Horizon Industrial Parks IPO Day 2 Live: Flat at 0.02x; Retail ticks up

Horizon Industrial Parks IPO Day 2 Live: Flat at 0.02x; Retail ticks up - Check analysts view and more

2 min read Updated on 17 Aug 2026, 12:27 PM

Reviewed by

Ritika DScanX News Team

AI Summary

Horizon Industrial Parks IPO is open for subscription with a total of 0.02x subscribed so far. The price band is ₹57.00000 - ₹60.00000. Key risks include substantial historical losses and high debt burden. The issue closes on 2026-08-19.

*this image is generated using AI for illustrative purposes only.

Horizon Industrial Parks IPO is currently in its second day of subscription, maintaining a total subscription multiple of 0.02x as of the latest update. While investor sentiment remains cautious with Qualified Institutional Buyers (QIB) registering 0x, there were notable intraday movements in the retail and non-institutional segments during the previous trading hours. The issue remains open for subscription until August 19, 2026.

Subscription Status

The IPO saw negligible participation across key investor categories on its first day, with the total standing at 0.02x. On the subsequent trading session (Day 3 data provided in latest snapshot), the total remained flat at 0.02x, though specific categories like NII (bHNI) and Retail showed intra-day volatility before settling.

Category	Latest Subscription
QIB	0 x
NII (bHNI)	0 x
NII (sHNI)	0.02 x
Retail	0.11 x
Employees	0.14 x
Total	0.02 x

Intra-day Timeline (17-08-2026)

Investor activity picked up pace in the afternoon session, with NII (bHNI) jumping +100.0% and Retail jumping +57.1% from their opening levels.

Time (IST)	QIB	NII (bHNI)	Retail	Total
05:45	0.00x	0.01x	0.07x	0.02x
06:45	0.00x	0.02x	0.11x	0.02x

Subscription Progression

Day	Date	QIB	NII (bHNI)	NII (sHNI)	Retail	Total
Day 1	13-08-2026	0.00x	0.00x	0.00x	0.00x	0.00x
Day 2	14-08-2026	0.00x	0.00x	0.00x	0.00x	0.00x
Day 3	17-08-2026	0.00x	0.02x	0.00x	0.11x	0.02x

About the Company

Horizon Industrial Parks is India's largest industrial and logistics infrastructure developer, owner, and operator in terms of Total Network. Founded in 2009, the company operates a pan-India network of 45 assets spread across 10 cities, totaling 58.58 million square feet. It offers Grade A quality fulfillment centers, industrial facilities, and in-city centers. The management team includes CEO Urvish Jayantilal Rambhia and MD Anshu Prakash, backed by promoter Blackstone Group.

Financial Highlights

The company has reported losses over the last three fiscal years, primarily due to high finance costs associated with its capital-intensive business model. Revenue has grown significantly from ₹228.86 crore in FY24 to ₹691.38 crore in FY26, but profitability remains elusive.

Particulars	FY2024 (₹ crore)	FY2025 (₹ crore)	FY2026 (₹ crore)
Revenue from Operations	228.86	390.29	691.38
Total Profit	-162.21	-178.78	-203.65
Total Equity	702.38	1178.72	5858.74

Objects of the Issue

Repayment and/or prepayment of borrowings: ₹2250.00 crore
General corporate purposes: Balance net proceeds for strategic initiatives, capex, and working capital.

Risk Factors

Substantial Historical Losses: The company incurred losses of ₹2,036.49 million in Fiscal 2026, with finance costs representing 77.96% of revenue.
High Debt Burden: Indebtedness stands at ₹68,843.41 million as of March 31, 2026, with a debt-equity ratio of 1.18 times.
Customer Concentration: Top 10 customers accounted for 54.04% of proforma revenue in Fiscal 2024.

Offer Details

Price Band: ₹57.00000 - ₹60.00000
Issue Size: 13750 - 500000
Min Bid Qty: 250
IPO Dates: Opened on 2026-08-17, closes on 2026-08-19
Allotment Date: 2026-08-20
Listing Date: 2026-08-24

Given the complete lack of QIB participation, will the issuer consider revising the price band downward or extending the subscription window to attract institutional interest?

How might the company's high debt-equity ratio of 1.18x and reliance on debt repayment for IPO proceeds impact its credit rating and future borrowing costs post-listing?

With finance costs constituting nearly 78% of revenue, what specific operational efficiencies or interest rate hedging strategies does management plan to implement to achieve profitability?