MUMBAI: The country’s largest warehousing and logistics player Horizon Industrial Parks, promoted by the global private equity major Blackstone, has filed for a $300-million initial share sale with the regulator Sebi.
The IPO has been scaled down from $500 million as the company could mop up $200 million in a pre-IPO placement from marquee investors like SBI, SBI Life Insurance, 360 One, big bull and retail chain D-Mart founder Radhakishan Damani, and DSP group founder Hemendra Kothari’s DSP Investments, among others.
The entire issue will be fresh issue with no offer for sale portion and thus the entire money will go to the company and not to the promoters.
Horizon Industrial Parks is the largest industrial and logistics infrastructure developer, owner and operator in terms of total network area, and is majority owned by Blackstone now. Blackstone made its first acquisition in 2020 and achieved this scale in five years. Its pan-India network spans 60 million sqft, of which 27 million sqft is completed.
It is also the largest in-city infra player with 17 assets across seven cities catering to the booming demand for last mile logistics and direct access to 20 million end-consumers.
Horizon offers fulfillment centers, industrial facilities and in-city centers coupled with an end-to-end business ecosystem. With 95% committed occupancy and a marquee customer base of over 100 customers of which 60% are Fortune 500, no other player has the same reach.
After the pre-IPO placements and the IPO, Blackstone will be the sole promoter of the company which is led by chief executive Urvish Rambhia who was previously with Blackstone, Ivanhoe Cambridge and Morgan Stanley and chief financial officer Kunal Shah who was also associated with Blackstone group companies for over 10 years.
Indospace, another prominent warehousing platform backed by Everstone Group, is also planning to raise up to $1 billion through an IPO.
In July, TVS group arm TVS Logistics had raised Rs 1,300 crore through an Invit offering of its warehousing platform, TVS Infrastructure Trust, while NDR Group had raised Rs 880 crore through its warehouse Invit in 2024.