Horizon Industrial Parks IPO Gets 2% Subscription On Day 1; Retail Demand Leads

Blackstone-backed Horizon Industrial Parks' ₹2,600 crore initial public offering (IPO) received a muted response on the first day of bidding on August 17, with the issue subscribed 2% as of 2:31 pm, according to NSE data.

The IPO received bids for 61,63,500 shares against 25,13,56,273 shares on offer. Retail investors led the early demand, with their reserved portion subscribed 12%, while the non-institutional investor (NII) category was subscribed 1%.

The IPO opened for subscription on August 17 and will remain open until August 19. The issue is entirely a fresh issue, with no offer-for-sale component.

IPO Price Band, Lot Size

The company has fixed the IPO price band at ₹57-60 per share. Retail investors need to apply for a minimum of 250 shares, requiring an investment of ₹15,000 at the upper end of the price band.

Small non-institutional investors need to apply for at least 14 lots, or 3,500 shares, involving an investment of ₹2.10 lakh. Big non-institutional investors need to bid for at least 67 lots, or 16,750 shares, requiring ₹10.05 lakh.

The current grey market premium (GMP) of Horizon Industrial Parks stands at around ₹3.5 per share above the upper price band. At ₹60, this indicates an estimated listing price of ₹63.5 and a potential listing gain of 5.83%.

The company is issuing 433.4 million shares aggregating to ₹2,600.04 crore. Its promoters held an 88.74% stake before the issue, which will fall to 75.4% after the IPO.

Horizon Industrial Parks Revenue Rises

Horizon Industrial Parks reported revenue from operations of ₹767.84 crore in FY26, up 74.76% from ₹439.35 crore in the preceding fiscal on a restated consolidated basis.

However, the company continued to report losses. Its restated loss stood at ₹203.65 crore in FY26, compared with a restated loss of ₹178.78 crore in the previous fiscal.

The company develops and operates industrial and logistics parks across major industrial and consumption hubs in India. Its Total Network stood at 58.58 million square feet across 45 assets as of the date of its Red Herring Prospectus.

Its revenue is primarily generated through rental income from industrial, warehousing and logistics facilities. The company also offers Grade A warehouses, industrial facilities and in-city logistics centres, alongside cold storage, energy solutions, staff accommodation, racking and material-handling equipment.

According to Master Capital Services' IPO note, India's industrial and logistics sector is expected to benefit from rising manufacturing, consumption and e-commerce activity. Grade A and B stock stood at 531.6 million square feet in CY2025, while Grade A stock is projected to reach 943.6 million square feet by CY2030.

The brokerage said Horizon Industrial Parks is positioned to benefit from demand for Grade A infrastructure through its strategically located fulfilment centres, industrial facilities and in-city centres. Its integrated offerings, customer relationships, development pipeline and focus on acquisitions and greenfield developments could support future growth.