Blackstone’s Horizon Parks is said to be filing for a $500 million initial public offering

Horizon Industrial Parks Ltd. is preparing to file for an initial public offering in Mumbai that could raise up to $500 million, according to people familiar with the matter, in what could be one of India’s biggest logistics listings in recent years.The company owned by Blackstone Inc. works with JM Financial Ltd., Axis Bank Ltd. and SBI Capital Markets Ltd. to file its draft prospectus by the end of the month, the people said, asking not to be identified because the discussions are private. The issue will be entirely primary and will be used for asset building, she added.

Talks are ongoing and the size and timing of the offering could change, the people said. A Blackstone representative declined to comment, while the banks did not respond to requests for comment.

The deal adds to the frenzy in the Indian IPO arena thanks to a growing retail investor base and steady institutional interest. Revenues this year have already reached a record 1.77 trillion rupees ($19.6 billion), surpassing last year’s total of 1.73 trillion rupees, according to data compiled by Bloomberg.

Blackstone established Horizon Industrial Parks in 2022 through its real estate funds. The company operates 42 industrial and logistics parks across India, with approximately 53 million square feet of leasable area, its website shows.

Other recent deals involving Blackstone-backed companies in India include Knowledge Realty Trust REIT, which raised about $550 million in an initial public offering in August.