Horizon Reclaim (India) IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 186.72x |
| NII | 450.74x |
| Retail (RII) | 308.3x |
| Total | 304.11x |
Bidding day 5 · final figures at close of bidding: 15 Jul 2026, 12:00 am IST
IPO Details
- Open Date
- 12 Jun 2026
- Close Date
- 16 Jun 2026
- Listing Date
- 19 Jun 2026
- Face Value
- ₹10
- Fresh Issue
- ₹51.55 Cr
- OFS
- ₹0 Cr
- Listing On
- BSE
- Registrar
- —
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹2,47,200 |
| HNI (Min) | 3 | 3,600 | ₹3,70,800 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 15,01,200 | 29.99% |
| QIB (ex-anchor) | 10,00,800 | 20% |
| NII | 7,51,200 | 15.01% |
| — sNII (< ₹10L) | 2,50,800 | 5.01% |
| — bNII (> ₹10L) | 5,00,400 | 10% |
| Retail | 17,52,000 | 35% |
| Total | 50,05,200 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 20.44 | 0.71 | 1.17 | 7.26 | 8.45 | — | — |
| FY 2025 | 36.39 | 7.07 | 10.46 | 14.33 | 26.08 | 10.03 | — |
| FY 2026 | 50.01 | 10.5 | 16.32 | 24.83 | 64.88 | 35.76 | 7.37 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 13.97x
- P/E (post-issue)
- 19.14x
- RoNW
- 42.29%
- RoE
- 53.63%
- RoCE
- 25.45%
- Debt / Equity
- 1.44
- EPS (pre-issue)
- ₹7.37
- EPS (post-issue)
- ₹5.38
- EBITDA Margin
- 32.64%
- PAT Margin
- 21.25%
- P/BV
- 5.91x
- NAV / share
- ₹17.43
- Market Cap
- ₹201.01 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| Funding the working capital requirements of our Company | ₹6 Cr |
| Pre-payment or Repayment of all or a portion of certain outstanding borrowings availed by our Company | ₹26.7 Cr |
| Funding Capital Expenditure for the installation of additional Plant & Machinery | ₹9.43 Cr |
| General Corporate Purposes | ₹7.8 Cr |
| Issue expenses | ₹4.34 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Book Running Lead Manager Fees | ₹0.3 Cr |
| Underwriting Fees | ₹2.71 Cr |
| Fees payable to the Market maker to the Issue | ₹0.05 Cr |
| Fees payable to the Registrar to the Issue | ₹0.03 Cr |
| Fees payable for Advertising and Publishing Expense | ₹0.15 Cr |
| Fees payable to Regulators including Stock Exchange & Depositories | ₹0.13 Cr |
| Payment for Printing & Stationary, Postage | ₹0 Cr |
| Fees payable to Legal Advisors and other Professionals | ₹0.73 Cr |
| Monitoring Agency | ₹0.06 Cr |
| Other Expenses (includes Banker to the issue fee, marketing expenses for the Issue and listing related expense) | ₹0.18 Cr |
Promoters & Shareholding
Promoters: Mohit Bajaj and Malika Bajaj
- Holding (pre-issue)
- 95.84%
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| BANDHAN SMALL CAP FUND | Other | 5,82,000 | ₹103 | 5.99 | 38.77% |
| VIKASA INDIA EIF I FUND-INCUBE GLOBAL OPPORTUNITIES | FII/FPI | 4,59,600 | ₹103 | 4.73 | 30.62% |
| SHINE STAR BUILD-CAP PVT.LTD. | Other | 2,65,200 | ₹103 | 2.73 | 17.67% |
| FINAVENUE CAPITAL TRUST-FINAVENUE GROWTH FUND | Other | 97,200 | ₹103 | 1 | 6.47% |
| NOVA GLOBAL OPPORTUNITIES FUND PCC-TOUCHSTONE | FII/FPI | 97,200 | ₹103 | 1 | 6.47% |
Anchor bidding took place on 11 Jun 2026. Anchor lock-in: 50% of shares unlock on 16 Jul 2026, the remainder on 14 Sept 2026.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV |
|---|---|---|---|---|---|
| Horizon Reclaim (India) | 7.37 | 17.43 | — | 42.29% | — |
| Grp Ltd | 6.04 | — | 282.83x | 1.81% | — |
| Lead Reclaim and Rubber Products Limited | 4.73 | 27.96 | 19.04x | 10.27% | 3.33x |
| Tinna Rubber And Infrastructure Ltd | 29.68 | — | 26.5x | 17.59% | — |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Listing Performance
About the Horizon Reclaim (India) IPO
The Horizon Reclaim (India) SME IPO opens for subscription on 12 Jun 2026 and closes on 16 Jun 2026, offered at a price band of ₹98–103 per share, and is set to list on BSE. In total, the issue aims to mobilise ₹51.55 crore. Retail investors bid in lots of 1200 shares, a minimum application of ₹2,47,200.
Issue structure
The IPO is structured entirely as a fresh issue of ₹51.55 crore, so the full proceeds flow to the company to fund its stated objects of the issue.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward pre-payment or repayment of all or a portion of certain outstanding borrowings availed by our company (₹26.7 crore), alongside funding capital expenditure for the installation of additional plant & machinery (₹9.43 crore). In all, 5 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Horizon Reclaim (India) reported revenue of ₹50.01 crore and a net profit of ₹10.5 crore. Revenue grew from ₹20.44 crore in FY2024 to ₹50.01 crore in FY2026 (+145.0%). Net worth stood at ₹24.83 crore at the end of FY2026. At the upper band, that puts the issue at roughly 14.0× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 19.14× post-issue earnings and 5.91× book value, against a return on net worth of 42.29% and a debt-to-equity ratio of 1.44. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Grp Ltd and Lead Reclaim and Rubber Products Limited, with a median peer P/E of about 26.5×. The issue's own post-issue P/E works out to 19.14×.
Promoters
The promoters of the company are Mohit Bajaj and Malika Bajaj. Promoter holding is 95.84% before the issue.
Subscription
The Horizon Reclaim (India) IPO was subscribed 304.11 times overall. The strongest demand came from non-institutional investors (NII) at 450.74 times, with qualified institutional buyers (QIB) at 186.72× and retail investors at 308.3×.
Listing performance
Horizon Reclaim (India) listed on 19 Jun 2026 at ₹151, a premium of +46.6% over the issue price of ₹103.
What to weigh
When evaluating the Horizon Reclaim (India) IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend and subscription demand across investor categories. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Horizon Reclaim (India)
Horizon Reclaim (India) Ltd. specializes in converting discarded rubber waste into value-added reclaimed rubber products. The company utilizes materials such as worn-out tyres, inner tubes, tread scraps, and industrial rubber residues to manufacture eco-friendly rubber compounds for various industrial applications. Product Range Natural Rubber Reclaim: Manufactured from recycled tyre casings and tubes, this product is widely used in the production of footwear components, rubber mats, tyre underlayers, and other molded rubber goods. Synthetic Rubber Reclaim: The company produces reclaimed EPDM and Butyl rubber grades that cater to industries requiring automotive weather strips, sealing systems, hoses, gaskets, and construction-related rubber profiles. Crumb Rubber: Derived from processed scrap tyres, crumb rubber finds application in infrastructure and recreational projects, including asphalt modification, athletic tracks, playground surfaces, and roofing materials. The product is offered in multiple specifications to meet diverse customer requirements. The company's business model is predominantly focused on industrial and commercial customers, supplying its products mainly to small and medium-sized enterprises across northwestern India.
Horizon Reclaim (India) — Contact Details
- Registered office
- Khasra no.9, Dehradun Road, Near Nirankari Bhawan, Village-Kumar Hera, Saharanpur, Uttar Pradesh, 247001
- Phone
- +91 8171000900
- Website
- horizonreclaim.com/
- Registrar (IPO queries)
- horizonrec.ipo@kfintech.com
Frequently asked questions
- What is the Horizon Reclaim (India) IPO price band?
- The Horizon Reclaim (India) IPO price band is ₹98 to ₹103 per share, with a lot size of 1200 shares.
- When does the Horizon Reclaim (India) IPO open and close?
- The Horizon Reclaim (India) IPO opens on 12 Jun 2026 and closes on 16 Jun 2026.
- When is the Horizon Reclaim (India) IPO allotment and listing date?
- The shares are scheduled to list on 19 Jun 2026 on BSE.
- How many times was the Horizon Reclaim (India) IPO subscribed?
- The Horizon Reclaim (India) IPO was subscribed 304.11 times in total across all investor categories.
- What is the reservation split in the Horizon Reclaim (India) IPO?
- Of the total shares offered, retail investors get 35%, QIBs 20% (plus 29.99% anchor), non-institutional investors 15.01%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Horizon Reclaim (India) and what is their holding?
- The promoters are Mohit Bajaj and Malika Bajaj. Promoter holding is 95.84% before the issue.
- What is the P/E ratio of the Horizon Reclaim (India) IPO?
- At the upper price band, the Horizon Reclaim (India) IPO is valued at 13.97× pre-issue earnings and 19.14× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Horizon Reclaim (India) IPO?
- The net proceeds go primarily toward pre-payment or repayment of all or a portion of certain outstanding borrowings availed by our company, among 5 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Horizon Reclaim (India) IPO?
- The book-running lead manager is GYR Capital Advisors Pvt.Ltd..
- Is Horizon Reclaim (India) a Mainboard or SME IPO?
- Horizon Reclaim (India) is an SME IPO, listing on BSE (SME platform).