Horizon Industrial Parks Ltd., owned by global investment firm Blackstone Inc., is preparing to file for an initial public offering in Mumbai that could raise up to $500 million, according to people familiar with the matter. The proposed issue could be among the largest logistics-focused IPOs in India in recent years.

The Blackstone Inc.-owned company is working with JM Financial Ltd., Axis Bank Ltd. and SBI Capital Markets Ltd. to submit its draft prospectus by month end, the people said, asking not to be identified as the discussions are private. The issue will be fully primary, and will be used for building assets, Bloomberg reported.

Discussions are ongoing, and the size and timing of the offering could change, the people said. A representative for Blackstone declined to comment while the banks didn’t respond to requests for comment.

The deal adds to the frenzy in India’s IPO arena thanks to a swelling retail investor base and steady institutional appetite. Proceeds this year have already hit a record 1.77 trillion rupees ($19.6 billion), surpassing last year’s total of 1.73 trillion rupees, according to data compiled by Bloomberg.

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, its website shows.

Other recent transactions involving Blackstone-backed firms in India include Knowledge Realty Trust REIT, which raised roughly $550 million in an August IPO.