Horizon Industrial Parks Limited IPO — the disclosed details

This page restates the publicly disclosed details of the Horizon Industrial Parks Limited IPO, taken from the Red Herring Prospectus dated August 11, 2026, NSE’s own issue-information record and Security Parameters documents for the issue, and the company’s anchor allocation letter dated August 14, 2026. It is a record of what has been filed, nothing more. If the vocabulary is new — DRHP, price band, buckets, allotment — read how an Indian IPO actually works first.

What the company does

Horizon Industrial Parks Limited develops, owns and operates industrial and logistics infrastructure. It offers Grade A quality fulfillment centers (warehouses), industrial facilities and in-city centers, with solutions that include built-to-suit facilities, fully fitted plug-and-play facilities, cold storage, energy solutions, on-site staff accommodation, and racking and material handling equipment. As of the date of the RHP the pan-India network was 45 assets across 10 cities — Delhi-NCR, Mumbai, Bangalore, Chennai, Pune, Hyderabad, Ahmedabad, Nagpur, Nashik and Goa — totalling 58.58 million square feet. As of May 31, 2026 the Operational Network was 28.55 msf with a Committed Occupancy rate of 93.56%, and the Development Network was 30.03 msf.

The RHP describes the company as India’s largest industrial and logistics infrastructure developer, owner and operator in terms of Total Network, the total area of its assets. That claim is attributed to a JLL report, “Industry Report on India’s Industrial & Logistics Sector” dated July 23, 2026, which the RHP discloses was exclusively commissioned and paid for by the company; Risk Factor 40 cautions against relying on it.

The promoters are BREP Asia II EIP Holding (NQ) Pte. Ltd., BREP Asia II Indian Holding Co VI (NQ) Pte. Ltd. and BREP Asia III India Holding Co III Pte. Ltd., which the RHP states are part of the Blackstone Group. Together they held 2,173,652,861 equity shares, or 88.74% of the pre-Issue paid-up capital, as of the date of the RHP, and the pre-Issue register has 33 shareholders in all. In the RHP’s convention, Fiscal 2026 is the twelve months ended March 31, 2026.

What the money is for

The issue is entirely a fresh issue of up to Rs 26,000.00 million (Rs 2,600.00 crore), so the proceeds go to the company. There is no offer for sale — the RHP cover prints “Not Applicable” against the size of the offer for sale — and there are no selling shareholders, so none of the money raised goes to an existing holder, which is where offer-for-sale money goes in an issue that has one. The RHP separately records that the promoters and the members of the promoter group will not participate in the issue.

Object of the fresh issue	Amount, as filed
Repayment and/or prepayment, in part or full, of certain borrowings availed by the company and by certain wholly owned subsidiaries (the “Identified Subsidiaries”), the latter through investment in those subsidiaries	Rs 22,500.00 million, proposed to be deployed in Fiscal 2027
General corporate purposes	[●] in the RHP, to be finalised on determination of the Issue Price; the RHP states the amount shall not exceed 25% of the Gross Proceeds
Gross Proceeds of the Issue	Rs 26,000.00 million; issue related expenses and Net Proceeds are printed as [●], to be finalised upon determination of the Issue Price and updated in the Prospectus prior to filing with the RoC

The aggregate amount outstanding as at March 31, 2026 on the borrowings identified for repayment is Rs 46,821.13 million — Rs 7,526.56 million at the company and Rs 39,294.57 million at the Identified Subsidiaries. The RHP names 16 Identified Subsidiaries: Bagur Logistics Park Private Limited, Embassy Industrial Park Hosur Private Limited, Farukhnagar Logistics Parks LLP, FRK II Industrial Park Private Limited, Goodluck Buildtech Private Limited, ILV Distripark Private Limited, ILV Distripark (MWC) Private Limited, Jindpur Industrial Park Private Limited, Kalina Warehousing Private Limited, Lakshmipathi Realtors Private Limited, LI Industrial Parks Private Limited, Malur Logistics and Industrial Parks Private Limited, Panvel Warehousing Private Limited, Patencheru Industrial Park Private Limited, Redhills Industrial Park Private Limited and Vertical Logistic Park LLP.

What the RHP flags as risks

These are the company’s own risk factors, taken from the risk-factor section of the RHP and paraphrased without addition:

• Losses in each of the last three fiscal years. The RHP states the company incurred losses of Rs 2,036.49 million, Rs 1,787.81 million and Rs 1,622.10 million on a restated consolidated basis in Fiscals 2026, 2025 and 2024, and Rs 1,908.20 million, Rs 2,394.27 million and Rs 2,750.70 million on a proforma basis in the same years. It also states some of its Material Subsidiaries incurred losses in the past on their respective standalone financial information, primarily due to high finance costs and depreciation and amortization expenses. (Risk Factor 2)
• Much of the network was bought recently, and the proforma numbers are illustrative. A significant portion of the assets in the network was acquired from the promoters and other sellers in Fiscals 2025 and 2026, and further such acquisitions may be undertaken to expand the network. The RHP notes its Proforma Financial Information is presented for illustrative purposes only, to demonstrate the impact of the Acquisition Transactions as if they had been consummated on April 1, 2023 (or the date of incorporation of the acquired entity, whichever is later), and may not accurately reflect future financial condition or results. (Risk Factor 1)
• Over half the network is still to be built. The Development Network of 30.03 msf was 51.26% of Total Network as of May 31, 2026, and comprised 7.22 msf of Near Term Deliveries and 22.81 msf of Planned Projects. The RHP states it is subject to risks including construction delays and increasing construction costs, which could lead to time and cost overruns. (Risk Factor 3)
• Most of the money raised repays debt. Up to Rs 22,500.00 million of the Net Proceeds will repay or prepay certain outstanding borrowings of the company and the Identified Subsidiaries. The RHP states total borrowings were Rs 68,843.41 million as of March 31, 2026 on a restated basis and will reduce to Rs 46,343.41 million after that repayment, and that any variation in the use of Net Proceeds would be subject to compliance requirements including prior shareholders’ approval. (Risk Factor 4)
• Revenue concentrated in four markets. Assets in Delhi-NCR, Chennai, Bangalore and Pune contributed 79.00%, 79.79% and 87.67% of proforma revenue from operations in Fiscals 2026, 2025 and 2024. (Risk Factor 7)
• Land title and development rights. The RHP states that title and development rights or other interests over the land where the assets are located may be subject to legal uncertainties and defects, which may interfere with ownership of the assets and result in additional costs to remedy and cure those defects. (Risk Factor 8)
• Two of the five lead managers are associates of lenders being repaid. Part of the Net Proceeds is proposed to repay or pre-pay borrowings availed by subsidiaries from State Bank of India and Axis Bank Limited, which are associates of SBI Capital Markets Limited and Axis Capital Limited respectively, two of the book running lead managers. (Risk Factor 11)

The numbers as filed

Item	As filed
Issue size	Up to Rs 26,000.00 million (Rs 2,600.00 crore), including an Employee Reservation Portion of up to Rs 50.00 million, which shall not exceed 5% of the post-Issue paid-up equity share capital
Fresh issue	The entire issue — up to Rs 26,000.00 million. The RHP leaves the share count as [●] pending finalisation of the Issue Price
Offer for sale	Not applicable. The RHP cover prints “Not Applicable” against the size of the offer for sale
Face value	Rs 10 per equity share
Price band	Rs 57 to Rs 60 per equity share; tick size Re 1
Employee discount	Rs 5 per equity share for eligible employees bidding in the Employee Reservation Portion
Lot size	250 equity shares, and in multiples of 250 thereafter
Minimum investment	One lot of 250 shares costs Rs 15,000 at the Rs 60 cap and Rs 14,250 at the Rs 57 floor. For an eligible employee, 250 shares at the discounted cap of Rs 55 cost Rs 13,750
Maximum subscription	Rs 2,00,000 for a retail individual bidder and Rs 5,00,000 for an eligible employee, per NSE’s issue-information record
Issue type	100% book built issue, under Regulations 6(2) and 31 of the SEBI ICDR Regulations, 2018 read with Rule 19(2)(b) of the SCRR

From the Restated Consolidated Financial Information in the RHP (Rs million, and losses in brackets as printed):

	FY2024	FY2025	FY2026
Revenue from operations	2,288.61	3,902.86	6,913.81
Other income	166.56	490.62	764.61
Total income	2,455.17	4,393.48	7,678.42
Finance costs	2,108.31	3,528.94	5,389.92
Depreciation and amortisation	981.68	1,432.89	2,661.01
Loss before tax	(1,623.43)	(1,808.13)	(1,972.93)
Loss for the year	(1,622.10)	(1,787.81)	(2,036.49)
Basic and diluted EPS (face value Rs 10)	(2.96)	(3.11)	(1.18)
Total assets	49,931.79	98,515.40	134,951.30
Total equity	7,023.84	11,787.24	58,587.40
Non-current borrowings	35,851.83	66,001.09	67,606.90
Current borrowings	1,030.29	4,090.05	1,236.51

Total borrowings as of March 31, 2026 were Rs 68,843.41 million on a restated basis and Rs 68,867.73 million on a proforma basis. Equity share capital as at March 31, 2026 was Rs 24,495.26 million and the securities premium account before the issue was Rs 38,369.05 million.

The RHP also presents separate Proforma Financial Information, giving effect to the Acquisition Transactions as if from April 1, 2023 or the date of incorporation of the acquired entity, whichever is later. On that basis revenue from operations is Rs 4,528.51 million, Rs 6,094.23 million and Rs 6,913.81 million for Fiscals 2024, 2025 and 2026, and the losses are Rs 2,750.70 million, Rs 2,394.27 million and Rs 1,908.20 million. The RHP states that information is illustrative only and may not reflect future financial condition or results.

The RHP itself prints [●] for the price band, the bid lot, the employee discount, every share count, issue related expenses and the Net Proceeds: it states the price band and the minimum bid lot are decided by the company in consultation with the book running lead managers and advertised in Financial Express, Jansatta and Navshakti, and the company’s anchor allocation letter refers to a price band advertisement dated August 11, 2026. The band, the lot and the employee discount above are therefore taken from NSE’s issue-information record for HORIZONIND and from NSE’s Security Parameters document for the issue, in both its pre-anchor and post-anchor versions, and the Rs 60 cap is separately confirmed by the Anchor Investor Allocation Price of Rs 60.00 per equity share in the anchor allocation letter. No figure on this page is taken from a news report or an IPO tracker, so nothing here is marked “(as reported)”.

Who can actually sell on listing day

On listing day, most of Horizon Industrial Parks’ share register is not allowed to trade. A lock-in is not a forecast of anything — it is a restriction on selling; it says who may trade, not what the price will do.

The RHP’s Capital Structure notes (notes 15 to 18) set out four locked buckets. Every clock runs from the date of Allotment, not from the date of listing:

Who	Locked for, per this RHP
Minimum promoters’ contribution — 20% of the fully diluted post-Issue equity share capital, under Regulations 14 and 16(1). The RHP’s contribution table is printed entirely as [●], “to be updated prior to filing of the Prospectus with the RoC”, so the exact share count is not yet a filed figure	Three years from Allotment
Promoters’ holding above that 20%. The RHP invokes the capital-expenditure ground for the shorter period, stating the excess is locked “as majority of the Net Proceeds are proposed to be utilised towards repayment of existing loans that may have been taken for the purpose of capital expenditure”	One year from Allotment
The entire pre-Issue equity share capital held by persons other than the promoters, under Regulation 17(1), subject to the carve-outs noted below	Six months from Allotment
Anchor investors	50% of the anchor shares for 90 days, the remaining 50% for 30 days, from Allotment

The anchor book is done — allotted at Rs 60.00 per equity share, the cap of the band, to 54 anchor investors, finalised by the company’s IPO Committee on August 14, 2026 and set out in the anchor allocation letter filed with the BSE and the NSE and published by NSE — so the count needs no range.

The count at the Rs 60 cap:

Step	Shares	% of post-issue capital
Total offer	433,409,090	15.03%
Less: anchor allotment, locked 30/90 days	−194,625,000	−6.75%
= Sellable on listing day	238,784,090	8.28%
Locked or not offered — the rest of the register	2,644,151,460	91.72%
Post-issue capital	2,882,935,550	100.00%
Memo: of that locked block, pre-Issue shares held by the promoters	2,173,652,861	75.40%
Memo: of that locked block, pre-Issue shares held by everyone else	275,873,599	9.57%

The offer is not split into fresh-issue and offer-for-sale rows because there is no offer for sale. Nothing leaves the pre-Issue register, so the whole of it carries a lock-in and the new shares are additive.

Only the anchor row is a filed share count. The RHP prints [●] for every count because the Issue Price was not fixed when it was filed, so the remaining rows are arithmetic at the cap of the band, on the filed rupee amounts and the filed pre-Issue capital. NSE publishes the same buckets as share counts computed at the floor instead, which produces different counts from the same rupee amounts. The count also assumes the issue is fully subscribed and fully allotted.

The RHP lists carve-outs from the six-month lock and sizes none of them: shares allotted to employees under an employee stock option or stock appreciation right scheme before the issue, shares held by an employee stock option trust or transferred by it to employees on exercise, and holdings of a VCF, a Category I or Category II AIF or an FVCI that are themselves locked in for at least six months from that fund’s date of purchase. Part of the locked block may therefore come free earlier than the table implies.

With Allotment on or about August 20 and trading commencing on or about August 24, 2026, both anchor tranches — the 30-day half and the 90-day half — are still locked on the first day of trading.

Figures are from the RHP’s capital-structure and lock-in disclosures (notes 15 to 18), the anchor allocation letter dated August 14, 2026 published by NSE, and NSE’s Security Parameters documents for HORIZONIND, as of 15 August 2026.

Dates and mechanics

Event	Date
Anchor investor bidding	Friday, August 14, 2026 (anchor investors only)
Bid/Issue opens	Monday, August 17, 2026
Bid/Issue closes	Wednesday, August 19, 2026 (UPI mandate end time 5:00 p.m.)
Basis of allotment	Thursday, August 20, 2026 (on or about)
Credit of shares to demat accounts, refunds and unblocking of ASBA funds	Friday, August 21, 2026 (on or about)
Commencement of trading	Monday, August 24, 2026 (on or about)

The RHP states the timetable is indicative. On the closing date, bids are uploaded until 4:00 p.m. IST for QIBs and non-institutional bidders and until 5:00 p.m. IST — or such extended time as the stock exchanges permit — for retail individual bidders and eligible employees; NSE’s Security Parameters document records bidding timings of 10:00 a.m. to 5:00 p.m. with QIB and non-institutional closure at 4:00 p.m. on 19-Aug-2026. Allotment is compulsorily in dematerialised form.

The issue is split as follows. The Employee Reservation Portion is carved out of the issue first; the rest is the Net Issue, and the buckets below are percentages of that Net Issue.

Bucket	Share of the Net Issue, as filed
Qualified institutional buyers	Not less than 75%. Up to 5% of the net QIB portion, excluding the anchor investor portion, is available proportionately to mutual funds only, and any unsubscribed mutual fund portion is added back to the net QIB portion
Non-institutional bidders	Not more than 15% — one-third reserved for applications of more than Rs 0.20 million and up to Rs 1.00 million, two-thirds for applications of more than Rs 1.00 million, with shares unsubscribed in either sub-category available to the other
Retail individual bidders	Not more than 10%
Employee Reservation Portion (carved out of the issue, not the Net Issue)	Up to Rs 50.00 million, not exceeding 5% of the post-Issue paid-up equity share capital, with a Rs 5 per share discount

Up to 60% of the QIB portion may be allocated to anchor investors on a discretionary basis, with 33.33% of the anchor investor portion reserved for domestic mutual funds and 6.67% for life insurance companies and pension funds; any under-subscription in the anchor portion is added back to the net QIB portion. Under-subscription in any category other than the QIB portion may be met with spill-over from other categories, at the discretion of the company in consultation with the lead managers and the designated stock exchange. The RHP’s Terms of the Issue chapter states that if the company does not receive the minimum subscription specified under Rule 19(2)(b) of the SCRR, or the minimum subscription of 90% of the fresh issue on the closing date, or if the level falls below that afterwards, or it is not received within 60 days in the case of devolvement of underwriting, or if listing or trading permission is not obtained, it shall forthwith refund the entire subscription amount received in accordance with applicable law.

This is a mainboard issue: NSE’s Security Parameters document for it is captioned “Security Parameters - Horizon Industrial Parks Limited - EQ (Mainboard) IPO”, and NSE’s upcoming-issues record lists symbol HORIZONIND, series EQ. The equity shares are proposed to be listed on BSE Limited and the National Stock Exchange of India Limited, with NSE as the designated stock exchange. The RHP cover states the issue is made in terms of Regulation 6(2) of the SEBI ICDR Regulations, 2018, because the company does not fulfil Regulation 6(1)(a) — more than fifty percent of its net tangible assets were held in monetary assets in Fiscal 2025. The RHP is dated August 11, 2026; the company’s anchor allocation letter describes it as filed with the Registrar of Companies, Mumbai-I at Mumbai on August 11, 2026. The company’s CIN is U60231MH2009PLC222156.

Book running lead managers: JM Financial Limited, Axis Capital Limited, IIFL Capital Services Limited (formerly IIFL Securities Limited), SBI Capital Markets Limited and 360 ONE WAM Limited. Registrar: KFin Technologies Limited, Selenium, Tower B, Plot No. 31 and 32, Gachibowli, Financial District, Nanakramguda, Serilingampally, Hyderabad 500 032, Telangana (contact person M. Murali Krishna; tel +91 40 6716 2222 / 1800 309 4001; email horizon.ipo@kfintech.com).

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Information as of 15 Aug 2026, taken from the offer documents and pages linked below. This is not an IPO review and no subscribe/avoid rating is given. Figures move through the issue lifecycle — check the filed documents before acting on any of them. Grey-market premium is an unofficial, unregulated price with no exchange record, and is not referenced here as information. Where the standing notice below refers to hypothetical figures, that covers the illustrative worked examples used in the options posts on this site — every number on this page is reproduced from the filed documents cited above.

This post is for educational purposes only and does not constitute investment advice or a recommendation to buy or sell any security or derivative contract. The author is not a SEBI-registered Research Analyst or Investment Adviser. Futures and options trading carries a high risk of loss and is not suitable for every investor — you can lose your entire premium, and more when selling naked. All figures and examples in this post, including the rupee premiums and price levels, are hypothetical and used only to illustrate the framework; they are not predictions, return promises, performance claims, or a recommendation to trade any specific instrument. Lot sizes and premiums change over time — always check current exchange data before trading. Please consult a SEBI-registered investment adviser before making any investment decisions.