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Horizon Industrial Parks, backed by global private equity firm Blackstone, has filed draft IPO papers with SEBI to raise INR 2,600 crore through a fresh issue of shares. The company plans to use most of the proceeds, around INR 2,250 crore, to repay existing debt. Ahead of the filing, Horizon raised nearly USD 200 million, or about INR 1,650 crore, from several institutional investors. Including this, the platform is targeting a total capital raise of roughly INR 4,250 crore to support its balance sheet and operations.
Horizon Industrial Parks, a Blackstone-backed industrial and logistics real estate platform, has approached the Securities and Exchange Board of India with draft documents for an initial public offering worth INR 2,600 crore. The proposed issue consists entirely of fresh equity shares, with no offer-for-sale component from existing shareholders. Advertisement
As per the draft red herring prospectus, the company intends to deploy nearly INR 2,250 crore from the IPO proceeds towards repayment or prepayment of borrowings. This step is aimed at reducing leverage and strengthening the balance sheet ahead of the public listing. The remaining funds are expected to be used for general corporate purposes.
Before filing the IPO papers, Horizon Industrial Parks raised close to USD 200 million, translating to about INR 1,650 crore, through a pre-IPO placement. Investors in this round included 360 ONE, SBI Life Insurance, SBI, Radhakishan Damani, EAAA and DSP Investments. With the pre-IPO round and the public issue combined, the company is looking to raise a total of approximately INR 4,250 crore, or USD 500 million.
Blackstone currently holds close to 89 percent stake in the company, making it the largest shareholder. The private equity firm acquired the platform in 2020 and has since expanded its footprint across key logistics and industrial hubs in the country.
Horizon Industrial Parks operates a portfolio of around 60 million square feet spread across 46 industrial and logistics assets in 10 cities. Its portfolio includes fulfilment centres, large-format industrial parks and city-focused logistics facilities. The assets are reported to be about 95 percent committed, with a tenant base of over 100 customers. Around 60 percent of these clients are Fortune 500 companies, reflecting strong institutional demand.
The IPO is being managed by JM Financial, IIFL Capital Services, SBI Capital Markets and 360 ONE WAM as book-running lead managers.
Source PTI
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