All IPOs 
Horizon Industrial Parks
Mainboard · NSE open
Closes today · 19 Aug 2026
₹0
GMP* · 19 Aug, 05:20 pm
Price Band
₹57 – ₹60
Issue Size
₹2,600 Cr
1 lot at upper band
₹15,000
Lot Size
250
Open
17 Aug 2026
Close
19 Aug 2026
Allotment
—
Listing
24 Aug 2026
Scheduled dates
- Open17 Aug 2026
- Close19 Aug 2026
- Refund21 Aug 2026
- Demat credit21 Aug 2026
- Listing24 Aug 2026
GMP Trend*
Daily grey market premium (₹). Unofficial.
Latest GMP: ₹0 8 sessions
Subscription (times)
Latest per-category subscription · as of 19 Aug, 05:10 pm IST.
QIB 1.85x
NII 1.03x
BHNI 1.13x
SHNI 0.70x
RII 1.02x
Employee 1.40x
Total 1.52x
About Horizon Industrial Parks
The company is India's largest industrial and logistics infrastructure developer, owner and operator in terms of Total Network, offering Grade A quality fulfillment centers, industrial facilities, and in-city centers across major industrial and consumption hubs. The company operates a pan-India network of 45 assets spread across 10 cities, totaling 58.58 million square feet, providing comprehensive end-to-end solutions including built-to-suit facilities, plug-and-play facilities, cold storage, energy solutions, and material handling equipment to enable seamless customer operations.
www.hiparks.com ↗Strengths
- Largest player with premium-quality offerings strategically located across prime marketsThe company is India's largest industrial and logistics infrastructure developer with a Total Network of 58.58 msf spread across 45 assets, offering Grade A+ specifications including 12-meter clear heights and advanced fire protection systems.
- Well positioned to benefit from industry tailwindsThe company's business is derivative of India's manufacturing, consumption and e-commerce tailwinds, with manufacturing gross value expected to double to over US$1 trillion by Fiscal 2030.
- Strong customer relationship and comprehensive business ecosystemThe company serves over 118 customers with 54.05% of committed Operational Network contracted to Fortune 500 companies, and 40.65% of incremental area contracted since Fiscal 2024 through repeated engagements.
- Proven expertise in development and acquisitionsThe company has established a strategically positioned Total Network of 58.58 msf in just over five years through multiple acquisitions, with an in-house development team of 120 personnel.
- Commitment to enhanced sustainability practicesThe company achieved a 5-Star rating with participation score exceeding 90% in inaugural GRESB assessment, with 91.85% of Operational Network being Platinum certified by IGBC.
- Highly skilled leadership team backed by experienced promoterThe company's KMPs and SMPs collectively bring over 250 years of industry experience, backed by Blackstone Group with more than 1.2 billion square feet of logistics holdings globally.
Risk Factors
- Significant Recent Asset Acquisitions and Proforma Financial Information LimitationsThe company acquired 62% of its network assets (35 out of 45 assets) from promoters and other sellers during Fiscals 2025 and 2026. The Proforma Financial Information is presented for illustrative purposes only and may not accurately reflect the company's actual financial condition or future results of operations.
- Substantial Historical Losses and High Finance CostsThe company incurred losses of ₹2,036.49 million, ₹1,787.81 million and ₹1,622.10 million on a restated basis in Fiscals 2026, 2025, 2024 respectively. Finance costs represented 77.96%, 90.42% and 92.12% of revenue from operations in the respective periods, primarily due to the capital-intensive nature of the business.
- Large Development Network Subject to Construction and Cost RisksThe company's Development Network of 30.03 msf (51.26% of Total Network) includes 75.96% Planned Projects where less than 1% construction is completed. This pipeline is subject to construction delays, cost overruns, regulatory challenges, and financing limitations that could materially impact project delivery and profitability.
- High Debt Burden and Restrictive Financial CovenantsThe company has substantial indebtedness of ₹68,843.41 million as of March 31, 2026, with a debt-equity ratio of 1.18 times. The borrowings include restrictive covenants requiring lender consent for management changes, acquisitions, and control transfers, with potential acceleration of payments upon covenant breaches.
- Customer Revenue Concentration RiskThe company's top 10 customers accounted for 42.60%, 43.12% and 54.04% of proforma revenue from operations in Fiscals 2026, 2025 and 2024 respectively. Loss of any major customers or reduction in their lease commitments could significantly impact revenue and financial performance.
- Geographic Revenue ConcentrationA significant portion of revenue is derived from assets in Delhi-NCR, Chennai, Bangalore and Pune, which collectively contributed 79.00%, 79.79% and 87.67% of proforma revenue in Fiscals 2026, 2025 and 2024 respectively. Adverse developments in these key markets could materially impact business operations.
- Land Title and Legal UncertaintiesThe company faces various legal defects and irregularities in land titles, including non-compliance with conversion processes, missing consents, and encumbrances. Several assets have specific title issues including forest land categorization and pending regulatory approvals that could affect ownership rights.
- Dependence on Independent Contractors for ConstructionThe company relies on over 40 independent contractors for construction activities across its 30.03 msf Development Network. Contractor failures, delays, or performance issues could adversely affect project completion timelines, costs, and quality standards, potentially resulting in customer penalties.
- Regulatory Compliance and Licensing RequirementsThe company requires various statutory approvals, licenses and permits for operations, including environmental clearances, building permits, and occupancy certificates. Failure to obtain, maintain or renew these approvals could result in operational disruptions, penalties, and compliance costs.
- Capital Expenditure Funding RequirementsThe company operates in a capital-intensive sector requiring significant funding for land acquisition and development. Capital expenditure was ₹15,697.72 million, ₹15,458.53 million and ₹5,225.72 million in Fiscals 2026, 2025 and 2024 respectively. Inability to secure adequate funding could impact growth prospects and project execution.
Objects of the Issue
- Repayment and/or prepayment of borrowingsThe company proposes to utilize Net Proceeds for repayment and/or prepayment, in part or full, of certain borrowings availed by the company and certain wholly owned subsidiaries. This will help reduce outstanding indebtedness, debt servicing costs, assist in maintaining favorable debt-equity ratio and enable utilization of funds from internal accruals for further investment in business growth and expansion.2250.00 crores
- General corporate purposesThe company proposes to deploy the balance Net Proceeds towards general corporate purposes and business requirements, including strategic initiatives, capital expenditure, funding organic and inorganic growth opportunities, strengthening marketing capabilities, funding working capital requirements, and meeting ongoing general corporate purposes or contingencies.
Financial Snapshot
Annual values as reported in the offer document.
| Year end | Revenue | Rev. growth | Profit | Profit growth | Assets | Equity | Operating cash flow |
|---|---|---|---|---|---|---|---|
| 31/03/2026 | 767.84 | +74.8% | -203.65 | — | 13495.13 | 5858.74 | 464.07 |
| 31/03/2025 | 439.35 | +78.9% | -178.78 | — | 9851.54 | 1178.72 | 235.14 |
| 31/03/2024 | 245.52 | — | -162.21 | — | 4993.18 | 702.38 | 119.28 |
Units: crores
Issue Details
- Face Value
- ₹10
- P/E
- -72.29
- Shares / Lot
- 250
- Minimum Bid
- 250 shares
- Refund
- 21 Aug 2026
- Credit to Demat
- 21 Aug 2026
- ISIN
- INE685T01010
- CIN
- U60231MH2009PLC222156
- Registrar
- Kfin Technologies Ltd.
- Lead Managers
- JM Financial Ltd.
- Registered Office
- One World Centre, Unit No 1501B, Tower 1, 841, Jupiter Textile Mills, Senapati Bapat Marg, Mumbai 400 013, Maharashtra, India
Management
Urvish Jayantilal RambhiaCEO
Anshu PrakashMD
Asheesh MohtaDirector
Alok Kumar JainDirector
Michael David HollandDirector
Sangeeta SinghDirector
Kunal Harun ShahCFO
Shraddha PoddarCOO
R.K. NarayanCTO
Pooja MalikVP of Sales
Mahendra Siddheshwar WaghuleCOO
Swati KarmarkarDirector
Taruna MahajanVP of Marketing
Aviraj NandanDirector of HR
Mitesh Vishnu GargCTO
Nikhil NavalkarDirector of Operations
Prapti ZaveriDirector
* Grey Market Premium is unofficial, indicative data from unregulated grey-market dealers. It is not published by NSE, BSE, SEBI or the issuer, and is not a forecast of the listing price.