Horizon Industrial Parks Ltd. IPO

Incorporated in 2009, Horizon Industrial Parks, backed by Blackstone Group, is India’s largest industrial and logistics infrastructure developer, owner, and operator by total network, according to a JLL report. As of the DRHP date, the company owns 45 logistics and industrial assets across 10 major Indian cities, totaling 58.01 million square feet (msf).

Core Offerings

The company develops and leases large, modern warehouses and industrial facilities to major companies. Its core asset types include:

  1. Fulfillment Centers (Warehousing): Used by e-commerce, FMCG, retail, and logistics companies, 15.55 msf (58%) of operational area as of Nov 30, 2025.
  2. Industrial Facilities: Used for manufacturing, EVs, renewables, electronics, auto, etc, 10.36 msf (39%) of operational area as of Nov 30, 2025.
  3. In-City Centers: Located close to consumers for last-mile delivery. Used for dark stores, pharma, cloud kitchens, retail, and service. Total pipeline of 6.31 msf across 7 cities.

Additionally, it also offers turnkey solutions, solar energy solutions, cold storage facilities, on-site staff accommodation, skill development centers, etc.

Customers: As of Nov 30, 2025, the company has served over 100 customers across key sectors, including e-commerce, retail, fast-moving consumer goods (“FMCG”), renewable energy, auto-ancillary, and manufacturing. Our scale, technical capabilities, network of strategically located sites, and full-service offerings allow us to partner with both multinational corporations (“MNCs”).

Competitive Strengths

  • Largest player with premium-quality offerings strategically located across prime markets, including in-city locations with a fully integrated platform.
  • Well-positioned to benefit from strong 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 the ability to provide a comprehensive business ecosystem to our customers, not just real estate solutions.
  • Proven engineering and technical capabilities enabling the execution of complex industrial projects.
  • Proven expertise in development and acquisitions, backed by a strong track record of executing joint ventures and maintaining government partnerships.
  • Commitment to enhanced sustainability practices with high sustainability standards.
  • Highly skilled and professional leadership team.

Company Financials (Restated Consolidated)

Horizon Industrial Parks Ltd.’s revenue increased by 75% and profit after tax (PAT) dropped by 14% between the financial year ending with March 31, 2026 and March 31, 2025.

Period Ended31 Mar 202631 Mar 202531 Mar 2024
Assets13,495.139,851.544,993.18
Total Income767.84439.35245.52
Profit After Tax-203.65-178.78-162.21
EBITDA607.80339.12151.51
NET Worth4,676.16122.00266.95
Reserves and Surplus3,214.54-530.09-334.75
Total Borrowing6,884.347,009.113,688.21
Amount in ₹ Crore

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IPO Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

#Issue ObjectsEst Amt (₹ Cr.)
1Repayment and/or prepayment, in part or full, of certain borrowings availed by the company and Certain wholly owned Subsidiaries of Company, namely Bagur Logistics Park Pvt.Ltd., Embassy Industrial Park Hosur Pvt.Ltd., Farukhnagar Logistics Parks LLP, FRK II Industrial Park Pvt.Ltd., Goodluck Buildtech Pvt.Ltd., ILV Distripark Pvt.Ltd., ILV Distripark (MWC) Pvt.Ltd., Jindpur Industrial Park Pvt.Ltd., Kalina Warehousing Pvt.Ltd., Lakshmi2,250.00
2General Corporate Purposes 
 Total2,250.00

Key Performance Indicator (KPI)

KPIMar 31, 2026
RoNW-4.23%
EBITDA Margin79.16%
NAV27.89
Price to Book Value2.15

IPO Valuation

Valuation MetricPre IPOPost IPO
EPS (₹)-0.83-ve
P/E (x)-72.29-ve

Horizon Industrial Parks IPO Details

IPO Date 17 to 19 Aug, 2026
Listing Date Mon, Aug 24, 2026T
Face Value ₹10 per share
Price Band ₹57 to ₹60
Lot Size 250 Shares
Sale Type Fresh capital only
Issue Type Bookbuilding IPO
Listing At BSE, NSE
Employee Discount ₹5.00
Total Issue Size 43,34,09,090 shares (agg. up to ₹2,600 Cr)
Fresh Issue 43,34,09,090 shares (agg. up to ₹2,600 Cr)
Share Holding Pre Issue 2,44,95,26,460 shares
Share Holding Post Issue 2,88,29,35,550 shares

Horizon Industrial Parks IPO Promoter Holding

The promoters of the company are Mr. Vinod Gupta and Mrs. Arnima Gupta.

Share Holding Pre Issue96.8%
Share Holding Post Issue 

SHARIAH SCREENING for - Horizon Industrial Parks Ltd. IPO

BUSINESS SCREEN

FINANCIAL RATIOS

As per our analysis and Based on the information we have, this is the output.
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