Horizon Industrial Parks Limited, India’s largest industrial and logistics infrastructure platform, will open its initial public offer for subscription on Monday, August 17, 2026, with a price band of ₹57 to ₹60 per equity share. The offer closes on Wednesday, August 19, with anchor investor bidding set for Friday, August 14.The IPO is entirely a fresh issue aggregating ₹2,600 crore, with no offer-for-sale component, meaning Blackstone, the company’s sole promoter, is not offloading any stake. Bids can be placed for a minimum lot of 250 equity shares at face value of ₹10 each.The proceeds will be used entirely for debt repayment. The company carried roughly ₹6,700 crore in gross debt heading into the offer. Combined with a ₹1,650 crore pre-IPO private placement completed in December 2025, which drew investors including 360 One, SBI Life and Radhakishan Damani, the total primary capital raised stands at ₹4,250 crore, which the company says will retire approximately two-thirds of its debt. “...we will see how we make a reduction,” said Kunal, the company’s CFO, adding that interest costs, currently running at around 8.1-8.2 per cent per annum, are expected to fall a further 50-75 basis points as credit ratings improve post-deleveraging.As of May 31, 2026, Horizon operates 29 million square feet across 45 assets in 10 cities, with a committed occupancy of 93.6 per cent. Its total network, including land under development, stands at 59 million square feet. The company has 118 customers across e-commerce, FMCG, auto, EV, defence and renewables, with the top 10 tenants accounting for roughly 41-42 per cent of revenues.Urvish Rambhia, CEO, noted the company’s growth arc from inception: “...we have grown from 10 million to 60 million square feet in just five years.” He said the addressable opportunity remains largely untapped, describing total grade A warehousing stock in India at 350-360 million square feet for a population of 1.5 billion, a fraction of what a single market like Chicago holds, against a total addressable market he estimates at 5-6 billion square feet.The company plans to build out roughly 30 million square feet on land it already owns over the next three to four years, alongside acquisitions. “...the existing 60 million square feet will be built with no more incremental capital,” said Ashish Mohta, Head of Real Estate India at Blackstone, though he flagged that larger multimodal corridor opportunities may require additional primary investment.Asheesh Mohta said the listing marks Blackstone’s fifteenth IPO in India and seventh real estate listing, calling it “...a continuation of our efforts to drive innovation in Indian capital markets.”Around two-thirds of incremental leasing in recent years has shifted toward industrial customers, a trend driven by global manufacturers seeking plug-and-play facilities under the Make in India initiative. Lease terms average 4-5 years with annual escalations of approximately 5 per cent, while industrial tenants sometimes lock in for 9-15 years. Rambhia said pricing runs 5-10 per cent above comparable Grade A peers: “...these are customers who are choosing you for compliance, for your balance sheet, for your execution capability.”JM Financial, Axis Capital, IIFL Capital Services, SBI Capital Markets and 360 ONE WAM are the book-running lead managers. The shares will list on BSE and NSE, with NSE as the designated exchange.Published on August 12, 2026