign investment laws.
- Risks Relating to the Business: The company's properties is subject to impairment risk, which may requires it to record significant charges to earnings in the future.
- Risks Relating to the Business: The company's work with heavy machinery and hazardous materials at its assets and activities in the company's operations can be dangerous, which could cause injuries to people or damage property. Failures to ensure safe working conditions or to prevent workplace accidents could adversely affect the company's business and reputation.
- Risks Relating to the Business: The company tracks certain operational and non-GAAP metrics with internal systems and tools and does not independently verify such metrics. Certain of its operational metrics is subject to inherent challenges in measurement and any real or perceived inaccuracies in such metrics may adversely affect the company's business and reputation.
- Risks Relating to the Business: Corrupt practices or fraud or improper conduct may delay the development of a project and adversely affect the company's business and results of operations.
- Risks Relating to the Business: The requirements of being a listed company may strain its resources which may have a material adverse impact on the company's operations.
