New Delhi, Dec. 30 -- Blackstone's industrial and logistics platform Horizon Industrial Parks Ltd has filed its draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).
The company, which develops, owns and operates industrial and logistics infrastructure, plans to raise Rs 2,600 crore ($289 million), entirely through a primary issue. Ahead of filing the DRHP, Horizon raised Rs 1,650 crore in a pre-IPO round from 360 ONE, SBI Life Insurance, State Bank of India, Radhakishan Damani, EAAA, and DSP Investments.
Horizon has a portfolio spanning 60 million square feet, of which around 27 million sq ft is completed. Its assets are spread across 46 parks in 10 cities. Blackstone made its first acquisition in the sector in 2020 and has scaled the platform to its current size within five years.
Blackstone has built a strong track record in India's office and retail real estate segments, having taken multiple office portfolios public through REITs and listing its retail assets under Nexus Select Trust. Its most recent REIT listing as a co-sponsor was Knowledge Realty Trust (KRT), which listed in August this year.
For Horizon Industrial Parks, Blackstone will be the sole promoter, with Urvish Rambhia serving as chief executive officer.
India's industrial and warehousing sector has continued to see strong momentum, supported by economic growth, urbanization, and an expanding manufacturing base.
Published by HT Digital Content Services with permission from VC Circle.