Blackstone-backed Horizon Industrial Parks opens today at ₹57-60

Horizon Industrial Parks Ltd. (HIPL), a Blackstone-backed industrial and logistics infrastructure company, launched its IPO today at a price range of ₹57-60 per share. The company aims to raise ₹2,600 crore through this fresh issue, entirely new to the market. Investors can place bids in increments of 250 shares, with a minimum requirement of 250 shares per bid.

A substantial portion of the net issue, at least 75%, is reserved for qualified institutional buyers, 10% is allocated for retail investors, and the remaining 15% is set aside for non-institutional investors. HIPL allocated 19.46 crore shares to 54 anchor investors, including prominent investors such as Carmignac, WhiteOak Capital, SBI Life Insurance, and others. These anchor investors contributed ₹1,167.75 crore at the price of ₹60 per share.

The company's primary focus is to utilize the IPO proceeds for debt repayment and/or prepayment, in part or full, of certain borrowings by the company and its subsidiaries, as well as for general corporate purposes. HIPL, one of India's largest industrial and logistics infrastructure developers, owns and leases warehousing, logistics, and industrial park assets catering to a diverse customer base of 118 tenants across various sectors.

The company boasts a strong portfolio with a committed occupancy of 93.6% and 54.1% of its leased area is contracted to Fortune 500 companies.

HIPL's portfolio spans major markets, providing exposure to India's growing warehousing and logistics infrastructure sector. The increasing demand for organized warehousing, supply-chain formalization, e-commerce, and manufacturing-led growth are expected to support long-term leasing activity for Grade-A logistics assets. The company aims to achieve break-even at a pre-tax level in FY27, and at the upper price band of ₹60, the issue is valued at 2.1x FY26 Price-to-Book and 37.5x FY26 EV/EBITDA.