Horizon Industrial Parks Ltd, a company built with backing from Blackstone, is now turning to the stock market. Its Rs 2,600 crore Initial Public Offering (IPO) opens for public subscription on August 17, and the price band has been set at Rs 57 to 60 per share. At the top of that band, the sale values the company at a post-issue market capitalisation of roughly Rs 17,298 crore.
When The Issue Opens And Closes
The three-day public issue will shut on August 19. A day before it opens to the public, on August 14, anchor investors will get their chance to bid. What stands out is that the entire offering consists of fresh equity shares worth up to Rs 2,600 crore. There is no Offer For Sale (OFS) portion, which means no existing shareholder is cashing out any part of their holding through this issue.
Where The Money Will Go
The company plans to channel the money raised through the IPO into repaying its borrowings. According to the Red Herring Prospectus (RHP), Blackstone currently owns about 89 per cent of the company. Trimming debt in this way is aimed at lightening the balance sheet and clearing the path for future growth.
What Horizon Industrial Parks Does
Horizon Industrial Parks operates in the industrial and logistics infrastructure space. It does more than just build these assets; it owns them and runs them too. Its portfolio is sizeable, spanning 46 assets spread across 10 cities. Together, these add up to around 60 million square feet, a scale that underlines how firmly the company is planted in the country's warehousing and industrial property business.
How The Shares Are Split
The issue reserves specific portions for different classes of investors. Qualified Institutional Buyers (QIBs) have been set aside 75 per cent of the offer. Non-Institutional Investors (NIIs) will receive 15 per cent, while retail investors are allotted the remaining 10 per cent.
Listing And Managers
The equity shares are proposed to list on both BSE and NSE on August 24. The book-running lead managers steering the issue are Axis Capital, JM Financial, IIFL Capital Services, SBI Capital Markets and 360 ONE WAM, while KFin Technologies is handling the role of registrar. Coming at a time of rising interest in the logistics and warehousing sector, the IPO will keep investors focused on the company's large asset base and its plan to bring down debt.
