Horizon Industrial Parks: Impact of losses and heavy debt, IPO premium slows down in gray market

There is a lot of activity in the primary market regarding the public issue of Horizon Industrial Parks related to logistics and industrial infrastructure sector. However, the company’s financial condition and continued losses are having a direct negative impact on its Gray Market Premium (GMP). In the unlisted market, investors’ sentiment towards the company’s shares seems to be very cold, due to which the expectations of big profits on listing have become very weak.

Premium fell in gray market: know what are the signs

As per the latest gray market trends, the gray market premium (GMP) of Horizon Industrial Parks has fallen to around ₹1 to ₹1.5 per share as against the fixed price band of ₹57 to ₹60. Earlier this premium was seen at the level of ₹4.50. According to the current GMP, the possible listing of the share is considered to be around ₹61 to ₹61.5, which indicates a nominal listing gain of only 1.5% to 2.5%. Weak subscription and financial data of the company are being considered as the main reasons behind this slowness.

Constant losses and huge debt become a cause for concern for investors.

According to the company’s Red Herring Prospectus (RHP) and financial reports, Horizon Industrial Parks’ revenue has increased but the company’s bottom-line remains in the red.

• Net Loss: The company has recorded a net loss (PAT Loss) of ₹ 203.65 crore on a revenue of ₹ 767.84 crore in FY 2026, whereas last year also the company had a loss of ₹ 178.78 crore.

• debt burden: The company has huge borrowings of more than ₹6,884 crore on its balance sheet.

Opinion of market experts and the way forward

Market analysts believe that this sluggish GMP is a sign of caution for investors who place bets only for the purpose of listing gains. Due to heavy debt and persistent losses, it seems difficult to see big upside in the short-term. However, long-term investors who believe in the expansion of the country’s warehousing and industrial park sector are keeping an eye on the company’s fund utilization and loan repayment strategy.