Blackstone-backed Horizon Industrial Parks Ltd is heading into its ₹2,600 crore initial public offering (IPO) with plans to expand in existing markets, enter more tier 2 cities and broaden its customer and product mix, a top executive said, as India’s industrial and warehousing sector becomes increasingly institutionalized.
The IPO, which opens on 17 August, comprises entirely a fresh issue of equity shares. The price band is set at ₹57-60 a share, while the anchor investor portion opens on 14 August. Of the ₹2,600 crore to be raised, ₹2,250 crore will go towards debt repayment. Horizon had total borrowings of ₹6,884.34 crore as of 31 March 2026.
Horizon raised ₹1,650 crore through a pre-IPO primary fundraise in December.
Growth mode
Horizon develops and manages fulfilment centres, industrial facilities and in-city centres. It has a total portfolio of 61 million sq. ft across 46 assets in 10 cities, of which around half has been developed.
“We have grown almost six-fold in the last five years. The IPO will enable us to be growth-ready in the next phase. Internally, we call it Horizon 2.0. As companies look to secure supply chains and global firms look at India, there is huge opportunity to grow. We are looking at diversifying our product offerings, customer base and gaining market share in the geographies we operate in. Being a pan-India player, there would also be inorganic growth as scaled players consolidate,” Urvish Rambhia, whole-time director and chief executive of Horizon Industrial Parks told Mint in an interview.
Horizon is looking to enter tier 2 markets including Lucknow, Vizag, Coimbatore, Indore and Aurangabad. It also plans to explore eastern India, where it currently has no presence.
“The sector is transforming and is at the cusp of real estate and infrastructure,” Rambhia added.
The IPO comes three months after the launch of the Bagmane Prime Offices REIT IPO, in which Blackstone is a sponsor.
Globally, Blackstone is one of the largest owners of warehousing and industrial assets, with a portfolio of more than a billion square feet. Its global portfolio, however, has been built largely through inorganic acquisitions and growth.
In India, Horizon is the only real estate vertical where Blackstone has followed a development-led model, unlike its office and retail businesses, which have grown through acquisitions.
In 2021, Blackstone acquired Embassy Industrial Parks, a multi-city portfolio of Grade A logistics and warehousing assets valued at $700 million. After that transaction, Blackstone was ready to launch its standalone logistics venture.
Asheesh Mohta, head of real estate India, Blackstone, said Horizon Industrial Parks is India’s first industrial and logistics-focused IPO. He added that it marks Blackstone’s fifteenth IPO in the country and its seventh real estate listing.
“India remains one of highest conviction markets for Blackstone, which has been present here for two decades. India's total logistics stock is less than Chicago. In the last few years, we have built Horizon grounds up. It's a sunrise sector with huge growth potential,” Mohta said at a press conference on Wednesday.
Institutional capital continues to flow into Indian logistics and industrial real estate, supported by growth in third-party logistics, e-commerce, quick commerce and supply-chain nearshoring. Government initiatives such as the National Logistics Policy are also bolstering infrastructure and driving multinational tenants towards institutional-grade facilities.
India’s logistics sector is projected to reach $540 billion by 2030, according to industry forecasts.
Modern warehousing stock crossed 610 million sq. ft in 2025, with institutional Grade A facilities accounting for 38% of the total, property advisory JLL India said in February. Total inventory is expected to reach 850 million sq. ft by 2030.
Sector takes shape
The shift towards institutional ownership is also central to the investment case for Horizon’s IPO.
Shobhit Agarwal, chief executive, Anarock Capital, said Horizon would be the first warehousing-focused IPO in the country, offering retail investors an opportunity to participate in the sector’s growth.
“With Blackstone leading it, there is high compliance and corporate governance. With the sector itself getting institutionalized and improving infrastructure, it is a very good time to launch an IPO,” Agarwal added.