Horizon Industrial Parks IPO
Horizon Industrial Parks Limitedhiparks.com
- Price band
- ₹57 – ₹60
- Issue size
- ₹2,600 Cr
- Lot size
- 250 sh
- Bidding
- 17 – 19 Aug
- Grey market
- —
Face value ₹10.00
100% fresh capital
Lists 24 Aug 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Horizon Industrial Parks develops and leases Grade A warehousing and industrial park space; the record describes a network of 45 assets in 10 cities totalling 58.58 million sq ft, of which 28.55 msf was operational as of 31 May 2026, with 268 permanent employees, and describes the company as controlled by Blackstone funds. Revenue was Rs 228.86 Cr in FY24, Rs 390.29 Cr in FY25 and Rs 691.38 Cr in FY26, the FY26 figure being 3.02 times the FY24 one, while profit after tax was negative in all three years at Rs -162.21 Cr, Rs -178.78 Cr and Rs -203.65 Cr. The offer was entirely fresh at Rs 2,600.04 Cr with an offer-for-sale component of nil, priced at Rs 57-60, and the closing-day book of 19 August 2026 records total subscription of 1.52 times. It listed on 24 August 2026 at Rs 60.25 against a band top of Rs 60 and stood at Rs 42.25 on 23 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Scaling fast, not yet earning
58% of the scoring model was backed by disclosed data for Horizon Industrial Parks, giving low confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
Loss-making in the latest full year
The company reported a net loss of ₹203.7 Cr in FY26. P/E is undefined, so valuation is scored on sales instead of earnings.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2009 · Mumbai, Maharashtra · 268 employees
Horizon Industrial Parks builds and rents out warehouses and factory buildings across India. At the time of the issue its network was 45 assets in 10 cities — Delhi-NCR, Mumbai, Bangalore, Chennai, Pune, Hyderabad, Ahmedabad and Nagpur among them — totalling 58.58 million sq ft, of which 28.55 msf was operational as of 31 May 2026. Space comes in three forms: fulfillment centres for bulk storage (16.34 msf), industrial facilities for assembly and light manufacturing (11.42 msf), and smaller in-city centres used as last-mile delivery stations and dark stores (0.79 msf). It had 118 customers drawn from e-commerce, third-party logistics, FMCG, retail, auto-ancillary and renewable energy. The company is controlled by Blackstone funds and had 268 permanent employees.
Revenue is rent. Leases generally run five to ten years with contractual escalations of 4.5-5% a year or 15% every three years, and committed occupancy was 93.56% as of 31 May 2026. The model is operationally profitable but financially strained. FY26 revenue from operations of ₹691.38 crore produced EBITDA of ₹607.80 crore, a 79.16% margin — but finance costs of ₹538.99 crore (77.96% of revenue) and depreciation of ₹266.10 crore (38.49%) turned that into a ₹203.65 crore restated net loss, the third consecutive annual loss. Developing warehouses is capital-intensive and debt-funded: borrowings were ₹6,884.34 crore at 31 March 2026, and ₹2,250 crore of net proceeds was earmarked to repay part of it.
The company on paper
- Legal name
- Horizon Industrial Parks Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 22 Sep 2009
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U60231MH2009PLC222156
- Sector
- Real Estate · Development and leasing of Grade A warehousing and industrial park space
- Employees
- 268
- Registered office
- Mumbai, Maharashtra
- Promoters
- BREP Asia II EIP Holding (NQ) Pte. Ltd., BREP Asia II Indian Holding Co VI (NQ) Pte. Ltd., BREP Asia III India Holding Co III Pte. Ltd.
- Promoter holding, pre-issue
- 88.7%
- Promoter holding, post-issue
- 75.4%
- Website
- hiparks.com
The numbers
Financial performance
Revenue has compounded at 73.8% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹2,600 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹0
- Total issue size
- ₹2,600 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 13.3% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹60.00
- Listed at
- ₹60.25
- Listing gain
- up 0.4%
- Since listing
- down 27.5%
- Against the issue price
- down 27.2%
Trading at ₹43.66 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 250
- At cut-off price
- ₹60.00
- Amount blocked
- ₹15,000
One lot is 250 shares at ₹15,000. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~99%
chance of one lot, per application
- Retail subscription
- 1.01×
- Applicants per share available
- 1.0× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹60.25
listed at, 0.4% against the issue price
- Issue price
- ₹60.00
- Premium said
- —
- If allotted 250 shares
- ₹63
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Revenue rose in both years the record can measure a change over: from Rs 228.86 Cr in FY24 to Rs 390.29 Cr in FY25, up 70.54%, and to Rs 691.38 Cr in FY26, up 77.15%. EBITDA was Rs 151.51 Cr in FY24, Rs 339.12 Cr in FY25 and Rs 607.80 Cr in FY26, higher in each of those two steps.
- The business description states committed occupancy of 93.56% as of 31 May 2026 and says leases generally run five to ten years with contractual escalations of 4.5-5% a year or 15% every three years. The company describes a customer base of 118 names drawn from e-commerce, third-party logistics, FMCG, retail, auto-ancillary and renewable energy, and splits its 28.55 msf of operational space into fulfillment centres (16.34 msf), industrial facilities (11.42 msf) and in-city centres (0.79 msf).
- The offer was all primary: a fresh issue of Rs 2,600.04 Cr with offer for sale of nil, so the proceeds went to the company rather than to selling shareholders. The business description states that Rs 2,250 Cr of net proceeds was earmarked to repay part of the borrowings, which were Rs 6,884.34 Cr at 31 March 2026 — the earmarked sum is 32.68% of that balance.
- Net worth was Rs 4,676.16 Cr at FY26 against Rs 122 Cr at FY25. Measured against net worth, borrowings were 1.47 times in FY26 (Rs 6,884.34 Cr on Rs 4,676.16 Cr), against 50.25 times in FY25 (Rs 6,129.91 Cr on Rs 122 Cr) and 10.97 times in FY24 (Rs 2,927.82 Cr on Rs 266.95 Cr).
What to weigh against it
- Profit after tax was negative in every year the record carries: Rs -162.21 Cr in FY24, Rs -178.78 Cr in FY25 and Rs -203.65 Cr in FY26. The loss was Rs 16.57 Cr larger in FY25 than in FY24 and a further Rs 24.87 Cr larger in FY26, across the same two years in which revenue rose 70.54% and then 77.15%.
- Borrowings were Rs 2,927.82 Cr at FY24, Rs 6,129.91 Cr at FY25 and Rs 6,884.34 Cr at FY26, higher in each of the two years following the earliest period on record. The business description puts FY26 finance costs at Rs 538.99 Cr and depreciation at Rs 266.10 Cr; the finance cost figure alone is 88.68% of FY26 EBITDA of Rs 607.80 Cr.
- The shares listed at Rs 60.25 on 24 August 2026 against a band top of Rs 60, a gain of 0.42%, closed the first day at Rs 58.16, which is 3.47% below the listing price, and were Rs 42.25 on 23 October 2026, 29.58% below the Rs 60 issue price.
Easy to miss in the prospectus
- The record's subscription table holds a single row — day 3, 19 August 2026: QIB 1.94 times, NII 1.03 times, retail 1.01 times, total 1.52 times. There are no day-1 or day-2 figures, no employee category and no anchor book or allocation data in the record.
- The financials array carries no cash flow from operations, no total assets and no expenses figure for any of FY24, FY25 or FY26, and the valuation block is null, so the Rs 6,884.34 Cr borrowing balance cannot be set against asset cover or operating cash from this record alone.
- The operating figures quoted in the business description — 28.55 msf operational out of 58.58 msf, committed occupancy of 93.56% and 118 customers — are stated as of 31 May 2026, before the 24 August 2026 listing, while the price of Rs 42.25 is as of 23 October 2026; the record carries no operating update between those two dates. The description also quotes an FY26 EBITDA margin that does not reconcile with the revenue and EBITDA figures in the financials table, so that percentage is left out here.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- JM Financial Limited, Axis Capital Limited, IIFL Capital Services Limited, SBI Capital Markets Limited, 360 ONE WAM Limited
- RegistrarAllotment status is checked on the registrar's own site
- KFin Technologies Limited
How these figures were checked
Reconciled to Horizon Industrial Parks's own prospectus and to exchange disclosures, then cross-checked against 6 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- Red Herring Prospectus dated 11 August 2026 (Axis Capital) · read 15 Oct 2026
- Horizon Industrial Parks — IPO opening press release · read 15 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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