Horizon Industrial Parks IPO
LISTEDMAINBOARDAVOIDListing Performance
▲ 0.42%
Issue Price
₹60
Listing Price
₹60
Listed On
24 Aug 2026
- Price Band
- ₹57 – ₹60
- Lot Size
- 250
- Lot Value
- ₹15,000
- Open Date
- 17 Aug 2026
- Close Date
- 19 Aug 2026
- Min Investment
- ₹15,000
Horizon Industrial Parks — Live Stock Performance
About Horizon Industrial Parks
Horizon Industrial Parks is a Grade A warehousing and logistics real estate company serving over 118 customers across key sectors of the Indian economy including e-commerce, retail, FMCG, renewable energy, auto-ancillary and manufacturing. As of May 31, 2026, the company operates a network of 58.58 million square feet across multiple Indian cities with significant presence in Delhi-NCR, Chennai, Bangalore and Pune.
The company generates revenue by leasing Grade A warehousing and industrial assets to customers on long-term leases, with additional revenue from capital expenditure activities for construction of new assets.
Use of IPO Proceeds
Total allocation: ₹225.00 Cr (excludes issue expenses)
Investment Analysis
Quick Analysis: 6 strengths · 6 risk factors· Exchange: BSE, NSE
Strengths (6)
- •Largest premium player with strategically located facilities across prime in-city markets
- •Well positioned to benefit from India's manufacturing, consumption and e-commerce growth
- •Strong customer relationships with comprehensive business ecosystem beyond real estate solutions
- •Proven execution capabilities with ability to acquire land at strategic locations
- •Seasoned leadership team with over 20 years operating experience in India
- •Leverage Blackstone's global logistics expertise with 1.2 billion square feet holdings
Risk Factors (6)
- •First public issue with no formal market history; floor, cap and issue prices are not indicative of future trading prices.
- •More than 50% net tangible assets held in monetary assets in FY25; company does not meet standard IPO eligibility requirements.
- •Significant portion of assets acquired recently from promoters in FY25 and FY26; acquisition strategy may continue.
- •Proforma financial information is illustrative only and may not accurately reflect actual financial condition or future results.
- •Differences between Ind AS, Indian GAAP, IFRS and U.S. GAAP; company does not provide reconciliation to IFRS or U.S. GAAP.
- •Company tracks certain operational and non-GAAP metrics with internal systems; metrics subject to measurement challenges and verification risks.
📊 Algorithmic Score
Computed from issue structure — GMP, fresh issue %, OFS %, issue size
Why do these differ? The Algorithmic Score measures issue quality (structure, size, promoter commitment). The Demand Analysis measures investor interest signals (subscription, GMP, risks). A high-quality issue can still have unconfirmed demand — especially before subscription opens.
✍️ Demand & Risk Analysis
Based on market demand signals — subscription, GMP trend, risk factors
IPO Market Analysis
▲ Listed +0.4%Weak demand indicators suggest limited listing gain potential. Review the 6 risk factors carefully before applying.
Pre-listing prediction: AVOID
Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (13 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 250 | ₹15,000 |
| Retail (max) | 13 | 3,250 | ₹1,95,000 |
| S-HNI (min) | 14 | 3,500 | ₹2,10,000 |
| S-HNI (max) | 66 | 16,500 | ₹9,90,000 |
| B-HNI (min) | 67 | 16,750 | ₹10,05,000 |
Subscription Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.00x | 0.03x | 1.03x |
| sNII (S-HNI) | 0.03x | 0.08x | 0.51x |
| bNII (B-HNI) | 0.02x | 0.17x | 0.89x |
| Retail | 0.14x | 0.32x | 0.73x |
| Total | 0.03x | 0.12x | 0.90x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
0.73x
Allotment Ratio
Full allotment
Allotment Probability
~100.0%
Non-Institutional Investors (NII / HNI)
Subscription
0.76x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
1.03x
Allotment Type
Discretionary allotment
Total Subscription
0.90x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
Basis of Allotment
Category-wise subscription & allotment ratio
IPO Timeline
Issue Opens
17 Aug 2026 · Mon
Issue Closes
19 Aug 2026 · Wed
Bidding Cut-off (UPI Mandate)
19 Aug 2026 · 5:00 PM IST
Allotment
20 Aug 2026 · Thu
Listing
24 Aug 2026 · Mon
Issue Opens
17 Aug 2026 · Mon
Issue Closes
19 Aug 2026 · Wed
Bidding Cut-off (UPI Mandate)
19 Aug 2026 · 5:00 PM IST
Allotment
20 Aug 2026 · Thu
Listing
24 Aug 2026 · Mon
IPO Details
| Registrar | KFin Technologies Limited |
| Exchange | BSE, NSE |
| ISIN | — |
| Face Value | ₹10 |
| Issue Size | ₹2600.04 Cr |
| Fresh Issue | ₹2600.00 Cr |
| OFS Size | — |
| Lead Managers | JM Financial Limited, Axis Capital Limited, IIFL Capital Services Limited, SBI Capital Markets Limited, 360 ONE WAM Limited |
3-Year Financial Summary
Revenue trend
↑ FY23→FY25
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY25 | 691.38 | -203.65 | — | — | — |
| FY24 | 390.29 | -178.78 | — | — | — |
| FY23 | 228.86 | -162.21 | — | — | — |
Detailed Line Items (₹ Cr)
| Line Item | FY23 | FY24 | FY25 |
|---|---|---|---|
| EBITDA | 151.51 | 339.12 | 607.8 |
| Total Borrowings | 2,927.82 | 6,129.91 | 6,884.34 |
From the company's offer document (DRHP/RHP); restated figures where available.
Company Fundamentals
9 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | — |
| Paid-up Capital | ₹132.88 Cr |
| Equity Shares (Pre-Issue) | — |
| Equity Shares (Post-Issue) | — |
Source: Horizon Industrial Parks offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Horizon Industrial Parks's filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Horizon Industrial Parks's filing.
Source: Horizon Industrial Parks offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB+75.00%
- NII / HNI+15.00%
- Retail+10.00%
OFS Selling Shareholders
No offer-for-sale component (or sellers not disclosed).
Source: Horizon Industrial Parks offer document (DRHP/RHP).
Board & Management
Board of Directors (6)
- Urvish Jayantilal Rambhia₹0.50 Cr p.a.
Whole Time Director and Chief Executive Officer
Master's degree in Commerce from University of Mumbai; Associate member of ICAI
Over 19 years in real estate, asset management and investment banking sector
- Anshu Prakash₹0.02 Cr p.a.
Chairman and Non-Executive Independent Director
Bachelor's degree in Economics and Master's in Business Administration from University of Delhi
35 years in Indian Administrative Services
- Asheesh Mohta
Non-Executive Director
Bachelor's degree in Commerce from University of Calcutta; Post graduate programme in management from Indian School of Business, Hyderabad
Over 18 years in real estate investments across residential, commercial and hospitality sectors
- Alok Kumar Jain
Non-Executive Director
Bachelor's degree in Electrical and Electronics Engineering from BITS; Post graduate diploma in management from IIM Bangalore
Over 16 years in real estate and engineering technology sector
- Michael David Holland₹0.02 Cr p.a.
Non-Executive Independent Director
Bachelor's degree in Science (Building Surveying) from Thames Polytechnic; Master's degree in Property Development from South Bank University; Fellow of Royal Institution of Chartered Surveyors
Over 21 years in commercial real estate sector in Asia and Europe
- Sangeeta Singh₹0.02 Cr p.a.
Non-Executive Independent Director
Bachelor's degree in Arts from University of Rajasthan; Master's degree in Philosophy from JNU; Master's degree in Arts in Political Science from JNU; Master's degree in Science (Public Economic Management and Finance) from University of Birmingham
Over 20 months experience in Central Board of Direct Taxes
Key Managerial Personnel (3)
- Urvish Jayantilal Rambhia₹0.50 Cr p.a.
Chief Executive Officer
Master's degree in Commerce from University of Mumbai; Associate member of ICAI
Over 19 years in real estate, asset management and investment banking sector
- Kunal Harun Shah
Chief Financial Officer
- Shraddha Poddar
Company Secretary and Compliance Officer
Source: Horizon Industrial Parks offer document (DRHP/RHP).
Industry & Market
market leader in providing industrial and logistics solutions with 58.58 msf across 45 assets
Per JLL Report, a report commissioned by the company (not independent).
Material Litigation
| Type | Against | Matters | Amount (₹Cr) |
|---|---|---|---|
| Tax | Subsidiaries | 17 | 7.913 |
The Federation of Central Warehousing Corporation Employees Unions filed a writ petition challenging the award of 13 CWC assets (including multiple Horizon InCity properties) to BRE (amalgamated into the Company), alleging technical ineligibility and undervaluation; the High Court has allowed proceedings to continue without treating the petition as an impediment to the asset monetization scheme. Additionally, the Company is party to a writ petition in Karnataka High Court involving Horizon Industrial Park assets.
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:KFin Technologies Limited→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
Documents
Frequently Asked Questions
When is the Horizon Industrial Parks IPO opening?
The Horizon Industrial Parks IPO opens on 17 Aug 2026 and closes on 19 Aug 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Horizon Industrial Parks IPO?
The price band for the Horizon Industrial Parks IPO is ₹57 to ₹60. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Horizon Industrial Parks IPO?
The minimum lot size is 250 shares with a minimum investment of ₹15,000. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Horizon Industrial Parks IPO today?
The latest Grey Market Premium for Horizon Industrial Parks is ₹1 (+2.17%). GMP is unofficial data and is not a guarantee of listing price.
When will the Horizon Industrial Parks IPO list on NSE and BSE?
The Horizon Industrial Parks IPO is expected to list on 24 Aug 2026 on BSE, NSE. Actual listing day trading begins at the start of the normal market session.
How can I check the Horizon Industrial Parks IPO allotment status?
The registrar for this IPO is KFin Technologies Limited. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Horizon Industrial Parks IPO a mainboard or SME issue?
Horizon Industrial Parks is a mainboard IPO that will list on the main NSE and BSE boards. Mainboard IPOs are open to retail investors with a minimum application of one lot.
How do I apply for the Horizon Industrial Parks IPO?
You can apply for the Horizon Industrial Parks IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA. Use the Apply Now buttons on this page to go directly to the broker.
What is the expected listing price of Horizon Industrial Parks IPO?
Based on the current GMP of ₹1, the expected listing price of Horizon Industrial Parks is ₹61 (issue price ₹60 + GMP ₹1). Note that GMP is unofficial grey market data and actual listing price may differ.
What is the allotment ratio for Horizon Industrial Parks IPO?
Based on the retail subscription of 0.73x, all retail applicants are expected to receive full allotment for the Horizon Industrial Parks IPO.
Should I subscribe to Horizon Industrial Parks IPO?
Based on our algorithmic analysis, Horizon Industrial Parks IPO is rated AVOID with high confidence. Weak demand indicators suggest limited listing gain potential. Review the 6 risk factors carefully before applying. This is not investment advice — please read the DRHP and consult a financial advisor before investing.
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