Horizon Industrial Parks Ltd IPO
Miscellaneous
Price Band
₹57 – ₹60
Lot Size
250
Minimum Bid Quantity
250
Minimum Investment
₹15000
Issue Size
₹2600Cr
Opens
2026-08-17
Closes
2026-08-19
Listing
24-08-2026
Subscription Status
Qualified Institutional Buyers
1.85 x
Non-Institutional Investor
0.97 x
Retail Individual Investor
0.92 x
Employees
1.4 x
Total
1.44 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE685T01010
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Horizon Industrial Parks Limited is an industrial and logistics infrastructure developer, owner and operator in India. The company provides fulfilment centres (warehouses), industrial facilities and in-city centres across major industrial and consumption hubs. Its fulfilment centres provide bulk storage facilities for sectors such as e-commerce, third-party logistics, FMCG and retail, while its industrial facilities support assembly, light engineering, manufacturing and related storage activities across sectors including renewable energy, electric vehicles, automotive, electronics, aerospace, specialty chemicals and telecommunications. Its in-city centres support uses such as last-mile delivery, micro-fulfilment, cold storage, retail, research and development (R&D) and service centres. The company also provides built-to-suit and plug-and-play facilities, turnkey development, cold storage, energy solutions, on-site staff accommodation, racking and material handling equipment. As of the date of the red herring prospectus, its network comprises 45 assets across 10 cities, totalling 58.58 million square feet of leasable area.
Pros
- • As of May 31, 2026, the company had a total network of 58.58 million square feet across 45 assets in 10 major industrial and consumption hubs in India. Its network includes fulfilment centres, industrial facilities and in-city centres.
- • The company claims to have a fully integrated industrial and logistics platform, combining real estate, infrastructure and operational services. Its offerings include turnkey solutions, energy solutions, cold storage, on-site staff accommodation, skill development centres and hospitality facilities.
- • The company had 118 customers as of May 31, 2026, across sectors including e-commerce, retail, FMCG, renewable energy, auto ancillary and manufacturing. No single customer accounted for more than 10% of its gross rentals, while 40.65% of incremental area contracted since FY24 came from repeat engagements.
Cons
- • A significant portion of the company’s network has been acquired recently, including from its promoters and related entities, and its Proforma Financial Information may not reflect its actual financial performance. The company acquired from its promoters and related entities 35 of its 45 assets during FY25 and FY26, representing 36.32 msf or 62% of its total network. Further, the proforma financial information has been prepared on an illustrative basis to showcase the impact of these acquisitions and may not accurately reflect the company’s actual financial condition or future results, says the RHP. Investors should keep this in mind when reading the company's financial statements.
- • The company incurred losses of Rs 203.65 crore, Rs 178.78 crore, and Rs 162.21 crore on a restated consolidated basis in FY26, FY25, and FY24, respectively, primarily due to high finance costs and depreciation and amortisation expenses. During the same periods, its material subsidiaries, Farukhnagar Logistics Parks LLP, incurred losses of Rs 19.35 crore, Rs 29.12 crore, and Rs 30.07 crore, respectively, and Volumnus Developers Private Limited incurred a loss of Rs 2.09 crore in FY25 primarily due to high finance costs and depreciation and amortisation expenses. Investors should keep a watch on when the company will turn profitable.
- • The company’s revenues are significantly dependent on its top 10 customers, which contributed Rs 294.51 crore (42.60%), Rs 262.81 crore (43.12%), and Rs 244.73 crore (54.04%) to its pro forma revenue from operations in FY26, FY25, and FY24, respectively. Loss of these customers or a significant reduction in their lease commitments could adversely affect the company’s business, financial condition, and results of operations.
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