New Delhi, June 2 -- Blackstone-backed industrial and logistics platform Horizon Industrial Parks, which recently received approval for an initial public offering (IPO) from market regulator the Securities and Exchange Board of India (SEBI), has kicked off its roadshow marketing the upcoming public offer among investors, multiple people familiar with the development told VCCircle.
Horizon Industrial Parks, an industrial and logistics infrastructure developer, owner and operator that filed its DRHP last December, is seeking to raise Rs 2,600 crore ($273 million) through the issue.
Ahead of filing the DRHP, Horizon had 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. This round valued the company around Rs 14,651 crore or $1.54 billion at current exchange rates.
The company, which is promoted by Blackstone's BREP Asia fund series, kicked off its roadshows last week. "It's been a week now since marketing started, and stakeholders are meeting investors domestically as well as globally," one of the persons mentioned above said.
A second person involved in the process said that marketing is starting now, at a measured pace. "It is being launched in the market to slowly gauge the interest of investors. Institutional investors including pension funds, insurance funds, foreign portfolio investors and so on are being roped in for the book building process," he said.
While stakeholder engagement has started, there is currently no clarity on valuation. The people mentioned above said that the feedback from investors will help the company come to the right valuation and share price.
Another person involved in the transaction said the company will file an updated DRHP by June end. "It is likely to be listed in two to four months, depending on investor interest. It is targeting July end for the listing but the timeline could spill over to August September period," he said.
A spokesperson for Horizon Industrial Parks declined to comment on the story.
While Horizon Industrial Parks is set to be a listed company, Blackstone has backed six publicly listed real-estate investment trusts (REITs). Last month, Bagmane REIT raised Rs 3,405 crore ($360 million), comprising a fresh issue of shares worth Rs 2,390 crore and an offer-for-sale of Rs 1,015 crore by Blackstone.
Horizon has a portfolio spanning 60 million square feet, of which around 27 million sq ft has been 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. It is now listing its industrial and warehousing assets through Horizon.
Published by HT Digital Content Services with permission from VC Circle.