MUMBAI — Horizon Industrial Parks, the logistics and warehousing platform owned by global private equity giant Blackstone, has successfully raised $200 million (approximately ₹1,650 crore) in a pre-IPO funding round. The capital infusion comes from a marquee list of institutional and high-net-worth investors, including the State Bank of India (SBI), SBI Life Insurance, and retail magnate Radhakishan Damani.
Following the successful fundraise, the company officially filed its Draft Red Herring Prospectus (DRHP) with SEBI on Monday to launch an Initial Public Offering (IPO) aimed at raising an additional ₹2,600 crore.
Key Investors and Funding Details
The pre-IPO round saw participation from a diverse group of domestic heavyweights, signaling strong institutional confidence in India’s industrial real estate sector. Key participants included:
Institutional: SBI, SBI Life Insurance, and 360 ONE (formerly IIFL Wealth).
HNIs: Radhakishan Damani (Founder of DMart), Hemendra Kothari’s DSP Investments, and EAAA.
With the $200 million already secured, Horizon’s total fundraising target—including the upcoming public issue—stands at approximately $500 million (₹4,250 crore).
IPO Structure and Utilization
The proposed IPO will consist entirely of a fresh issue of equity shares, with no Offer for Sale (OFS) component from existing shareholders. Blackstone, which currently holds an 89% stake, will remain the sole promoter of the company.
According to the DRHP, the proceeds will be utilized as follows:
Debt Repayment: Approximately ₹2,250 crore will be used to clear existing borrowings of the company and its subsidiaries.
Growth & Corporate Purposes: The remaining funds will support general corporate activities and strategic expansions.
A Growing Logistics Empire
Since Blackstone’s entry into the platform in 2020, Horizon Industrial Parks has scaled rapidly to become one of India’s largest logistics operators. Its current portfolio highlights include:
Scale: A pan-India footprint of 60 million square feet across 46 assets in 10 major cities.
Occupancy: A robust 95% committed occupancy rate.
Clientele: Over 100 customers, with nearly 60% being Fortune 500 companies, primarily from e-commerce, manufacturing, and quick-commerce sectors.
In-City Reach: A specialized “last-mile” network of 17 assets across seven cities, serving over 20 million consumers.
Market Outlook
The move comes at a time when demand for Grade-A warehousing is surging, driven by the “Make in India” initiative and the exponential growth of digital commerce. Industry experts note that Horizon’s transition to a public entity will likely set a benchmark for the industrial and logistics asset class in India.
The IPO is being managed by JM Financial, IIFL Capital Services, SBI Capital Markets, and 360 ONE WAM.
