Published: 6 June 2026 | 7.00 PM
Last Updated: 6 June 2026 | 7.00 PM
IPO Overview / Intro
Horizon Reclaim (India) IPO is a BSE SME book build issue aggregating to Rs. 54.27 crore. The IPO consists entirely of a fresh issue of 52.69 lakh equity shares.
The IPO opens for subscription on 12 June 2026 and closes on 16 June 2026. The shares are proposed to be listed on the BSE SME platform with a tentative listing date of 19 June 2026.
Horizon Reclaim (India) Ltd is engaged in the manufacturing of reclaimed rubber, which is recycled rubber produced from used tyres, rubber tubes, tread peelings and industrial rubber scrap. The company manufactures natural rubber reclaim, synthetic rubber reclaim and crumb rubber used across footwear, automotive, construction, moulded rubber products and industrial applications.
Key Highlights
| Particulars | Details |
|---|---|
| IPO Type | SME Book Build IPO |
| Issue Size | Rs. 54.27 Crore |
| Fresh Issue | Rs. 54.27 Crore |
| Offer For Sale | Nil |
| Price Band | Rs. 98 to Rs. 103 Per Share |
| Face Value | Rs. 10 Per Share |
| Listing Exchange | BSE SME |
| Lot Size | 1,200 Shares |
| Retail Application | 2,400 Shares |
| Market Cap | Rs. 201.01 Crore |
| Listing Date | 19 June 2026 (Tentative) |
👉 | IPO GMP | IPO Reviews | IPO Subscription | IPO Allotment
Horizon Reclaim (India) IPO GMP – Latest Update
| GMP Details | Value |
| Horizon Reclaim (India) IPO GMP Today | Updating Soon |
| Kostak Rate | Updating Soon |
| Subject to Sauda | Updating Soon |
Horizon Reclaim (India) IPO Subscription Status – Live Update
| Category | Subscription |
| QIB Category | Updating Soon |
| NII Category | Updating Soon |
| Retail Category | Updating Soon |
| Total Subscription | Updating Soon |
IPO Details at a Glance
| Particulars | Details |
| IPO Date | 12 June 2026 to 16 June 2026 |
| Listing Date | 19 June 2026 |
| Face Value | Rs. 10 Per Share |
| Price Band | Rs. 98 to Rs. 103 Per Share |
| Lot Size | 1,200 Shares |
| Issue Type | Book Build IPO |
| Listing At | BSE SME |
| Total Issue Size | 52,69,200 Shares |
| Fresh Issue | 52,69,200 Shares |
| Offer For Sale | Nil |
| Issue Size | Rs. 54.27 Crore |
| Reserved for Market Maker | 2,64,000 Shares |
| Market Maker | Giriraj Stock Broking Pvt. Ltd. |
| Fresh Issue Excluding Market Maker | 50,05,200 Shares |
| Net Offered to Public | 50,05,200 Shares |
| Shareholding Pre Issue | 1,42,46,200 Shares |
| Shareholding Post Issue | 1,95,15,400 Shares |
| Market Cap | Rs. 201.01 Crore |
IPO Timetable
| Event | Date |
| IPO Open Date | 12 June 2026 |
| IPO Close Date | 16 June 2026 |
| Basis of Allotment | 17 June 2026 |
| Refund Initiation | 18 June 2026 |
| Credit of Shares | 18 June 2026 |
| Listing Date | 19 June 2026 |
Reservation
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
| QIB Shares Offered | 25,02,000 | 49.99% | 47.48% |
| Anchor Investor | 15,01,200 | – | 28.49% |
| QIB Ex Anchor | 10,00,800 | – | 18.99% |
| NII Shares Offered | 7,51,200 | 15.01% | 14.26% |
| B-HNI Shares Offered | 5,00,400 | – | 9.50% |
| S-HNI Shares Offered | 2,50,800 | – | 4.76% |
| Retail Shares Offered | 17,52,000 | 35.00% | 33.25% |
| Market Maker Shares Offered | 2,64,000 | – | 5.01% |
| Total Shares Offered | 52,69,200 | 100.00% | 100.00% |
Lot Size
| Application Type | Lots | Shares | Amount |
| Retail Minimum | 2 | 2,400 | Rs. 2,47,200 |
| Retail Maximum | 2 | 2,400 | Rs. 2,47,200 |
| S-HNI Minimum | 3 | 3,600 | Rs. 3,70,800 |
| S-HNI Maximum | 8 | 9,600 | Rs. 9,88,800 |
| B-HNI Minimum | 9 | 10,800 | Rs. 11,12,400 |
Company Details
Horizon Reclaim (India) Ltd was incorporated in 2006 and is engaged in the manufacturing of reclaimed rubber. Reclaimed rubber is recycled rubber produced from used rubber materials such as old tyres, rubber tubes, tread peelings and industrial scrap.
The company manufactures natural rubber reclaim, synthetic rubber reclaim and crumb rubber. Natural rubber reclaim is used in footwear soles, floor mats, tyre base layers and moulded rubber products. Synthetic rubber reclaim, including EPDM and Butyl rubber, is used in automotive seals, hoses, gaskets and construction profiles. Crumb rubber is used in road construction, sports surfaces and roofing sheets.
The company operates mainly on a business-to-business model and supplies its products to small and medium enterprises and industrial customers, primarily in the northwestern region of India.
Competitive Strengths
| Key Strengths |
| In-house manufacturing facility supported by technology-driven process |
| Diversified customer base |
| Long-standing customer relationships |
| Experienced promoter directors |
| Strong industry expertise |
| Stringent quality control system |
| Standardized product quality |
IPO Objects
| Sr. No. | Objects of the Issue | Est Amt (Rs. Crore) |
| 1 | Funding Working Capital Requirements | 6.00 |
| 2 | Pre-payment or Repayment of Certain Outstanding Borrowings | 26.70 |
| 3 | Funding Capital Expenditure for Installation of Additional Plant & Machinery | 9.43 |
| 4 | General Corporate Purposes | – |
| Total | 42.13 |
Company Address
| Particulars | Details |
| Registered Office | Khasra No. 9, Dehradun Road, Near Nirankari Bhawan, Village Kumar Hera, Saharanpur, Uttar Pradesh – 247001 |
| Phone | +91 8171000900 |
| cs@horizonreclaim.com | |
| Website | Visit Website |
Lead Manager & Registrar
| Particulars | Details |
| Lead Manager | GYR Capital Advisors Pvt. Ltd. |
| Registrar | Kfin Technologies Ltd. |
| Registrar Phone | 04067162222, 04079611000 |
| Registrar Email | horizonrec.ipo@kfintech.com |
| Market Maker | Giriraj Stock Broking Pvt. Ltd. |
Financials
| Particulars (Rs. Crore) | FY2026 | FY2025 | FY2024 |
| Total Assets | 64.88 | 26.08 | 8.45 |
| Total Income | 50.01 | 36.39 | 20.44 |
| Profit After Tax | 10.50 | 7.07 | 0.71 |
| EBITDA | 16.32 | 10.46 | 1.17 |
| Net Worth | 24.83 | 14.33 | 7.26 |
| Reserves & Surplus | 10.58 | 0.08 | 6.51 |
| Total Borrowings | 35.76 | 10.03 | – |
Valuation
Key Performance Indicators (KPI)
| KPI | FY2026 |
| ROE | 53.63% |
| ROCE | 25.45% |
| Debt/Equity | 1.44 |
| RoNW | 42.29% |
| PAT Margin | 21.25% |
| EBITDA Margin | 32.64% |
| Price to Book Value | 5.91 |
EPS & Valuation
| Particulars | Pre IPO | Post IPO |
| EPS (Rs.) | 7.37 | 5.38 |
| P/E (x) | 13.97x | 19.14x |
Shareholding Pattern
| Particulars | Pre Issue | Post Issue |
| Promoter Holding | 95.84% | – |
Chanakya View
Investment Summary
| Parameter | Observation |
| Business Segment | Reclaimed Rubber & Rubber Recycling |
| Industry Outlook | Positive Recycling Theme |
| Revenue Growth | Strong |
| Profitability | Strong |
| EBITDA Margin | Healthy |
| Debt Level | Moderately High |
| Valuation | Fair to Reasonable |
| SME Liquidity Risk | Present |
Positives
| Strengths |
| Strong revenue and profit growth |
| Healthy PAT margin and EBITDA margin |
| Presence in rubber recycling industry |
| B2B customer base |
| Experienced promoters |
| Capex plan for additional plant and machinery |
| Borrowing repayment may strengthen balance sheet |
Concerns
| Risks |
| Debt/Equity ratio remains moderately high |
| Business depends on industrial rubber demand |
| Raw material availability and pricing risk |
| Customer concentration risk may exist |
| SME IPO liquidity risk after listing |
| Expansion execution risk |
Horizon Reclaim (India) operates in the reclaimed rubber and recycling segment, which has long-term relevance due to increasing industrial focus on recycling, cost efficiency and sustainable material usage.
The company has shown strong financial growth. Total income increased from Rs. 36.39 crore in FY2025 to Rs. 50.01 crore in FY2026, while profit after tax increased from Rs. 7.07 crore to Rs. 10.50 crore during the same period. The company also reported healthy margins, with PAT margin at 21.25% and EBITDA margin at 32.64% for FY2026.
At the upper price band of Rs. 103, the post-issue P/E works out to 19.14x. Considering the company’s growth, margins and recycling-focused business model, the valuation appears fair, though not very cheap.
However, investors should also consider risks such as SME liquidity, debt level, dependence on industrial demand and execution of the proposed capacity expansion.
Considering strong financial performance, healthy margins, recycling theme and reasonable valuation, aggressive investors may consider the IPO for medium to long-term investment perspective.
FAQs
What is Horizon Reclaim (India) IPO GMP today?
Horizon Reclaim (India) IPO GMP today is currently updating in the grey market. Investors should monitor live GMP movement closer to listing for better sentiment assessment.
What is the Horizon Reclaim (India) IPO price band?
Horizon Reclaim (India) IPO price band is fixed at Rs. 98 to Rs. 103 per share.
What is the Horizon Reclaim (India) IPO lot size?
The minimum lot size for Horizon Reclaim (India) IPO is 1,200 shares. Retail investors need to apply for minimum 2,400 shares amounting to Rs. 2,47,200.
When will Horizon Reclaim (India) IPO list?
Horizon Reclaim (India) IPO is expected to list on BSE SME on 19 June 2026.