Horizon Industrial Parks Set to Launch $500 Million IPO in Mumbai
Horizon Industrial Parks Ltd., a leading industrial and logistics park operator in India, is preparing to file for an initial public offering (IPO) in Mumbai that could raise up to $500 million. According to sources familiar with the matter, this move marks what could be one of the largest logistics listings in India’s recent history.
The company, owned by Blackstone Inc., is collaborating with JM Financial Ltd., Axis Bank Ltd., and SBI Capital Markets Ltd. to submit its draft prospectus by the end of the month. The IPO will be entirely primary, with the funds raised earmarked for building new assets and expanding the company’s existing portfolio.
Discussions are ongoing, and the size and timing of the offering could change, the sources noted. A representative for Blackstone declined to comment, while the banks involved did not respond to requests for further information.
This deal adds to the growing momentum in India’s IPO market, driven by a surge in retail investor participation and consistent institutional interest. According to data compiled by Bloomberg, IPO proceeds in India have already reached a record 1.77 trillion rupees ($19.6 billion) this year, surpassing the previous year’s total of 1.73 trillion rupees.
Blackstone created Horizon Industrial Parks in 2022 through its real estate funds. The company currently operates 42 industrial and logistics parks across India, with a total leasable area of approximately 53 million square feet, as per its official website.
Other recent notable transactions involving Blackstone-backed firms in India include the Knowledge Realty Trust REIT, which raised around $550 million in an IPO in August. This underscores Blackstone’s continued commitment to the Indian market and its strategic focus on the logistics and industrial sectors.
The IPO of Horizon Industrial Parks is expected to attract significant interest from both institutional and retail investors, given the company’s strong operational performance and the robust growth prospects of the Indian logistics sector. The proceeds from the IPO will play a crucial role in supporting the company’s expansion plans and solidifying its position as a leading player in the industry.
