HIPL, backed by Blackstone, is India’s largest industrial and logistics infrastructure developer by total network area, with a portfolio of 45 assets spanning 58.58 million square feet across 10 cities. | Photo Credit: KS Gunasekar

The initial public offering of Horizon Industrial Parks Ltd (HIPL) closed on Wednesday, the final day of bidding, with overall subscription at 1.45 times the total shares on offer, on August 19, 2026.

The three-day IPO, which opened on August 17, received bids for 36.37 crore shares against 25.13 crore shares offered across all categories. The issue sought to raise ₹2,600 crore at the upper price band of ₹60 per share.

Qualified Institutional Buyers (QIBs) were the primary drivers of demand, subscribing 1.85 times their allotted quota of 13.65 crore shares, with Foreign Institutional Investors contributing the largest share at 16.12 crore bids within the category. The employee reserved portion was subscribed 1.42 times.

However, the retail and non-institutional segments fell short of full subscription. Retail Individual Investors subscribed 0.96 times their reserved quota, while the overall Non-Institutional Investor (NII) category came in at 0.98 times, with the sub-₹10 lakh NII bucket subscribing just 0.66 times.

HIPL, backed by Blackstone, is India’s largest industrial and logistics infrastructure developer by total network area, with a portfolio of 45 assets spanning 58.58 million square feet across 10 cities. The company reported revenues of ₹691 crore in FY26, up 77 per cent year-on-year, with EBITDA margins expanding to 76.9 per cent. It remains loss-making at the PAT level, reporting an adjusted net loss of ₹198 crore in FY26.

SBI Securities, which published the IPO note, highlighted that HIPL plans to use ₹2,250 crore of IPO proceeds to repay debt, which is expected to reduce interest costs and enable the company to achieve PAT break-even by FY27. At the upper price band, the issue is valued at 2.1x FY26 Price-to-Book and 37.5x FY26 EV/EBITDA on a post-issue basis. The note cautioned investors about customer concentration risk, with the top 10 customers accounting for 42.6 per cent of proforma revenue in FY26.

Published on August 19, 2026