Blackstone-backed Horizon Industrial Parks secures $200 million ahead of IPO

Horizon Industrial Parks, the Indian warehousing and logistics platform backed by global private equity firm Blackstone, has raised $200 million in a pre-initial public offering (IPO) funding round, according to sources familiar with the matter.

The round attracted investments from the SBI group, including the parent bank and its life insurance arm, along with several high-net-worth investors. Among the notable participants were D-Mart founder Radhakishan Damani and DSP Group founder Hemendra Kothari. Wealth management firm 360 One also joined the round through one of its investment funds, the sources said.

People aware of the development indicated that Horizon is expected to file its draft red herring prospectus (DRHP) with market regulator SEBI shortly, aiming to raise about $300 million through the public issue. Combined with the pre-IPO placement, the company is targeting total capital mobilisation of around $500 million.

Blackstone declined to comment on the transaction, while responses from SBI, 360 One, and the individual investors were not immediately available.

Horizon Industrial Parks is among the country’s largest developers of industrial and logistics infrastructure. The platform has a pan-India footprint of nearly 60 million sq ft of warehousing space, including about 27 million sq ft that is already operational. Its portfolio comprises 46 assets spread across 10 cities.

The company also claims the largest scaled in-city warehousing presence in India, with 17 assets across seven cities, serving the rising demand for last-mile logistics and providing access to more than 20 million urban consumers.

Horizon’s IPO plans come amid growing investor interest in India’s warehousing and logistics sector. Other major players are also tapping capital markets to fund expansion, including Everstone-backed IndoSpace, which is reportedly planning a public issue of up to $1 billion. In recent months, TVS Group’s logistics arm raised ₹1,300 crore through an InvIT for its warehousing assets, while the NDR Group mobilised ₹880 crore via a warehouse InvIT in 2024.