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₹60 - 60
Horizon Industrial Parks Ltd
MiscellaneousIPO
₹60 - 60
We are India's largest industrial and logistics infrastructure developer, owner and operator in terms of Total Network (in terms of total area of our assets). We offer our clients Grade A quality fulfillment centers (warehouses), industrial facilities, and in-city centers across the country's major industrial and consumption hubs. Our comprehensive business ecosystem provides a holistic end-to-end solution that enables our customers to operate seamlessly and reduce time-to-market. Our solutions include, among others, built-to-suit facilities, fully fitted plug-and-play facilities, cold storage, energy solutions, on-site staff accommodation, racking and material handling equipment ("MHEs"), all designed to support efficient operations. As of the date of this Red Herring Prospectus, our pan-India Network consists of 45 assets spread across 10 cities, totalling 58.58 million square feet ("msf").
Lot250Min Invest₹15,000Face Value₹10Issue Size₹2,600 CrFresh Issue₹2,600 CrListing Price₹60CMP₹55
Timeline
17 Aug
Bidding opens
19 Aug
Bidding closes
20 Aug
Allotment
21 Aug
Refund & demat credit
24 Aug
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹2,600 Cr43.34 Cr shares
Fresh Issue₹2,600 Cr
Face Value₹10
Lot Size250 shares
ReservationQIB 75% · NII 15% · RETAIL 10%
Application Sizes
Retail₹15,0001-13 lots
sNII₹2,10,000from 14 lots
bNII₹10,05,000from 67 lots
Managers & Registrar
Lead ManagerJM Financial Limited
Co-ManagerAxis Capital Limited, IIFL Capital Services Limited, SBI Capital Markets Limited, 360 ONE WAM Limited
RegistrarKFin Techologies Ltd
Ownership & Proceeds
Shareholding
CategoryPre IPOPost IPOPromoter Group88.74%75.4%Public11.26%24.6%
Objects of the Issue
- Repayment and/or prepayment, in part or full, of certain borrowings availed by the Cinoabt & wholly owned Subsidiaries
- General Corporate Purpose
Anchor Book
Bid Date14-Aug-2026
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| RevenueCr | 151 | 234 | 390 | 691 |
| Operating ProfitCr | 21 | 142 | 290 | 531 |
| OPM% | 13.6 | 60.8 | 74.3 | 76.8 |
| PBTCr | -160 | -139 | -181 | -197 |
| PATCr | -151 | -139 | -179 | -204 |
| EPS | -3 | -3 | -3 | -1 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity CapitalCr | 536 | 536 | 536 | 2,450 |
| ReservesCr | -139 | -310 | -533 | 3,215 |
| BorrowingsCr | 2,335 | 3,294 | 7,017 | 6,904 |
| Total AssetsCr | 3,175 | 4,290 | 9,852 | 13,495 |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Operating Cash FlowCr | 89 | 129 | 235 | 464 |
| Investing Cash FlowCr | -409 | -792 | -1,596 | -4,873 |
| Financing Cash FlowCr | 376 | 716 | 1,458 | 4,638 |
| Net Cash FlowCr | 56 | 53 | 97 | 229 |
Strengths & Risks
Strengths · as stated in the DRHP
- Premium-quality offerings strategically located across prime markets, including in-city locations with fully integrated platform.
- Well positioned to benefit from industry tailwinds - Our business is derivative of India's manufacturing, consumption and e-commerce tailwinds.
- Strong customer relationship - A testament to our ability to lease and actively manage our assets with an ability to provide a comprehensive business ecosystem to our customers, not just real estate solutions.
- Proven engineering and technical capabilities enabling execution of complex industrial projects.
- Proven expertise in development and acquisitions, backed by a track record of executing joint ventures and maintaining government partnerships.
- Proven track record of active asset management.
Strategies · as stated in the DRHP
- Drive organic growth through build-out and stabilization of existing assets.
- Expand our in-city logistics network - a powerhouse of growth.
- Continue acquisitions supported by strong cashflows and sustainable debt.
- Expand value-added service offerings to more customers.
- Strategic Expansion into New Segments.
Risks · as stated in the DRHP
- A significant portion of its assets in the company's network has been acquired by the Company from its Promoters and other sellers recently (in Fiscals 2025 and 2026) and the company may undertake such acquisitions to expand its network in the future. Further, the Proforma Financial Information included in this Red Herring Prospectus is presented for illustrative purposes only, to demonstrate the impact of the Acquisition Transactions as if such acquisitions has been consummated on April 1, 2023 or from the date of incorporation of such acquired entities, whichever is later, and may not accurately reflect the company's financial condition or results of operations.
- The company incurred losses of Rs.2,036.49 million, Rs.1,787.81 million and Rs.1,622.10 million, on a restated consolidated basis in Fiscals 2026, 2025, 2024, respectively and Rs.1,908.20 million, Rs.2,394.27 million and Rs.2,750.70 million, on a proforma basis, in Fiscals 2026, 2025 and 2024, respectively and some of its Material Subsidiaries incurred losses in the past, based on their respective standalone financial information primarily due to high finance costs and depreciation and amortization expenses. There can be no assurance that its will achieve or maintain profitability in the future.
- The company's Development Network of 30.03 msf (which constituted 51.26% of its Total Network) included 7.22 msf of Near Term Deliveries (24.04% of Development Network) and 22.81 msf of Planned Projects (75.96% of Development Network) as of May 31, 2026, is subject to various risks and uncertainties, including construction delays and increasing construction costs, which could lead to time and cost overruns, and adversely affect the company's business, financial condition, operations and cash flows.
- A substantial portion of the Net Proceeds, up to Rs.22,500.00 million, will be utilized for the repayment/prepayment of certain outstanding borrowings availed of by the Company and the Identified Subsidiaries. Any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval. Its total borrowings were Rs.68,843.41 million as of March 31, 2026, on a restated basis, which will reduce to Rs.46,343.41 million, subsequent to the repayment/prepayment from Net Proceeds and its debt-equity ratio as of March 31, 2026 will accordingly reduce from 1.18 times to 0.55 times.
- The company requires substantial funds for meeting its capital expenditure requirements. The company may not be able to secure funding for such capital expenditure in a timely manner or at all which may adversely impact its growth prospects and overall financial performance.
- The company's revenue is significantly dependent on its top 10 customers (identified based on their proforma revenue contribution in Fiscal 2026). These customers accounted for 42.60%, 43.12% and 54.04% of the company's proforma revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Loss of any of these customers or a significant reduction in their lease commitments could adversely affect its business, results of operations, financial condition and prospects.