Horizon Industrial Parks completes US$272 million IPO in India

Horizon Industrial Parks Limited, a Blackstone-backed developer, has completed a US$272 million (approximately INR 26 billion) initial public offering on the Bombay Stock Exchange and the National Stock Exchange of India.

As India’s largest industrial and logistics infrastructure developer by total network area, the company manages 45 assets across 10 cities. The company reported a 93.6 percent committed occupancy rate across its portfolio. The IPO proceeds are intended to be used for the repayment of borrowings.

The company’s market debut was described as muted, with shares opening at a 0.4 percent premium on the National Stock Exchange. Latham & Watkins served as the sole international counsel to the book running lead managers for the offering.