Horizon Reclaim (India) IPO Review, GMP, Price, Dates & Subscription Details
Horizon Reclaim (India) IPO is a book-built SME IPO aggregating up to ₹54.27 crore. The IPO consists entirely of a fresh issue of 52.69 lakh equity shares with no offer for sale component. The company proposes to utilize the proceeds towards working capital requirements, repayment of borrowings, capital expenditure for additional plant and machinery, and general corporate purposes.
Horizon Reclaim (India) Limited is engaged in the manufacturing of reclaimed rubber products derived from recycled tyres, rubber tubes, tread peelings and industrial rubber waste. The company manufactures natural rubber reclaim, synthetic rubber reclaim and crumb rubber products used across footwear, automotive, construction and industrial applications. Its customer base primarily consists of SMEs and industrial buyers across north-western India.
Horizon Reclaim (India) IPO Details
| IPO Date | June 12, 2026 to June 16, 2026 |
|---|---|
| Listing Date | June 19, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹98 to ₹103 per share |
| Lot Size | 1,200 Shares |
| Issue Type | Book Built SME IPO |
| Total Issue Size | 52,69,200 Shares (₹54.27 Crore) |
| Fresh Issue | 52,69,200 Shares (₹54.27 Crore) |
| Listing At | BSE SME |
| Market Maker | Giriraj Stock Broking Pvt. Ltd. |
Horizon Reclaim (India) IPO Important Dates
| IPO Open Date | June 12, 2026 |
|---|---|
| IPO Close Date | June 16, 2026 |
| Basis of Allotment | June 17, 2026 |
| Initiation of Refunds | June 18, 2026 |
| Credit of Shares | June 18, 2026 |
| Listing Date | June 19, 2026 |
Horizon Reclaim (India) IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min/Max) | 2 | 2,400 | ₹2,47,200 |
| S-HNI (Min) | 3 | 3,600 | ₹3,70,800 |
| B-HNI (Min) | 9 | 10,800 | ₹11,12,400 |
About Horizon Reclaim (India) Limited
Incorporated in 2006, Horizon Reclaim (India) Limited manufactures reclaimed rubber products using recycled rubber materials such as used tyres, rubber tubes, tread peelings and industrial rubber scrap. Reclaimed rubber serves as a cost-effective and environmentally friendly substitute for natural and synthetic rubber across several industrial applications.
The company operates across three major product categories:
- Natural Rubber Reclaim used in footwear soles, floor mats, tyre base layers and moulded rubber products.
- Synthetic Rubber Reclaim including EPDM and Butyl reclaim rubber used in automotive seals, hoses, gaskets and construction profiles.
- Crumb Rubber used in road construction, sports surfaces and roofing materials.
The company has an installed production capacity of 14,100 MT per annum at its operational manufacturing facility and is expanding capacity through additional facilities and plant investments.
Objects of the Issue
| Sr. No. | Particulars | Amount (₹ Cr.) |
|---|---|---|
| 1 | Funding Working Capital Requirements | 6.00 |
| 2 | Pre-payment / Repayment of Borrowings | 26.70 |
| 3 | Capital Expenditure for Additional Plant & Machinery | 9.43 |
| 4 | General Corporate Purposes | Balance Amount |
Refer to RHP for detailed information.
Horizon Reclaim (India) IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB | 25,02,000 Shares |
| NII (HNI) | 7,51,200 Shares |
| Retail Investors | 17,52,000 Shares |
| Market Maker | 2,64,000 Shares |
Horizon Reclaim (India) Limited Financial Information
| Particulars (₹ Cr.) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Assets | 64.88 | 26.08 | 8.45 |
| Total Income | 50.01 | 36.39 | 20.44 |
| EBITDA | 16.32 | 10.46 | 1.17 |
| Profit After Tax | 10.50 | 7.07 | 0.71 |
| Net Worth | 24.83 | 14.33 | 7.26 |
| Total Borrowings | 35.76 | 10.03 | - |
The company reported strong growth in FY2026 with revenue increasing by approximately 37% to ₹50.01 crore and PAT rising by nearly 49% to ₹10.50 crore compared with FY2025.
Key Performance Indicators
| KPI | Value |
|---|---|
| ROE | 53.63% |
| ROCE | 25.45% |
| RoNW | 42.29% |
| Debt/Equity | 1.44x |
| PAT Margin | 21.25% |
| EBITDA Margin | 32.64% |
| Price to Book Value | 5.91x |
| Pre-Issue EPS | ₹7.37 |
| Post-Issue EPS | ₹5.38 |
| Pre-Issue P/E | 13.97x |
| Post-Issue P/E | 19.14x |
Competitive Strengths
- In-house manufacturing facility supported by technology-driven production processes.
- Diversified customer base with long-standing business relationships.
- Experienced promoters and management team with industry expertise.
- Stringent quality control systems ensuring consistent product quality.
- Growing production capacity supported by expansion initiatives.
- Business model aligned with sustainability and recycling trends.
Risk Factors
- Business depends on continuous availability of rubber scrap and waste tyre raw materials.
- Operations are exposed to fluctuations in raw material prices and demand from industrial customers.
- High dependence on a limited number of customers may affect revenue concentration.
- Manufacturing operations require various statutory approvals and environmental compliances.
- The company carries a relatively high debt level compared to its net worth.
- SME IPO investments generally involve lower liquidity and higher volatility after listing.
IPO Allotment & Application Status
Registrar: Kfin Technologies Ltd.
- BSE SME Bid Status: https://www.bseindia.com/investors/appli_check
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Frequently Asked Questions (FAQs)
What is Horizon Reclaim (India) IPO?
Horizon Reclaim (India) IPO is a book-built SME IPO aggregating up to ₹54.27 crore. The issue comprises a fresh issue of 52,69,200 equity shares with no offer-for-sale component. The shares are proposed to be listed on the BSE SME platform.
When will Horizon Reclaim (India) IPO open and close?
Horizon Reclaim (India) IPO will open for subscription on June 12, 2026 and close on June 16, 2026.
What is the price band of Horizon Reclaim (India) IPO?
The price band for Horizon Reclaim (India) IPO has been fixed at ₹98 to ₹103 per equity share.
What is the lot size of Horizon Reclaim (India) IPO?
Investors can apply for a minimum of 2 lots comprising 2,400 equity shares. At the upper price band of ₹103 per share, the minimum investment amount is ₹2,47,200.
What is the minimum investment required for Horizon Reclaim (India) IPO?
Retail investors are required to invest a minimum of ₹2,47,200 for 2,400 shares. The minimum investment for S-HNI investors is ₹3,70,800 for 3,600 shares.
What does Horizon Reclaim (India) Limited do?
Horizon Reclaim (India) Limited manufactures reclaimed rubber products using recycled tyres, rubber tubes, tread peelings and industrial rubber waste. Its product portfolio includes Natural Rubber Reclaim, Synthetic Rubber Reclaim and Crumb Rubber used across automotive, footwear, construction and industrial sectors.
What are the objects of the Horizon Reclaim (India) IPO?
The company intends to utilize the IPO proceeds for working capital requirements, repayment or prepayment of borrowings, capital expenditure towards installation of additional plant and machinery, and general corporate purposes.
Who are the promoters of Horizon Reclaim (India) Limited?
The promoters of Horizon Reclaim (India) Limited are Mr. Mohit Bajaj and Mrs. Malika Bajaj.
Who is the registrar of Horizon Reclaim (India) IPO?
KFin Technologies Limited is the registrar to the issue.
Who is the lead manager of Horizon Reclaim (India) IPO?
GYR Capital Advisors Private Limited is the Book Running Lead Manager to the IPO.
When is the allotment date of Horizon Reclaim (India) IPO?
The basis of allotment for Horizon Reclaim (India) IPO is expected to be finalized on June 17, 2026.
When will Horizon Reclaim (India) IPO be listed?
The shares of Horizon Reclaim (India) IPO are proposed to be listed on the BSE SME platform on June 19, 2026, subject to completion of allotment and regulatory approvals.
What are the strengths of Horizon Reclaim (India) Limited?
The company benefits from an in-house manufacturing facility, diversified customer base, experienced promoters, strong quality control processes, and growing demand for recycled rubber products driven by sustainability initiatives.
How has Horizon Reclaim (India) Limited performed financially?
For FY2026, the company reported total income of ₹50.01 crore, EBITDA of ₹16.32 crore and profit after tax of ₹10.50 crore. The company recorded strong growth in both revenue and profitability compared to FY2025.
Is Horizon Reclaim (India) IPO a fresh issue or offer for sale?
Horizon Reclaim (India) IPO is entirely a fresh issue of equity shares. There is no offer-for-sale component in the IPO.
Should you invest in Horizon Reclaim (India) IPO?
Horizon Reclaim (India) Limited operates in the growing recycled rubber industry and has demonstrated strong financial growth, healthy margins and improving profitability. Investors should evaluate the company's business fundamentals, valuation, industry outlook and risk factors before making an investment decision.
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