Horizon Industrial Parks, backed by global private equity major Blackstone, has filed draft papers with markets regulator Sebi to raise ₹2,600 crore through an initial public offering, marking one of the largest IPOs in India’s industrial and logistics real estate space.

The issue comprises a fresh equity offering with no offer-for-sale component, with the bulk of the proceeds earmarked for debt repayment, underscoring the company’s focus on balance sheet strengthening ahead of public listing, according to a report by The Economic Times.

The issue is entirely a fresh offer of equity shares, with no offer for sale (OFS) component. According to the draft red herring prospectus (DRHP), about Rs 2,250 crore from the proceeds will be used to repay borrowings.

Blackstone currently holds 89 per cent stake in the company, the draft papers showed.

Ahead of the public issue, the company has already raised nearly USD 200 million (around Rs 1,650 crore) in a pre-IPO round, with participation from investors such as 360 ONE, SBI Life Insurance, SBI, Radhakishan Damani, EAAA and DSP Investments.

Including the pre-IPO placement, Horizon is targeting a total fund raise of about Rs 4,250 crore (USD 500 million).

Horizon Industrial Parks is an industrial and logistics infrastructure developer, owner and operator with a pan-India portfolio of about 60 million square feet spread across 46 assets in 10 cities.

Blackstone made its first acquisition in the platform in 2020 and has scaled it to the current size over the past five years.

The company operates across fulfilment centres, industrial facilities and in-city logistics assets. Its portfolio is around 95 per cent committed, with more than 100 customers, nearly 60 per cent of which are Fortune 500 companies.