Horizon Industrial Parks Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹60
Per ShareLot Size
250 Shares
Minimum Investment
₹15,000
Issue Size
₹2,600 Cr
Face Value
₹10
Per ShareIPO Type
Book Building
Retail Quota
10%
QIB Quota
75%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Horizon Industrial Parks Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
88.74%
Promoter Holding (Post-Issue)
75.4%
Issue Type
Book Building
ISIN
INE685T01010
About the Company
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").
Industry Overview
India's industrial and logistics sector is driven by a manufacturing push with gross value added surpassing US$1 trillion by FY30, rising consumption with CAGR of 10.5% between FY24-FY30, explosive e-commerce growth with 22.8% CAGR between FY24-FY30, and quick commerce expansion at CAGR of 54.3% between FY24-FY30. Flight-to-quality for Grade A stock remains robust with absorption forecasted to grow at 27.9% CAGR through CY24-CY29. In-city center demand remains strong with negligible availability of Grade A stock, rents projected to grow at 10% annually and absorption anticipated to grow at CAGR of 35-40% in near term in emerging Tier 1 and 2 cities.
Company History
Our Company was incorporated as `JEM Cements Private Limited' as a private limited company under the Companies Act, 1956 at Bengaluru, Karnataka and a certificate of incorporation dated September 22, 2009 was granted by the Registrar of Companies, Karnataka at Bengaluru ("RoC Bengaluru"). The name of our Company was changed to `Embassy-Maini Logistics Bangalore Private Limited' pursuant to the Board resolution dated September 22, 2011 and the special resolution passed by the Shareholders dated November 2, 2011 and a fresh certificate of incorporation dated November 22, 2011 was issued by the RoC, Bengaluru. Subsequently, the name of our Company was further changed to `Embassy Industrial Parks Private Limited' pursuant to the Board resolution dated October 21, 2014 and a special resolution passed by the Shareholders dated December 8, 2014 and a fresh certificate of incorporation dated January 19, 2015 was issued by the RoC Bengaluru. Furthermore, the name of our Company was changed to `Horizon Industrial Parks Private Limited' pursuant to a Board resolution dated September 10, 2021 and special resolution passed by the Shareholders dated October 14, 2021 and a fresh certificate of incorporation dated December 2, 2021 was issued by the RoC Bengaluru. Our Company was subsequently converted into a public limited company pursuant to the Board resolution dated June 25, 2025 and the special resolution passed by our Shareholders on June 30, 2025 and the name of our Company was changed to `Horizon Industrial Parks Limited'. A certificate of incorporation consequent upon conversion to public company dated July 28, 2025 was accordingly issued by the Central Processing Centre, Ministry of Corporate Affairs.
Growth Strategy
- 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.
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY24 to FY26.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offering of 433,409,090 equity shares of face value of Rs. 10 each ("Equity Shares") of Horizon Industrial Parks Limited ("Company") for cash at a price of Rs. 60 per equity share of face value of Rs. 10 each (including a share premium of Rs. 50 per equity share) ("Issue Price") aggregating to Rs.2600.00 Crores (the "Issue"). The issue shall constitute 15.03% of the post-issue paid-up equity share capital of the company. The company, in consultation with the brlms, may consider a pre-ipo placement aggregating up to Rs.520.00 crores, as may be permitted under the applicable law, at its discretion, prior to filing of the pre-ipo placement, if undertaken, will be at a price to be decided by the company, in consultation with the brlms. If the pre-ipo placement is completed, the amount raised pursuant to the pre-ipo placement will be reduced from the issue, subject to compliance with Rule 19(2)(b) of the scrr. The pre-ipo placement, if undertaken, shall not exceed 20% of the size of the issue. Prior to the completion of the issue, the company shall appropriately intimate the subscribers to the pre-ipo placement, prior to allotment pursuant to the pre-ipo placement, that there is no guarantee that the company may proceed with the issue or the issue may be successful and will result into listing of the equity shares on the stock exchanges. Further, relevant disclosures in relation to such intimation to the subscribers to the pre-ipo placement (if undertaken). The issue includes a reservation of 909,090 equity shares of face value of Rs. 10 each, aggregating to Rs. 5 Crores (constituting to 0.03% of the post-issue paid-up equity share capital), for subscription by eligible employees ("Employee Reservation Portion"). The company, in consultation with the book running lead managers, offered a discount of 8.33% on the issue price (Equivalent to Rs. 5.00 per equity share) to eligible employees bidding under the employee reservation portion ("Employee Discount"). The issue less the employee reservation portion is hereinafter referred to as the "Net Issue". The issue and the net issue shall constitute 15.03% and 15.00% of the post-issue paid-up equity share capital of the company, respectively. Price Band: Rs. 60 per equity share of face value of Rs. 10 each. The floor price 6.00 times the face value of the equity shares, respectively. Bids can be made for a minimum of 250 equity shares of face value of Rs. 10 each and in multiples of 250 equity shares of face value of Rs. 10 each thereafter. Discount of Rs. 5 per equity share is being offered to eligible employees bidding in the employee reservation portion.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- 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.
- 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.