Horizon Industrial Parks IPO Day 3: Issue subscribed 27% so far. Check GMP, review - apply or not?

Horizon Industrial Parks IPO has entered its final day of bidding on Wednesday, 19 August. The ₹2600 crore IPO opened for subscription on Monday, 17 August.

Established in 2009, Horizon Industrial Parks, backed by Blackstone Group, is India’s largest developer, owner and operator of industrial and logistics infrastructure by total network, according to a JLL report. As of the DRHP date, the company operates a portfolio of 45 logistics and industrial assets across 10 major Indian cities, covering a combined area of 58.01 million square feet (msf).

The company develops and leases large-scale, modern warehouses and industrial facilities to prominent businesses. Its portfolio is broadly divided into three asset categories: Fulfilment Centres, which serve as warehousing facilities; Industrial Facilities; and In-City Centres, which are strategically positioned close to end consumers to support last-mile delivery. These centres serve diverse requirements, including dark stores, pharmaceutical operations, cloud kitchens, retail outlets and other services.

Horizon Industrial Parks IPO subscription status

The Horizon Industrial Parks IPO was subscribed 27% by the end of day 3, with investors bidding for shares out of the 25.13 crore shares available in the issue.

The retail investor quota saw 50% subscription, receiving bids for the 4.55 crore shares reserved for Retail Individual Investors (RIIs).

Qualified Institutional Buyers (QIBs) subscribed to 23% of their allotted quota of 13.65 crore shares. Meanwhile, the Non-Institutional Investor (NII) segment recorded 18% subscription against the 6.82 crore shares reserved for the category.

Horizon Industrial Parks IPO GMP today

According to Investorgain, Horizon Industrial Parks shares are trading at a ₹1 premium in the grey market today. The IPO’s GMP currently stands at ₹1, suggesting a potential listing gain of 1.67% over the upper end of the issue’s price band.

Horizon Industrial Parks IPO Review

Swastika Investmart has assigned a ‘subscribe’ tag to the public issue. The brokerage firm said, "The company's committed operational occupancy stands at 93.56% across 118 enterprise tenants. 54.05% of leased space is held by Fortune 500 companies. The asset-heavy leasing business model yields high operational profitability, generating an EBITDA margin of ~79.16% in FY26. 88.74% pre-issue promoter backing from Blackstone provides global tenant referral pipelines, low borrowing spreads, and disciplined capital allocation. The IPO offers a clean structural asset play. The steep debt reduction from fresh proceeds transforms the platform from a capital-heavy, loss-making infrastructure builder into a cash-generative, profitable Grade-A logistics platform. The 2.15x P/B valuation presents a reasonable entry multiple for long-term exposure to India's logistics expansion."

Meanwhile, Ventura Securities has also given ‘subscribed’ rating to the the Horizon Industrial Parks IPO.

“The company achieved an EBITDA of INR 607.80 crore with a strong EBITDA Margin of 79.16%. However, it reported a restated loss of INR 203.65 crore, primarily due to finance costs of INR 538.99 crore and depreciation of INR 266.10 crore. Horizon plans to utilize INR 2,250 crore from IPO proceeds for debt reduction, expected to lower its debt-equity ratio from 1.18x to 0.55x. Material risks include its history of restated losses and potential execution delays in its large development pipeline,” it said.

Horizon Industrial Parks IPO details

The ₹2,600 crore IPO comprises entirely of a fresh issue of 43.34 crore equity shares. The subscription window will close on August 19, 2026, with the share allotment likely to be completed on August 20.

The IPO has been priced in the range of ₹57– ₹60 per share, with a minimum lot size of 250 shares. At the upper price band, retail investors will need to shell out ₹15,000 for one lot.

The company intends to utilise the net proceeds primarily for debt reduction. Of the funds raised, ₹2,250 crore has been earmarked for the repayment and/or prepayment of select borrowings.

A substantial portion of the proceeds will go towards settling loans availed by the company and its wholly owned subsidiaries, including Bagur Logistics Park Pvt. Ltd., Embassy Industrial Park Hosur Pvt. Ltd., Farukhnagar Logistics Parks LLP, FRK II Industrial Park Pvt. Ltd., Goodluck Buildtech Pvt. Ltd., ILV Distripark Pvt. Ltd., ILV Distripark (MWC) Pvt. Ltd., Jindpur Industrial Park Pvt. Ltd., and Kalina Warehousing Pvt. Ltd., among others.

The equity shares are set to be listed on both the NSE and BSE, with the tentative listing date fixed for August 24, 2026.

JM Financial Ltd. is among the book-running lead managers handling the issue, while Kfin Technologies Ltd. is acting as the registrar to the IPO.

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