NEW DELHI — The initial public offering of Horizon Industrial Parks Ltd (HIPL) closed on Wednesday, August 19, 2026, recording an overall subscription of 1.45 times the total shares on offer.
The three-day bidding process, which opened on August 17, received bids for 36.37 crore shares against the 25.13 crore shares offered across various categories. The company's public issue was aimed at raising ₹2,600 crore at the upper price band of ₹60 per share.
Backed by private equity firm Blackstone, HIPL operates as India's largest industrial and logistics infrastructure developer by total network area. Its portfolio comprises 45 assets spanning 58.58 million square feet across 10 cities.
For the financial year 2026, HIPL reported revenues of ₹691 crore, marking a 77 percent year-on-year growth, alongside an expansion in EBITDA margins to 76.9 percent. However, the company remains loss-making at the profit after tax (PAT) level, registering an adjusted net loss of ₹198 crore for FY26.
According to an IPO note published by SBI Securities, HIPL plans to deploy ₹2,250 crore of the IPO proceeds toward debt repayment. This capital allocation is expected to lower interest costs and support the company's objective of achieving PAT break-even by FY27.
Valuation-wise, the issue is priced at 2.1 times FY26 Price-to-Book and 37.5 times FY26 EV/EBITDA on a post-issue basis at the upper price band. The brokerage also highlighted potential risks, noting customer concentration within the portfolio, with the top 10 customers accounting for 42.6 percent of proforma revenue in FY26.
"The successful close of Horizon Industrial Parks' IPO highlights strong institutional confidence in India's industrial and logistics real estate sector. Utilizing the bulk of the ₹2,600 crore proceeds for debt reduction is a vital strategic move to curb interest expenses and accelerate the path toward net profitability by FY27. However, investors must monitor customer concentration risks closely, as a heavy reliance on top clients can impact long-term cash flow stability." — Dr. Shishir Gupta, Founder & CEO, StartupLanes
