PE firm Blackstone-backed Horizon Industrial Parks on Monday filed a draft red herring prospectus (DRHP) with the markets regulator SEBI, targeting ₹2,600 crore through an initial public offering. Blackstone currently holds an 89 per cent stake in the company, the draft papers showed.
The IPO is entirely a fresh issue.
Pre-IPO investments
The IPO size got reduced to ₹2,600 crore, after the integrated industrial and logistics platform company raised ₹1,650 crore in a pre-IPO round from 360 ONE, SBI Life Insurance, SBI, Radhakishan Damani, EAAA and DSP Investments.
According to the DRHP, the company plans to use ₹2,250 crore from the proceeds to repay borrowings.
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, according to the DRHP.
JM Financial, IIFL Capital Services, SBI Capital Markets and 360 ONE WAM are the merchant bankers to the issue.