IPO-bound Horizon Industrial Parks, owned by Blackstone, plans to double its operational warehousing space over the next three-and-a-half to four years, its whole-time director and CEO Urvish Rambhia said.

Horizon has a portfolio of about 61 million square feet, of which around 28.5 million square feet is currently operational, according to a report by FE.

“We are almost building 5-6 million square feet and leasing that annually. So on the back of the envelope calculation shows that, it takes three and a half, four years to finish off existing land reserves,” he said.

The company estimates that it would require around Rs 1,300-1,400 crore to develop 5-6 million square feet of space. At the upper end, developing new properties over four years could require nearly Rs 5,600 crore.

Horizon is set to launch its Rs 2,600-crore initial public offering (IPO) on August 17. The company had raised Rs 1,650 crore through a pre-IPO fund-raising exercise in December last year. The IPO will comprise a fresh issue of shares.

“Both of those put together, the Rs 4,250 crore effectively is growth capital, which goes to deleverage your balance sheet and create a development headroom,” Rambhia said.

As of March 2026, Horizon had gross debt of Rs 6,884 crore. The company reported a loss of Rs 203.65 crore and revenue of Rs 691.38 crore in FY26.

Rambhia said the total addressable market for industrial and logistics real estate was expanding with the industrialisation and institutionalisation of the sector.

“A lot of customers today looking for plug and play facilities, solutions to help them go live to market in the industrial segment means our own businesses diversified significantly out of just supplying warehouses to e-commerce, FMCG retail companies to actually delivering the similar buildings where people come and do actual manufacturing, actual assemblies,” he said.

Horizon is also entering allied businesses, including providing renewable energy to customers, developing blue-collar housing within its parks and entering the hospitality segment, Rambhia said.

The company currently has three operational in-city centres—two in Delhi and one in Goa. It recently acquired another land parcel in Thane, Mumbai, which it plans to develop over the next two years.

Horizon is also developing 13 in-city centres with the Central Warehousing Corporation (CWC), which will take its in-city network to nearly 7 million square feet. “It will be one of the largest in-city networks in an institutional framework,” Rambhia said.

Beyond third-party logistics (3PL), e-commerce and related sectors, Horizon is attracting customers from the defence, renewable energy and semiconductor industries, he said.