Horizon Industrial Parks, India’s largest industrial and logistics infrastructure developer, owner and operator by total network area, has filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI), marking a significant step towards one of the most closely watched real estate-linked public offerings.
Horizon Industrial Parks, backed by global private equity firm Blackstone, on Monday, December 29, 2025, filed preliminary papers with markets regulator SEBI to raise Rs. 2,600 crore through an initial public offering (IPO).
The proposed public issue comes at a time when India’s manufacturing ambitions and consumption-led growth are reshaping demand for modern industrial and logistics facilities. Horizon’s scale and positioning place it squarely at the centre of this shift.
The company today operates a pan-India network of around 60 million square feet, of which nearly 27 million square feet is already completed. Its portfolio spans 46 assets across 10 cities, covering key consumption and industrial corridors. What sets Horizon apart is its strong in-city footprint. It has built the country’s largest and only scaled in-city presence, with 17 assets spread across seven cities. These facilities are designed to serve last-mile logistics needs, offering direct access to more than 20 million end-consumers in dense urban markets.
Horizon’s growth story has been unusually swift. Blackstone, the global alternative asset manager, made its first acquisition in the platform in 2020. In just five years, the company has achieved a scale that typically takes far longer in the fragmented Indian industrial real estate market. This rapid expansion has been driven by a clear focus on high-demand locations, institutional-grade development standards, and a fully integrated operating model.
Unlike traditional industrial landlords, Horizon positions itself as a one-stop platform. It offers large fulfillment centres, industrial facilities, and in-city logistics hubs, supported by an end-to-end business ecosystem. This integrated approach allows the company to cater to a wide spectrum of clients, from large manufacturers to e-commerce and quick commerce players that require speed, proximity, and reliability.
The quality of the portfolio is reflected in its occupancy levels. As per the filing, Horizon’s assets have around 95 percent committed occupancy. Its customer base includes over 100 tenants, with nearly 60 percent belonging to the Fortune 500, underlining the institutional nature of its leasing profile.
The IPO is expected to raise around $500 million, or approximately ₹4,250 crore, including a pre-IPO placement of about $200 million. The primary issue size is estimated at $300 million, or roughly ₹2,600 crore. Ahead of the filing, the company has already raised close to $200 million from a group of marquee investors. These include 360 ONE, SBI Life Insurance, SBI, Radhakishan Damani, EAAA, DSP Investments, among others, signalling strong institutional confidence in the platform.
The timing of the offering aligns with powerful macro trends. India is currently the fastest-growing major economy, supported by a robust manufacturing base and rising domestic consumption. Government policy has put a sharp focus on manufacturing, with gross value added from the sector expected to cross $1 trillion by FY30.
Consumption growth is also accelerating. Overall consumption is projected to grow at around a 10 percent compound annual rate over the next five years. E-commerce demand is expected to expand even faster, with market growth estimated at about 25 percent CAGR between FY24 and FY30. Quick commerce, still nascent a few years ago, is projected to see its gross merchandise value jump from roughly $3 billion in FY24 to $44 billion by FY30.
These trends are directly driving demand for modern industrial and logistics infrastructure. India’s current stock of Grade A and B industrial and logistics space remains significantly underpenetrated. In fact, total stock in India is estimated to be only about one-third of Chicago’s, highlighting the scale of the opportunity. Demand for Grade A facilities is expected to grow at a 28 percent CAGR over the next five years.
In-city logistics centres, a key focus area for Horizon, face an even tighter supply-demand equation. Availability of Grade A in-city stock is negligible, while demand from quick commerce firms, e-commerce players, on-demand service providers, and specialised urban facilities continues to surge.
As Horizon Industrial Parks prepares to tap the capital markets, its pitch rests on a combination of scale, speed of execution, high-quality assets, and exposure to some of the strongest structural growth themes in the Indian economy. For investors, the IPO offers a window into the backbone infrastructure quietly powering India’s consumption and manufacturing story.
