Bengaluru: Horizon Industrial Parks, backed by global asset manager Blackstone, plans to launch an initial public offering (IPO) to raise ₹2,600 crore or $300 million.
Horizon filed its draft papers with the Securities and Exchange Board of India (Sebi) on Monday. The IPO comprises a fresh issue with no offer-for-sale component.
In a pre-IPO round prior to filing the draft red herring prospectus, the company said it has raised $200 million ( ₹1,650 crore) from investors, including wealth management platform 360 ONE, SBI Life Insurance, SBI, Radhakishan Damani, EAAA, DSP Investments, among others.
Together with the pre-IPO round, Horizon is seeking to raise ₹4,250 crore.
Of the fresh issue proceeds, around ₹2,250 crore will be utilized for repaying certain borrowings availed by the company and its subsidiaries. The remaining funds will be used for general corporate purposes.
Logistics is one of the biggest asset classes for Blackstone globally, and it owns more than 1.2 billion sq. ft of logistics and warehousing space worldwide. But it is a relatively new line of business for the asset manager in India, one it entered only six years ago. Renowned the world over for its acquisition skills, the New York-headquartered global asset manager’s many successes in India’s office and retail real estate sectors over the years have mostly taken the inorganic path.
“Blackstone, as a real estate investor, has always scouted for good quality rental assets. Industrial and logistics is its first real estate platform in India, where it has taken on the risk to buy land and construct,” Shobhit Agarwal, managing director and chief executive officer at advisory firm Anarock Capital, said.
Portfolio scale
Horizon Industrial Parks operates a pan-India portfolio spanning 60 million sq ft across 46 assets across 10 cities, and is the second largest developer in this segment after IndoSpace. Of the 60 million sq. ft, around 27 million sq. ft is completed.
Blackstone made its entry into the industrial real estate space in December 2019, through a joint venture with Greenbase Industrial and Logistics Parks, a new company founded by Niranjan Hiranandani, co-founder and chairman of realty firm Hiranandani Group.
Blackstone has made both greenfield (land) and brownfield acquisitions for its industrial real estate business. Besides acquiring Embassy Industrial Parks and a 50% stake in Greenbase, it has made multiple acquisitions, including a majority stake in Allcargo Logistics’ warehousing assets.
Horizon Industrial Parks narrowed its losses to ₹131 crore in 2024-25, compared to a loss of ₹140 crore in the preceding year. Revenue rose to ₹359.3 crore, up from ₹233.6 crore during the same period.
