Horizon Industrial Parks IPO Makes Sluggish Debut, Opens Near Issue Price

Summary of this article

Horizon Industrial Parks opened at Rs 60.25 on NSE and Rs 59.65 on BSE, against issue price of Rs 60
The IPO was subscribed 1.52 times, led by qualified institutional buyers
The company will use most IPO proceeds to reduce its borrowings

Horizon Industrial Parks shares made a sluggish debut on the stock exchanges on August 24, opening almost flat against their issue price.

The stock opened at Rs 60.25 on the NSE, up Rs 0.25 or 0.42 per cent from the issue price of Rs 60. On the BSE, the stock opened at Rs 59.65, down Rs 0.35 or 0.58 per cent from the issue price.

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Ahead of the listing, Horizon Industrial Parks' grey market premium stood at Rs 1.50, implying an estimated listing price of Rs 61.50. The actual listing was slightly below that indication on both the exchanges.

The Rs 2,600.04 crore initial public offering (IPO) was entirely a fresh issue of 433.41 million shares. The price band was fixed at Rs 57-60 per share, with a lot size of 250 shares. Retail investors needed a minimum of Rs 15,000 to subscribe to one lot at the upper end of the price band.

The issue was subscribed 1.52 times by the close of bidding on August 19. The qualified institutional buyer portion was subscribed 1.94 times, while the non-institutional investor category saw 1.03 times subscription. The retail investor portion was subscribed 1.02 times. The employee portion was subscribed 1.64 times.

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Horizon Industrial Parks is backed by Blackstone and develops, owns and operates industrial and logistics parks across India. It provides large warehouses and industrial facilities used by sectors such as e-commerce, FMCG, retail, manufacturing, automobiles, electronics and renewable energy. The company also operates in-city centres for last-mile delivery and offers services such as cold storage and solar energy solutions.

The company reported total income of Rs 767.84 crore in FY26, up from Rs 439.35 crore in FY25. Its earnings before interest, tax, depreciation, and amortisation (Ebitda) rose to Rs 607.80 crore from Rs 339.12 crore during the same period. However, it reported a net loss of Rs 203.65 crore in FY26.

The company plans to use Rs 2,250 crore of the IPO proceeds to repay or prepay borrowings of the company and certain wholly owned subsidiaries. The remaining proceeds will be used for general corporate purposes.