₹2,600 crore initial public offering opened on Monday with subdued subscription numbers, with the issue subscribed 0.14 times overall by the close of the first day.
The retail individual investor category saw 0.19 times subscription, while qualified institutional buyers (QIBs) subscribed 0.18 times. Non-institutional investors showed the weakest appetite at 0.03 times. The employee reserved portion was subscribed 0.30 times, the highest across all categories on Day 1. The IPO will remain open through Wednesday, August 19, 2026, with a price band of ₹57 to ₹60 per share.
Strong anchor backing ahead of IPO
Before the IPO opening, the company had already secured strong institutional backing. Horizon raised ₹1,167.75 crore from 54 anchor investors at ₹60 per share, allotting 19,46,25,000 equity shares. The anchor book included marquee domestic and global names such as Carmignac, WhiteOak Capital, SBI Life Insurance, Morgan Stanley, BNP Paribas, Societe Generale, Matthews, PGIM India, Nuvama, Edelweiss, and 360 ONE.
The company had also completed a pre-IPO private placement of ₹1,650 crore in December 2025 from investors including Radhakishan Damani, SBI Life, DSP, and 360 ONE. Combined with the anchor round, Horizon has tied up approximately ₹2,818 crore of its total planned raise of ₹4,250 crore, leaving ₹1,432 crore to be raised through the main IPO.
IPO proceeds to reduce debt
The proceeds from the fresh issue will be used primarily to repay borrowings of the company and its wholly owned subsidiaries, with the remainder for general corporate purposes. SBI Securities noted that the IPO proceeds of up to ₹2,250 crore earmarked for debt repayment would deleverage the balance sheet and reduce interest costs, with the company expected to reach PAT break-even by FY27.
India’s largest industrial and logistics park developer
Horizon is India’s largest industrial and logistics park developer by total network area, operating 45 assets across 10 cities with 58.58 million sq. ft. of total network and a committed occupancy of 93.6 per cent as of May 2026. At the upper price band, the issue is valued at 2.1x FY26 price-to-book and 37.5x FY26 EV/EBITDA.