Blackstone-Backed Horizon Industrial Parks Files Rs 2,600 Crore IPO With SEBI

Horizon Industrial Parks, backed by global private equity firm Blackstone, on Monday filed preliminary papers with markets regulator SEBI to raise Rs 2,600 crore through an initial public offering (IPO).

The issue is entirely a fresh offer of equity shares, with no offer for sale (OFS) component. According to the draft red herring prospectus (DRHP), about Rs 2,250 crore from the proceeds will be used to repay borrowings.

Blackstone currently holds 89% stake in the company, the draft papers showed.

Ahead of the public issue, the company has already raised nearly $200 million (around Rs 1,650 crore) in a pre-IPO round, with participation from investors such as 360 ONE, SBI Life Insurance, SBI, Radhakishan Damani, EAAA and DSP Investments.

Including the pre-IPO placement, Horizon is targeting a total fund raise of about Rs 4,250 crore ($500 million).

Horizon Industrial Parks is an industrial and logistics infrastructure developer, owner and operator with a pan-India portfolio of about 60 million square feet spread across 46 assets in 10 cities.

Blackstone made its first acquisition in the platform in 2020 and has scaled it to the current size over the past five years.

The company operates across fulfilment centres, industrial facilities and in-city logistics assets. Its portfolio is around 95% committed, with more than 100 customers, nearly 60% of which are Fortune 500 companies.

JM Financial, IIFL Capital Services, SBI Capital Markets and 360 ONE WAM are the merchant bankers to the issue.