Blackstone-backed Horizon Industrial files IPO papers of Rs 2,600-cr with Sebi

Horizon Industrial Parks, backed by global private equity firm Blackstone, on Monday filed preliminary papers with market regulator Sebi to raise Rs 2,600 crore through an initial public offering (IPO).The issue consists entirely of a new offering of shares, without part of an offer for sale (OFS). As per the draft Red Herring Prospectus (DRHP), around Rs 2,250 crore of the proceeds will be used to repay loans.

Blackstone currently has an 89 percent stake in the company, the draft documents showed.

Ahead of the public issue, the company has already raised nearly $200 million (approximately Rs 1,650 crore) in a pre-IPO round, with participation from investors such as 360 ONE, SBI Life Insurance, SBI, Radhakishan Damani, EAAA and DSP Investments.

Including the pre-IPO placement, Horizon is targeting a total fundraising of approximately Rs 4,250 crore (USD 500 million).

Horizon Industrial Parks is a developer, owner and operator of industrial and logistics infrastructure with a pan-India portfolio of approximately 60 million sq ft across 46 assets in 10 cities.

Blackstone made its first acquisition in the platform in 2020 and has scaled it to its current size over the past five years. The company operates in fulfillment centers, industrial facilities and logistics assets in the city. The portfolio is approximately 95 percent committed, with more than 100 clients, nearly 60 percent of which are Fortune 500 companies.

JM Financial, IIFL Capital Services, SBI Capital Markets and 360 ONE WAM are the investment bankers on this issue.