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Wed, 16 Sept 2026
10:18:41 am
Wed, 16 Sept 2026
10:18:41 am
Rudransh Sangwan
Published at: August 14, 2026, 1:46 PM
Synopsis
Horizon Industrial Parks IPO opens on August 17 with a ₹2,600 crore issue. Check the ₹57 to ₹60 price band, GMP, financials, valuation and IPO details.
Horizon Industrial Parks IPO is set to open for subscription on August 17, 2026, and close on August 19. The ₹2,600 crore mainboard IPO is entirely a fresh issue of 43.34 crore shares, with a price band of ₹57 to ₹60 per share. The company is proposing to list on NSE and BSE, with the tentative listing date set for August 24. The lot size is 250 shares, taking the minimum retail application to ₹15,000 at the upper price band. The company has no offer for sale in the issue.
Horizon Industrial Parks is an industrial and logistics infrastructure company backed by Blackstone Group. The company owns 45 logistics and industrial assets across 10 Indian cities, covering 58.01 million square feet. Its revenue from operations increased to ₹691.38 crore in FY26 from ₹390.29 crore in FY25, while it continued to report a loss, with PAT at negative ₹203.65 crore in FY26. The latest GMP is ₹4.50, indicating an estimated listing price of ₹64.50 and an estimated gain of 7.50% at the upper price band.
Horizon Industrial Parks is raising ₹2,600 crore entirely through a fresh issue. The IPO has a face value of ₹10 per share, while the lot size is 250 shares. At the upper price band, the company has a market capitalisation of ₹17,297.61 crore.
| IPO metric | Details |
|---|---|
| IPO size | ₹2,600 crore |
| Fresh issue | ₹2,600 crore |
| Offer for sale | Nil |
| Price band | ₹57 to ₹60 |
| Face value | ₹10 |
| Lot size | 250 shares |
| Retail minimum investment | ₹15,000 |
| Market cap at upper price | ₹17,297.61 crore |
| Issue type | Mainboard, bookbuilding |
| Listing | NSE, BSE |
| IPO opens | August 17, 2026 |
| IPO closes | August 19, 2026 |
| Allotment | August 20, 2026 |
| Listing | August 24, 2026 |
The latest Horizon Industrial Parks IPO GMP is ₹4.50, updated on August 14, 2026, at 5:53 PM. Against the upper price band of ₹60, this indicates an estimated listing price of ₹64.50 and an estimated gain of 7.50%. The GMP was ₹4.50 on August 13 and ₹0 on August 12. The retail "subject to sauda" amount is ₹900, while the small HNI "subject to sauda" amount is ₹12,600.
| GMP date | IPO price | GMP | Estimated listing price | Estimated gain/loss | Last updated |
|---|---|---|---|---|---|
| August 14, 2026 | ₹60 | ₹4.50 | ₹64.50 | 7.50% | August 14, 5:53 PM |
| August 13, 2026 | ₹60 | ₹4.50 | ₹64.50 | 7.50% | August 13, 11:30 PM |
| August 12, 2026 | ₹60 | ₹0 | ₹60 | 0% | August 12 |
GMP is indicative and can change before listing. It does not guarantee the actual listing price.
Horizon Industrial Parks was incorporated in 2009 and is headquartered in Mumbai. The company develops and operates industrial and logistics infrastructure across India. Its portfolio includes 45 assets across 10 major Indian cities, covering 58.01 million square feet. Fulfillment centres account for 15.55 million square feet of operational area, while industrial facilities account for 10.36 million square feet. The company also has an in-city centre pipeline of 6.31 million square feet across seven cities. Its customers include businesses from e-commerce, retail, FMCG, renewable energy, auto-ancillary and manufacturing sectors. As of November 30, 2025, the company had served more than 100 customers.
Horizon Industrial Parks recorded revenue from operations of ₹691.38 crore in FY26, compared with ₹390.29 crore in FY25 and ₹228.86 crore in FY24. Total income increased to ₹767.84 crore from ₹439.35 crore in FY25. However, the company remained loss-making, with its loss for the year increasing to ₹203.65 crore from ₹178.78 crore. Finance costs rose to ₹538.99 crore in FY26 from ₹352.89 crore in FY25, while depreciation and amortisation increased to ₹266.10 crore.
| Financial metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | ₹228.86 crore | ₹390.29 crore | ₹691.38 crore |
| Other income | ₹16.66 crore | ₹49.06 crore | ₹76.46 crore |
| Total income | ₹245.52 crore | ₹439.35 crore | ₹767.84 crore |
| Finance costs | ₹210.83 crore | ₹352.89 crore | ₹538.99 crore |
| Depreciation & amortisation | ₹98.17 crore | ₹143.29 crore | ₹266.10 crore |
| Total expenses | ₹403.01 crore | ₹596.41 crore | ₹965.14 crore |
| Loss for the year | ₹162.21 crore | ₹178.78 crore | ₹203.65 crore |
| Basic/Diluted EPS | ₹(2.96) | ₹(3.11) | ₹(1.18) |
The company's total assets increased to ₹13,495.13 crore in FY26 from ₹9,851.54 crore in FY25. Net worth rose to ₹4,676.16 crore from ₹122 crore, while reserves and surplus increased to ₹3,214.54 crore from negative ₹530.09 crore. Total borrowings stood at ₹6,884.34 crore in FY26 compared with ₹7,009.11 crore in FY25.
| Balance sheet metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total assets | ₹4,993.18 crore | ₹9,851.54 crore | ₹13,495.13 crore |
| Net worth | ₹266.95 crore | ₹122.00 crore | ₹4,676.16 crore |
| Reserves and surplus | ₹(334.75) crore | ₹(530.09) crore | ₹3,214.54 crore |
| Total borrowings | ₹3,688.21 crore | ₹7,009.11 crore | ₹6,884.34 crore |
Horizon Industrial Parks generated ₹464.07 crore of operating cash flow in FY26, compared with ₹235.14 crore in FY25. The company remains capital intensive, with investment outflows during FY26 exceeding operating cash flow.
The company plans to use ₹2,250 crore from the IPO towards repayment or prepayment of borrowings taken by the company and certain wholly owned subsidiaries. The remaining amount will be used for general corporate purposes.
| IPO object | Amount |
|---|---|
| Repayment or prepayment of borrowings | ₹2,250 crore |
| General corporate purposes | Balance |
| Total issue size | ₹2,600 crore |
The company's EPS is negative, so its P/E ratio is also negative. The NAV stands at ₹27.89, while the price to book value is 2.15 times. The market capitalisation at the upper offer price is ₹17,297.61 crore.
| Valuation metric | Figure |
|---|---|
| EPS pre-IPO | ₹(0.83) |
| P/E pre-IPO | Negative |
| NAV | ₹27.89 |
| Price to book value | 2.15x |
| Market cap at offer price | ₹17,297.61 crore |
Promoter and promoter group holding is expected to decline from 88.74% before the IPO to 75.40% after the issue. Public shareholding is expected to rise from 11.26% to 24.60%.
| Shareholder category | Pre-IPO | Post-IPO |
|---|---|---|
| Promoter and promoter group | 88.74% | 75.40% |
| Public | 11.26% | 24.60% |
| Total | 100% | 100% |
The company has reported an improvement in operating cash flow and has a large industrial and logistics asset base spread across major Indian cities. Its customer base covers several sectors, while its portfolio includes fulfillment centres, industrial facilities and in-city centres. At the same time, the company continues to report losses and has ₹6,884.34 crore of borrowings. Its finance costs also increased to ₹538.99 crore in FY26. The company also faces legal and land-related matters across parts of its portfolio.
Horizon Industrial Parks is coming to the market with a ₹2,600 crore fresh issue at a price band of ₹57 to ₹60. The company has recorded strong growth in revenue, with revenue from operations reaching ₹691.38 crore in FY26, but it remains loss-making. A large part of the IPO proceeds will go towards debt repayment or prepayment. The latest GMP of ₹4.50 indicates an estimated listing price of ₹64.50 at the upper price band. Investors can track the company's borrowings, cash generation, financial losses and use of IPO proceeds as the issue progresses.
The Horizon Industrial Parks IPO price band is ₹57 to ₹60 per share.
The lot size is 250 shares. The minimum retail investment at the upper price band is ₹15,000.
The IPO will open on August 17, 2026 and close on August 19, 2026.
The latest Horizon Industrial Parks IPO GMP is ₹4.50, based on the data updated on August 14, 2026, at 5:53 PM.
At the upper price band of ₹60 and a GMP of ₹4.50, the estimated listing price is ₹64.50, indicating an estimated gain of 7.50%.
The IPO size is ₹2,600 crore and the entire issue is a fresh issue.
The tentative listing date is August 24, 2026 on NSE and BSE.
Horizon Industrial Parks develops and operates industrial and logistics infrastructure. Its portfolio includes logistics assets, fulfillment centres, industrial facilities and in-city centres.
The company's revenue from operations was ₹691.38 crore in FY26, compared with ₹390.29 crore in FY25.
No. The company reported a loss of ₹203.65 crore in FY26, compared with a loss of ₹178.78 crore in FY25.
The company's total borrowings stood at ₹6,884.34 crore in FY26, compared with ₹7,009.11 crore in FY25.
The company plans to use ₹2,250 crore towards repayment or prepayment of borrowings. The remaining amount is intended for general corporate purposes.
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