Horizon Industrial Parks Aims for ₹2,600 Crore IPO with Blackstone Backing
Horizon Industrial Parks, a prominent logistics and industrial property platform funded by global alternative assets manager Blackstone, has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI). The company aims to raise around ₹2,600 crore through an initial public offering (IPO). This primary issue is part of a larger fundraising effort of approximately $500 million (or around ₹4,250 crore), which includes a pre-IPO fundraising of about $200 million (approximately ₹1,650 crore).
The pre-IPO transaction attracted significant investments from entities such as 360 ONE, SBI Life Insurance, State Bank of India, Radhakishan Damani, EAAA, and DSP investments. These investors were drawn to the fast-growing industries and logistics real estate sector in India, recognizing the potential for robust returns.
Horizon Industrial Parks has established a strong and diversified portfolio of about 60 million square feet, with approximately 27 million square feet already completed. The platform operates in 46 properties spread across 10 key cities, catering to a diverse set of tenants in the e-commerce, manufacturing, and 3PL and consumer goods segments. The company's business activities encompass large-format fulfillment centers, industrial facilities, and in-city logistics parks, strategically located close to demand centers and manufacturing areas.
According to the DRHP, Horizon Industrial Parks boasts a high occupancy rate of 95% and serves over 100 customers, highlighting its resilient income streams. Blackstone's initial investment in Horizon Industrial Parks in 2020 marked the platform's inaugural investment, driven by the rising demand for organized logistics and industrial infrastructure in India. Post-IPO, Blackstone will continue to remain the sole promoter of the company.
This IPO represents a significant milestone for the Indian industry and logistics real estate market, which has been experiencing steady growth due to the increasing demand from the e-commerce sector, supply chain unbundling, enhanced manufacturing activity, and the development of infrastructural facilities such as the PM’s Gati Shakti Master Plan. There is a growing emphasis on organized warehousing, last-mile logistics, and modern industrial parks, aligning with the broader trends in the sector.
Industry experts note that platforms with institutional quality, scale, high occupancy, and a diverse tenancy profile are increasingly attractive to public market investors seeking stable sources of yielding real estate. The planned listing will enable Horizon Industrial Parks to raise additional capital, facilitating the company's ability to capitalize on new opportunities in the Indian logistics and industrial corridors.
Horizon Industrial Parks' IPO filing joins a growing list of Indian real estate investment platforms that have accessed the public market, contributing to the maturation and institutionalization of the Indian industrial and logistics sector. This development underscores the maturing Indian REIT markets and the growing recognition of the sector's potential for long-term growth and profitability.
