Industrial and logistics infrastructure developer Horizon Industrial Parks closed its first day of bidding, receiving a mere subscription of 14%. Overall, it received bids for 3.52 crore shares against its offer of 25.13 crore shares.
Ahead of its opening, the Mumbai-based firm had raised Rs 1,167.50 crore in the pre-IPO round from anchor investors. The company has fixed its share price band at Rs 57 to Rs 60.
Horizon Industrial Parks IPO: Muted Day 1 subscription
Horizon Industrial Park’s IPO subscription remained muted at 0.14x on Day 1, with the Qualified Institutional Buyers (QIBs) segment, being subscribed 0.18x, receiving 2.41 crore bids against its ask of 13.65 crore shares.
The non-institutional investor (NII) segment saw a sluggish investor response, being undersubscribed at 0.03 times, as it received 20.57 lakh bids compared to its offer of 6.82 crore shares.
While the retail portion was subscribed 0.19 times, achieving 88.11 lakh bids against it offer of 4.55 crore shares, and the employees’ quota received 2.83 lakh, being subscribed 0.29 times.
Horizon Industrial Parks IPO: Subscription snapshot
The Horizon IPO attracted bids worth Rs 214 crore on its first day of bidding, being subscribed 0.14 times.
| Investor Category | Subscription (Day 1) |
| Qualified Institutional Buyers (QIBs) | 0.18x |
| Non-Institutional Investors (NIIs) | 0.03x |
| Retail Individual Investors (RIIs) | 0.19x |
| Employees | 0.29x |
| Overall | 0.14x |
Horizon India IPO: GMP near 3%
Over the past few sessions, Horizon Industrial Parks’ IPO has witnessed a sharp decline in its grey market premium, which, as per the latest update, stands at 2.8%. This translates into a gain of Rs 1.7 per share, suggesting an estimated listing price of Rs 61.7, and amounting to a profit of Rs 425 per lot.
However, it is important to know that GMP is not an official indicator of listing price and fluctuates based on market conditions.
Horizon India IPO: Subscription timeline
The Horizon IPO opened for public subscription on August 17 and will close its bidding window on August 19. The share allotment process of the offer is expected to be completed by August 20.
Investors are expected to receive their shares and refunds by August 21. Horizon India is likely to list on NSE and BSE on August 24.
The IPO is being handled by JM Financial, Axis Capital, IIFL Capital, SBI Capital Markets, and 360 ONE WAM, while KFin Technologies is the registrar to the issue.