• IPO capital raise: The ₹2,600 crore IPO priced at ₹57 to ₹60 per share, combined with a ₹1,650 crore pre-IPO round, represents ₹4,250 crore of 100% primary capital with no stake sale from Blackstone. Proceeds will deleverage the balance sheet by nearly two-thirds, reducing net debt to ₹2,500 crore and lowering borrowing costs by 50 to 75 basis points from 8.1–8.2%.
• Network expansion plans: The company holds 2,300 acres of fully acquired land supporting a 61 million square foot network across 46 assets. Around 29 million square feet is currently built and leased, while the remaining 30 million square feet will be developed over the next 4 to 4.5 years.
• Product mix shift: Horizon plans to transition its footprint from an even 50-50 split between warehousing and industrial to roughly 40% industrial, 33% warehousing, and 25% in-city assets. This shift is expected to accelerate revenue growth because industrial facilities command a 10% to 15% premium and in-city spaces yield 2.5 to 3 times higher realizations compared to standard warehousing.
• Margins and profitability: The company generates EBITDA margins above 90% at the asset level and over 80% at the corporate level. Reported accounting losses are primarily driven by roughly ₹250 crore of non-cash book depreciation alongside legacy finance costs, both of which will normalize to drive net profitability post-IPO.