Blackstone-backed Horizon Industrial Parks to raise Rs 2,600 cr through IPO

Mumbai: Blackstone-backed Horizon Industrial Parks is looking to raise over $300 million or Rs 2,600 crore through its maiden equity share sale after raising $200 million or Rs 1,650 crore in a pre-Initial Public Offering (IPO) round.

India’s largest industrial and logistics infrastructure developer, owner and operator in terms of total network area, filed its Draft Red Herring Prospectus (DRHP) for this issue on Monday.

The company has raised pre-IPO funds from investors including 360 ONE, SBI Life Insurance, State Bank of India, Radhakishan Damani, EAAA and DSP Investments. Total funds raised through the pre-IPO and IPO will be about $500 million or Rs 4,250 crore, showed the DRHP.


The platform has a pan-India footprint of about 60 million sq ft, of which around 27 million sq ft is completed, with 46 assets spread across 10 cities. A key component of its portfolio is an in-city logistics network comprising 17 assets across seven cities.

These facilities are positioned to serve last-mile logistics requirements and provide direct access to more than 20 million end-consumers.

Blackstone made its first acquisition in the platform in 2020 and scaled the business to its current size in the last five years. The company operates an integrated model covering fulfilment centres, industrial facilities and in-city centres, along with an end-to-end operating ecosystem.

The portfolio has committed occupancy of 95% and a customer base of over 100 companies, of which around 60% are large firms. Its leasing has been supported by demand from manufacturing, e-commerce and consumption-led sectors.

Blackstone will be the sole promoter of Horizon Industrial Parks. Urvish Rambhia is the chief executive officer and has previously worked with Blackstone, Ivanhoe Cambridge and Morgan Stanley. Kunal Shah is the chief financial officer and has been associated with Blackstone Group portfolio companies for over 10 years.

The company’s outlook is linked to broader economic trends. India remains the fastest-growing major economy, supported by manufacturing and domestic consumption. The growth in the manufacturing sector, rising consumption, e-commerce and quick commerce demand are driving demand for industrial and logistics real estate.

In-city centres continue to see demand from quick commerce, e-commerce and on-demand service providers, with limited availability of Grade A stock in city-centric and residential locations.