Horizon Industrial Parks Ltd., a company owned by Blackstone Inc., is getting ready to launch an initial public offering (IPO) in Mumbai that could raise up to $500 million. This could be one of the largest logistics listings in India in recent years.
The company is working with JM Financial Ltd., Axis Bank Ltd., and SBI Capital Markets Ltd. to submit its draft prospectus by the end of the month. The IPO will be used to build assets and will be a fully primary issue.
This deal is adding to the excitement in India's IPO arena, which has seen a surge in retail investor participation and steady institutional appetite. The proceeds from IPOs this year have already reached a record 1.77 trillion rupees ($19.6 billion), surpassing last year's total.
Blackstone created Horizon Industrial Parks in 2022 through its real estate funds. The company operates 42 industrial and logistics parks across India, with about 53 million square feet of leasable area.
Other recent transactions involving Blackstone-backed firms in India include Knowledge Realty Trust REIT, which raised roughly $550 million in an August IPO.
The IPO market in India is expected to continue growing, with logistics and industrial parks being a key sector to watch. With this landmark IPO, Horizon Industrial Parks is set to make a significant impact on the industry.
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