Horizon Reclaim (India) IPO – Company Analysis
Horizon Reclaim (India) IPO is an SME IPO and a book-built issue of ₹54.27 crore. The IPO is being offered by Horizon Reclaim (India) Limited, a company engaged in the manufacturing of reclaimed rubber. Reclaimed rubber is produced by recycling tread peelings, rubber tubes, used tyres, and industrial rubber waste, making it a sustainable alternative for various rubber-based applications.
Product Portfolio
The company manufactures and supplies:
Natural Rubber Reclaim
Reclaimed Synthetic Rubber
Rubber Crumbs
Horizon Reclaim (India) IPO Details
The Horizon Reclaim (India) IPO will open for subscription on June 12, 2026, and close on June 16, 2026. The basis of allotment is expected to be finalized on June 17, 2026, while refunds are likely to be initiated on June 18, 2026.
The IPO consists entirely of a fresh issue of 0.53 crore equity shares, aggregating to ₹54.27 crore.
The shares are proposed to be listed on the BSE SME platform, with the tentative listing date scheduled for June 19, 2026.
The price band for the Horizon Reclaim (India) IPO has been fixed at ₹98 to ₹103 per share.
IPO Timetable (Tentative)
Events | Date |
IPO Opening Date | June 12, 2026 |
IPO Closing Date | June 16, 2026 |
IPO Allotment Date | June 17, 2026 |
Refund Initiation | June 18, 2026 |
IPO Listing Date | June 19, 2026 |
Click to open a demat account and apply for the IPO.
Company Financials
(Amount in ₹ Crore)
Particulars | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
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 and Surplus | 10.58 | 0.08 | 6.51 |
Total Borrowing | 35.76 | 10.03 | — |
Cash Flows
(Amount in ₹ Lakh)
Net Cash Flow | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
Net Cash Flow from Operating Activities | 1,009.34 | 171.31 | 148.95 |
Net Cash Flow from Investing Activities | (3,464.81) | (1,174.02) | (171.90) |
Net Cash Flow from Financing Activities | 2,460.06 | 983.86 | (0.11) |
Revenue Bifurcation
(Rs. in Lac)
(Source: RHP)
Objectives of the Issue
The company intends to utilize the net proceeds from the IPO for the following purposes:
Funding the working capital requirements of the company – approximately ₹6 crore.
Pre-payment or repayment of all or a portion of certain outstanding borrowings availed by the company – approximately ₹26.70 crore.
Funding capital expenditure towards the installation of additional plant and machinery – approximately ₹9.43 crore.
General corporate purposes.
Listed Peers of Horizon Reclaim (India) Limited
Company Name | Face Value (₹) | Basic EPS (₹) | P/E Ratio (x) |
Lead Reclaim and Rubber Products Limited | 10 | 4.73 | 19.04 |
Valuation Metrics
KPI | Value (As on March 31, 2026) |
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 |
Evaluation of P/E Ratio
Based on the financial performance for FY2025, the company reported an EPS of ₹4.96. At the upper price band, the resulting P/E ratio works out to 20.76x.
IPO Strengths
In-house production facility supported by a technology-driven manufacturing approach.
Long-standing customer relationships and a diversified customer base.
Promoter directors with extensive industry experience and expertise.
Strong quality assurance processes ensuring consistent product standards.
IPO Weaknesses
Dependence on technology and manufacturing processes.
Variations in waste tyre composition may impact the consistency of the final product.
Limited acceptance in certain high-performance applications.
Horizon Reclaim (India) IPO GMP (Grey Market Premium)
The Horizon Reclaim (India) IPO GMP today is ₹53 as of June 13, 2026, at the time of writing.
Horizon Reclaim (India) IPO Summary
Particulars | Details |
IPO Opening & Closing Date | June 12, 2026 to June 16, 2026 |
Face Value | ₹10 per Share |
Issue Price | ₹98 to ₹103 per Share |
Lot Size | 1,200 Shares |
Issue Size | 52,69,200 Shares (₹54 Crore) |
Offer for Sale | Nil |
Fresh Issue | 50,05,200 Shares (₹52 Crore) |
Listing At | BSE SME |
Issue Type | Book Built Issue |
Registrar | Kfin Technologies Ltd. |
IPO Lot Details
Retail investors can apply for a minimum of 2 lots comprising 2,400 shares, requiring an investment of ₹2,47,200. Applications can be made in multiples thereof.
HNI investors can apply for a minimum of 3 lots comprising 3,600 shares, requiring an investment of ₹3,70,800.
Category | Lot Requirement |
Minimum Lot Investment (Retail) | 2 Lots |
Maximum Lot Investment (Retail) | 2 Lots |
HNI (Minimum) | 3 Lots |
Horizon Reclaim (India) IPO Allotment Status
Investors can check the Horizon Reclaim (India) IPO allotment status through the official website of the registrar or the BSE website once the allotment process is completed.
Using BSE Website
Promoters and Management of Horizon Reclaim (India) Limited
Mohit Bajaj
Malika Bajaj
Particulars | Shareholding |
Pre-Issue Promoter Shareholding | 95.84% |
Post-Issue Promoter Shareholding | - |
IPO Lead Manager
GYR Capital Advisors Pvt. Ltd.
Dividend Policy
The company has not declared or paid any dividend during the last three financial years.
Conclusion
Horizon Reclaim (India) Limited has demonstrated strong financial growth, supported by rising revenue, healthy profitability, and impressive return ratios. The company’s scalable business model and strong operating margins indicate positive growth potential. Considering its financial performance and industry position, the IPO appears reasonably valued at the prevailing earnings multiple.
Disclaimer
This blog is intended solely for educational and informational purposes. It should not be considered as investment advice, financial advice, or a recommendation to buy, sell, or subscribe to any securities. Investors should conduct their own research and consult a SEBI-registered financial advisor before making any investment decisions.
