Horizon Reclaim (India) Summary
Horizon Reclaim (India) is engaged in the manufacture of rubber goods. This organization is involved in the production of value added reclaimed rubber from rubber waste. Some of the products supplied by the company are Natural Rubber Reclaim (produced from recycled tyre casings and tubes), Synthetic Rubber Reclaim (produced from reclamation of EPDM and Butyl rubber grades), and Crumb Rubber (produced from scrap tyres). These types of products are supplied through B2B sales model to small and medium scale businesses operating in northwest part of India serving industries like footwear, automotive weather stripping, sealants, hoses, gaskets, construction rubber profiles, asphalt modification, athletics track surfacing, playground surfaces, and roof membrane.
In terms of operational processes, the company conducts its business operations by making use of its own manufacturing plant whereby it uses old tires, inner tubes, rubber threads and industrial rubber waste to produce environmentally friendly rubber products. The company makes use of technology system for rubber reclaiming processes. Continuous generation of income is guaranteed due to the company's extensive rubber reclaim products (natural, synthetic, and crumb rubbers), environmentally friendly production processes, its good customer base in the northwestern part of India, and its target of focusing on the industrial and commercial markets.
Horizon Reclaim (India) Ltd is launching a BSE SME book-built IPO with a face value of ₹10 per share and a price band of ₹98.00–₹103.00 per share. The total issue size is ₹54.27 Cr, comprising a fresh issue of ₹51.55 Cr and ₹2.72 Cr reserved for the market maker. The issue is structured for QIB (including Anchor), NII, and Retail investors, and the tentative listing is on BSE SME on 19th June 2026.
Horizon Reclaim (India) IPO Details:
Horizon Reclaim (India) Limited Issue Management:
GYR Capital Advisors Pvt.Ltd. acts as the book-running lead manager for Horizon Reclaim (India) BSE SME IPO, managing underwriting and compliance.
Horizon Reclaim (India) Limited IPO RTA (Registrar) Details:
Kfin Technologies Ltd. handles allotment, refunds, and demat credits - contact at 04067162222, 04079611000 or horizonrec.ipo@kfintech.com.
Horizon Reclaim (India) Limited IPO Allotment Status:
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Horizon Reclaim (India) SME IPO totals ₹54.27 Cr, comprising a fresh issue of ₹51.55 Cr and ₹2.72 Cr reserved for the market maker. The face value is ₹10 per share and the price band is ₹98.00–₹103.00 per share (book-built issue on BSE SME).
Horizon Reclaim (India) Limited IPO proceeds from the fresh issue will be deployed towards:
Horizon Reclaim (India) IPO offers 52,69,200 equity shares (total issue ₹54.27 Cr, net offer to public 50,05,200 shares after market-maker reservation).
The anchor bidding for Horizon Reclaim (India) Ltd. SME IPO is scheduled one working day before the issue opens on 12th June 2026 (i.e., 11th June 2026), and anchor investors will be allotted shares from the QIB portion (within the overall QIB tranche, as per SME-IPO structure). As per the IPO reservation details, the QIB portion (including anchor) accounts for about 49.99% of the net issue size, with the remainder allocated to NII (15.01%) and Retail (35.00%).
Lock-in: The anchor allocation follows standard SME IPO norms, where 50% of the anchor shares are locked in for 30 days and the remaining 50% for 90 days from the listing date. The issue is scheduled to list on 19th June 2026 on BSE SME.
The anchor allocation details and investor list will be disclosed in the anchor book before the IPO opening. GYR Capital Advisors Pvt. Ltd. is the Book Running Lead Manager (BRLM) to the issue, and the registrar for the IPO is Kfin Technologies Ltd.
Profitability at Horizon Reclaim (India) Ltd comes from the emphasis put on transforming scrap rubber materials (tires, inner tubes, tread rubber, and industrial rubber material) into high-value reclaimed rubber products such as Natural Rubber Reclaim, Synthetic Rubber Reclaim (EPDM & Butyl type) and Crumb Rubber. The company makes its profit through sales of reclaimed rubber compounds and crumb rubber, mainly to industrial consumers, mostly SMEs in northwestern parts of India.
Taking into consideration the aspect of financial performance, the firm Horizon Reclaim (India) has experienced immense growth as reflected in its total income which has been observed to rise from ₹20.44 crore in FY24 to ₹36.39 crore in FY25, and to ₹50.01 crore in FY26 (37%). Moreover, the PAT of the organization has risen from ₹0.71 crore in FY24 to ₹7.07 crore in FY25, and to ₹10.50 crore in FY26 (49% growth between FY25 and FY26). In terms of EBITDA, the figure is ₹10.46 crore in FY25 in comparison to ₹1.17 crore in FY24, and ₹16.32 crore in FY26. What needs to be noted here is that the margins have been in the positive direction because of the reason that EBITDA and PAT margins were recorded at 32.64% and 21.25%, respectively, in FY26. ROE and ROCE of the organization have been very high at 53.63% and 25.45%, respectively, in FY26. In terms of net worth, the figure rose from ₹7.26 crore in FY24 to ₹14.33 crore in FY25, and ₹24.83 crore in FY26.
Action Links:
To apply for Horizon Reclaim (India) Limited IPO, open a demat account here
Horizon Reclaim (India) Limited IPO Subscription Status: Check live subscription here
Horizon Reclaim (India) Limited IPO GMP Update: Check latest grey market premium here
Horizon Reclaim (India) Key Highlights:
Horizon Reclaim (India) Ltd deals in the processing of rubber wastes into reclaimed rubber. The various products manufactured by Horizon include Natural Rubber Reclaim (made out of rubber casings and tube scrap for use in manufacturing footwear, mats, and undercarriage for tyres), Synthetic Rubber Reclaim (EPDM and Butyl rubber reclaim for use in making weatherstrips, sealing, hoses, gaskets, construction rubber profiles) and Crumb Rubber (processed tyre scraps used for modifying asphalt, athletic tracks, playgrounds, roofs).
Strengths of Horizon Reclaim (India) Limited are its variety of rubber reclaim products (natural, synthetic, crumb rubber), eco-friendly process of production involving value addition from waste material, good customer base in northwestern India, customer-oriented towards industrial and commercial clients (SMEs), and experienced promoters with domain knowledge in rubber reclaiming business.
Recently, the organization has proved efficient in terms of financial performance with the total income earned from the business being ₹20.44 crore for FY24, ₹36.39 crore for FY25, and ₹50.01 crore for FY26 (a growth of 37%). In contrast, the profit after tax (PAT) has grown from ₹0.71 crore for FY24, to ₹7.07 crore for FY25, and to ₹10.50 crore for FY26 (growth of 49% in the period FY25 to FY26), while the EBITDA has been increased from ₹1.17 crore for FY24, to ₹10.46 crore for FY25, and to ₹16.32 crore for FY26. The margin in relation to EBITDA and PAT is 32.64% EBITDA and 21.25% PAT respectively (FY26). ROE and ROCE have been extremely high at 53.
Horizon Reclaim (India) Risk Factors:
The risks of Horizon Reclaim (India) Limited IPO are mentioned below:
Dependence on Footwear, Automotive, Construction & Infrastructure Industries: The business depends on orders from footwear, automobile, construction, and infrastructure industries. Lower industrial activity levels could negatively impact the revenue generated by the business.
Dependence on Availability of Raw Material: There would be a dependence on scrap materials (used tyres and inner tubes). Any disruptions to the supply of raw material could hinder production.
Environmental Regulation Issues: The process of reclamation of rubbers would be dependent on regulatory issues; non-compliance may pose an operational challenge.
Risks of Liquidity of Listed SMEs at BSE: The business faces the risk of liquidity due to being listed at BSE, with an outstanding issuance amount of ₹54.27 Cr and market capitalisation of ₹201.01 Cr.
Heavy Burden of Interest Payments: The total borrowings have been increased to ₹35.76 crore during FY26 (compared to ₹10.03 crore in FY25).
Promoters' Post-IPO Dilution Risk: Promoters pre-IPO holdings would be diluted post IPO (as the exact post-IPO figure cannot be found).
Capex Execution Risk: The capital investment required for additional capacity of ₹9.43 Cr is subjected to risk associated with capacity utilization and ROIs creation.
Geographic/Consumer Concentration Risk: Being focused on supplying the products to small & medium sized companies in the northwestern region of India.
Existing Competitors in Rubber Reclaiming Industry: Competition may arise from competitors within the rubber reclamation industry.
Horizon Reclaim (India) Expert Analysis:
Horizon Reclaim (India)'s SME IPO (BSE SME) is a book-built issue with a price band of ₹98.00–₹103.00 per share (face value ₹10). The total issue size is ₹54.27 Cr, comprising a fresh issue of ₹51.55 Cr and ₹2.72 Cr reserved for the market maker. The IPO is structured for QIB (49.99%), NII (15.01%), and Retail (35.00%) investors, with the tentative listing on BSE SME on 19th June 2026.
Basic details of the IPO:
Type of IPO: Book‑built SME IPO (BSE SME)
Uses of funds: Loan repayment (₹26.70 Cr), Capital expenditure for plant & machinery (₹9.43 Cr), Working capital (₹6.00 Cr), General corporate purposes: (₹9.42 Cr)
Anchor bidding: 11th June 2026 | Opens 12th June 2026 | Closes 16th June 2026 | Allotment 17th June 2026 | Listing 19th June 2026 (BSE SME).
Lead Manager: GYR Capital Advisors Pvt. Ltd. | Registrar: Kfin Technologies Ltd
Expert View on the IPO:
Horizon Reclaim (India) is a specialized player engaged in the process of reclaiming rubber waste to derive reclaimed rubber goods from discarded rubber tires and residues which possess good financial performance with outstanding profitability improvement (PAT increasing by 15 times from ₹0.71 Cr to ₹10.50 Cr between FY24 and FY26). Its stock has an attractive P/E ratio of 13.97x before IPO and 19.14x post-IPO and P/B Valuation Ratio of 5.91x. As for its sector rivals like Lead Reclaim and Rubber Products Limited having a P/E ratio of 19.04x and RoNW of 10.27%, Horizon Reclaim boasts better profitability measures (RoNW 42.29% compared to 10.27%) and high EPS of 7.37 against 4.73. However, some of the problems facing it are rubber industry cycles, material risks, environment issues, high debts (₹35.76 Cr), liquidity problems as a listed company.
Should you invest in Horizon Reclaim (India)?
An investor looking for a small-cap rubber reclaiming company listed on the SME board, with exceptional growth trajectory (~15x PAT growth in 2 years), high ROE (53.63%), and exposure to India's growing waste-to-value and eco-friendly manufacturing sector might find the IPO of Horizon Reclaim (India) interesting provided that he can handle SME listing limitations, raw material supply risks, environmental compliance, and high debt burden.
Consider investing when:
You require experience with respect to eco-friendly waste-to-value rubber recycling firms servicing shoe, automobile, construction, and infrastructure sectors, which has an impressive ROE (53.63%) and significant PAT growth (15x in 2 years).
There are no worries whatsoever regarding risks involved with illiquidity of small cap listed stocks, sourcing raw materials (scrap tyres), environmental protection, and high debt level (₹35.76 Crore).
You can rest assured that the management will wisely spend the IPO proceeds towards capital expenditure (₹9.43 Crore) and repayment of debt (₹26.70 Crore).
Great scope for growth is evident when one considers the trend in India with respect to proper waste disposal, eco-friendly production, and development of infrastructure.
Do not invest when:
You would like to make investments in rubber industry firms that had been operating using diversification in their raw material sources, having multiple units and low levels of debts.
In relation to risks, you would be fearful of liquidity risk associated with SME shares, risks related to the availability of raw materials, the compliance with environmental regulations, and borrowings.
Promoter dilution (95.84% after IPO), operational risk associated with capex execution, and geographic concentration (northwestern India) are not suitable for you.
The type of businesses that would appeal to you would be those characterized by low valuation (P/E below 12; P/B ratio below 4).
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis is for informative purposes and not investment advice.
Action Links:
To apply for Horizon Reclaim (India) Limited IPO, open a demat account here
Horizon Reclaim (India) Limited IPO Subscription Status: Check live subscription here
Horizon Reclaim (India) Limited IPO GMP Update: Check latest grey market premium here
1. What is the Horizon Reclaim (India) Limited IPO open and close date?
Horizon Reclaim (India) SME IPO opens on 12th June 2026 and closes on 16th June 2026. The tentative listing date on BSE SME is 19th June 2026.
Track Horizon Reclaim (India) Limited IPO subscription status live here from Finnpick.
2. What is the Horizon Reclaim (India) Limited IPO price band and lot size?
The IPO is a book-built SME issue with a price band of ₹98.00–₹103.00 per share (face value ₹10). The minimum bid for retail investors is 2,400 shares (2 lots), with subsequent bids in multiples of 1,200 shares. Minimum investment is ₹2,47,200.
3. What is Horizon Reclaim (India) Limited IPO total size?
The total issue size is ₹54.27 Cr, comprising a fresh issue of ₹51.55 Cr and ₹2.72 Cr reserved for the market maker. The net offer to the public is 50,05,200 shares (25,02,000 to QIB, 7,51,200 to NII, 17,52,000 to Retail), after excluding 2,64,000 shares for Market Maker.
4. How to apply for the Horizon Reclaim (India) Limited IPO?
Open a demat here (Zerodha/Upstox/AngelOne) or apply ASBA by June 16, 4 PM. Monitor Horizon Reclaim (India) Limited IPO subscription tracker here. Ensure your demat account is active and UPI mandate is approved before the closing time.
5. How to check Horizon Reclaim (India) Limited IPO Allotment Status?
The allotment date is on June 09th and can be checked on Kfin Technologies Ltd. RTA portal using PAN/DP ID.
6. What is Horizon Reclaim (India) Limited IPO GMP today and subscription status?
Current Grey Market Premium (GMP) stands at ₹0 as of June 06, indicating listing at the price range of ₹103 - check daily updates of Horizon Reclaim (India) Limited IPO GMP trends here and live subscription status here from June 12th opening only on Finnpick.
7. What does Horizon Reclaim (India) Limited specialize in?
Horizon Reclaim (India) is engaged in rubber waste reclaiming, converting discarded rubber waste (worn-out tyres, inner tubes, tread scraps, industrial rubber residues) into value-added reclaimed rubber products including Natural Rubber Reclaim (for footwear, rubber mats), Synthetic Rubber Reclaim (EPDM and Butyl grades for automotive weather strips, sealing systems, hoses, gaskets), and Crumb Rubber (for asphalt modification, athletic tracks, playground surfaces, roofing). The company operates predominantly on a B2B model supplying to SMEs across northwestern India.
8. When is the Horizon Reclaim (India) Limited IPO listing date?
The IPO is scheduled to list on BSE SME on 19th June 2026, subject to final confirmation from the exchange. Basis of allotment is tentatively on 17th June 2026, with refunds and demat credits around 18th June 2026.
9. What are the Horizon Reclaim (India) Limited IPO proceeds utilization details?
The IPO proceeds will primarily be utilized towards: Repayment of borrowings: ₹26.70 Cr, Capital expenditure for plant & machinery: ₹9.43 Cr, Working capital requirements: ₹6.00 Cr, General corporate purposes: ₹9.42 Cr
10. Who are the promoters of Horizon Reclaim (India) Limited?
The promoters of Horizon Reclaim (India) Ltd. are Mohit Bajaj and Malika Bajaj. Pre-IPO promoter holding is 95.84%, which will dilute post-IPO.
11. Should I apply for the Horizon Reclaim (India) IPO?
You may consider applying if you are comfortable with an SME-listed rubber waste reclaiming business with exceptional growth trajectory (~15x PAT growth from ₹0.71 Cr in FY24 to ₹10.50 Cr in FY26), high ROE (53.63%), and exposure to India's eco-friendly waste-to-value manufacturing sector. Avoid if you are risk-averse to SME listing liquidity constraints, raw material availability (discarded tyres), environmental compliance risks, high borrowings (₹35.76 Cr), and capex execution risk. This is for informational purposes only and not investment advice; read the RHP/DRHP and consult a SEBI-registered advisor before investing.
