Horizon Industrial Parks, the industrial and logistics infrastructure developer, has received observations from SEBI this week for its proposed IPO, comprising an entire fresh issue of ₹2,600 crore. Besides, five other companies such as Zepto, Dhoot Transmission, Surgiwear, Crystal Crop Protection and Hotel Polo Towers have received SEBI’s nod.
In a pre-IPO round prior to filing the draft red herring prospectus, Horizon Industrial said it has raised ₹1,650 crore from investors, including wealth management platform 360 ONE, SBI Life Insurance, SBI, Radhakishan Damani, EAAA, DSP Investments, among others.
Horizon filed its draft papers with the regulator in December. Together with the pre-IPO round, Horizon is seeking to raise ₹4,250 crore.
According to a source aware of the development, the company is aiming to come out with its IPO in the current financial year.
Of the fresh issue proceeds, around ₹2,250 crore will be utilised for repaying certain borrowings availed by the company and its subsidiaries. The remaining funds will be used for general corporate purposes.
The company operates as a fully integrated industrial and logistics platform, offering fulfilment centres, industrial facilities and in-city logistics centres to a diversified customer base across India. It has built a pan-India portfolio of approximately 60 million sq ft, of which around 27 million sq ft is completed, spread across 46 assets in 10 cities.
Backed by Blackstone as its sole promoter, the company has achieved this scale in a record five-year period following Blackstone’s first acquisition in 2020. The platform integrates development, ownership and operations within an end-to-end business ecosystem, enabling the efficient delivery of modern Grade A industrial and logistics infrastructure across key consumption and industrial markets in India.
JM Financial Ltd, Axis Capital Ltd, IIFL Capital Services Ltd (formerly IIFL Securities Ltd), SBI Capital Markets Ltd, and 360 ONE WAM Ltd are the book running lead managers to the issue.