Horizon Reclaim IPO GMP Today, Subscription Status, Allotment Chances & Review 2026

Horizon Reclaim (India) Limited, a Saharanpur-based manufacturer of reclaimed rubber products, is raising Rs 54.27 crore through a 100% fresh issue SME IPO on the BSE SME platform.

The IPO opened on June 12, 2026, and closes on Tuesday, June 16, 2026. Listing is scheduled for June 19, 2026.

The grey market premium (GMP) today stands at Rs 57, pointing to an estimated listing price of Rs 160 and a potential listing gain of around 55% over the upper price band of Rs 103.

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Horizon Reclaim IPO Key Details

Horizon Reclaim IPO GMP Today

The Horizon Reclaim IPO GMP today is Rs 57, suggesting an estimated listing price of Rs 160 per share. At the upper price band of Rs 103, this GMP implies a listing gain of approximately 55.34% for allottees. The grey market premium has climbed steadily from zero before pre-IPO trading began, supported by strong Day 1 retail and NII subscription numbers.

GMP Last Updated: June 14, 2026

Horizon Reclaim IPO GMP Trend

The GMP rose from zero on June 6 to Rs 57 by June 13, tracking the build-up in subscription demand. The premium has held steady at Rs 57 for two consecutive days, suggesting the grey market has largely priced in current demand levels.

With a lot size of 1,200 shares, successful allottees are looking at an estimated listing gain of approximately Rs 68,400 per lot based on the current GMP. A sustained GMP above Rs 50 heading into the final subscription day is generally considered a positive signal. However, grey market premiums can shift quickly and should not be treated as a guarantee of listing gains.

For live GMP tracking across all active IPOs, visit the IPOwiz Live GMP Tracker.

Horizon Reclaim IPO Subscription Status Today

As of Day 1 close on June 12, 2026, the Horizon Reclaim IPO has been subscribed 8.39 times overall.

Category-wise Subscription (Day 1)

Total bids received on Day 1 represent approximately Rs 302.94 crore in demand against an issue size of Rs 54.27 crore.

QIB participation showing zero on Day 1 is a normal pattern for SME IPOs. Institutional investors typically submit consolidated bids in the final hours of the closing day, so the absence of QIB bids on Day 1 does not indicate weak institutional interest.

The anchor book was closed on June 11, 2026, with Rs 15.46 crore raised from institutional investors at Rs 103 per share (15,01,200 shares). Anchor participants included Bandhan Mutual Fund, Finavenue Growth Fund, and Nova Global Opportunities Fund. Final subscription figures will be available after the close of Day 3 on June 16, 2026.

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Horizon Reclaim IPO Allotment Chances

With the issue subscribed 8.39 times overall on Day 1, and subscription likely to increase significantly by the final day, allotment will be decided by a computer lottery for retail applicants.

Estimated Allotment Probability by Category (Based on Day 1 Data)

These estimates are based on Day 1 data only. Final allotment probabilities will be significantly tighter once Day 2 and Day 3 subscription numbers are factored in. SME IPOs with strong Day 1 momentum typically see a sharp acceleration on the closing day. Some investors apply across multiple family demat accounts linked to separate PAN numbers to improve their overall probability. Each application must comply with SEBI guidelines and use a separate bank account.

Horizon Reclaim IPO Allotment Status: How to Check

The basis of allotment will be finalized on June 17, 2026. Shares will be credited to demat accounts and refunds initiated on June 18, 2026.

Horizon Reclaim IPO Important Dates

Horizon Reclaim IPO Lot Size and Minimum Investment

About Horizon Reclaim (India) Limited

Horizon Reclaim (India) Limited was incorporated in 2006 in Saharanpur, Uttar Pradesh, and converted to a public limited company on May 6, 2026, ahead of its BSE SME listing.

The company operates an integrated manufacturing facility in Haridwar, Uttarakhand, focused entirely on the processing and reclamation of scrap rubber. It procures used tyres, worn rubber inner tubes, tread peelings, and industrial rubber residues from domestic suppliers and international scrap markets, then processes them through chemical and mechanical treatment to produce reclaimed rubber compounds that can substitute for virgin rubber in industrial manufacturing.

Product Portfolio

• Natural Rubber Reclaim: Processed from used tyre casings and tubes. Used in footwear soles, industrial floor mats, vehicle tyre underlayers, and molded rubber components.
• Synthetic Rubber Reclaim (EPDM and Butyl variants): Valued for weather resistance properties. Used in automotive weather strips, sealing profiles, radiator hoses, gaskets, and construction profiles.
• Crumb Rubber: Produced by mechanically grinding scrap tyres into customized mesh sizes. Used in asphalt modification for highways, athletic tracks, playground safety surfaces, and roofing sheets.

The company operates on a B2B model, supplying to small and medium enterprises and industrial customers across India's northwestern industrial corridor.

Horizon Reclaim IPO Financial Performance

The company has reported consistent revenue and profit growth over the past three financial years.

Revenue grew 37% in FY26, rising from Rs 36.39 crore to Rs 50.01 crore. Net profit grew 49%, from Rs 7.07 crore to Rs 10.50 crore. The profit margins are notably high for a rubber recycling business. A PAT margin of 21.25% and EBITDA margin of 32.64% significantly outperform typical industrial averages for this sector, which warrants scrutiny from investors evaluating long-term sustainability.

Borrowings have risen sharply, from nil in FY24 to Rs 35.76 crore in FY26, reflecting debt-funded capacity expansion. The company plans to use Rs 26.70 crore of IPO proceeds to repay this debt, which would substantially reduce the leverage ratio post-listing.

Key Financial Ratios (FY2026)

• Return on Equity (ROE): 53.63%
• Return on Net Worth (RoNW): 42.29%
• Return on Capital Employed (ROCE): 25.45%
• PAT Margin: 21.25%
• EBITDA Margin: 32.64%
• Debt to Equity Ratio: 1.44x
• Net Asset Value (NAV): Rs 17.43

Horizon Reclaim IPO: Strengths and Risks

💪 Strengths

• 100% fresh issue with zero OFS component, indicating promoters are not using the IPO as an exit
• Largest use of proceeds (Rs 26.70 crore) is debt repayment, which directly improves the balance sheet post-listing
• Strong return ratios with RoNW of 42.29% and ROCE of 25.45%
• Consistent revenue growth over three years, from Rs 20.44 crore in FY24 to Rs 50.01 crore in FY26
• Exposure to India's growing circular economy and green infrastructure sector
• Anchor investor participation from Bandhan Mutual Fund and other institutional names

⚠️ Key Risks

• PAT margin of 21.25% and EBITDA margin of 32.64% are unusually high for the rubber recycling sector. Sustaining these margins in a fragmented, competitive market is a key question for long-term investors
• Borrowings rose from nil in FY24 to Rs 35.76 crore in FY26. While debt repayment is planned, the pace of leverage build-up is notable
• High customer concentration risk. A significant portion of revenues comes from a limited group of industrial clients
• Raw material sourcing depends on a narrow group of scrap suppliers and import channels. Disruptions in scrap tyre availability or price spikes could pressure margins
• Intensely fragmented sector with competition from unorganized local players and emerging recycling startups, limiting long-term pricing power

Horizon Reclaim IPO: Objects of the Issue

The Rs 54.27 crore fresh issue proceeds will be deployed as follows:

The debt repayment allocation of Rs 26.70 crore is the most significant use of proceeds. If executed as planned, this will reduce the current debt-to-equity ratio of 1.44x substantially, lowering interest costs and improving the net profit line going forward.

The Rs 9.43 crore capex allocation targets advanced automated machinery at the Haridwar plant, supporting future production volume growth.

Horizon Reclaim IPO Valuation vs Listed Peers

At a post-issue P/E of 19.14x, Horizon Reclaim is priced broadly in line with Lead Reclaim and at a discount to Tinna Rubber. The company also delivers a significantly higher RoNW than all three listed peers, which supports the valuation case. GRP Limited's multiple of 282.83x is an outlier and should not be used as a primary benchmark. The more relevant comparison is with Lead Reclaim at 19.04x and Tinna Rubber at 26.50x, both of which suggest Horizon Reclaim's pricing is reasonable at current levels.

Should You Apply for Horizon Reclaim IPO?

For listing gain seekers: The GMP of Rs 57 suggests a potential 55% listing gain at current grey market levels. Day 1 subscription of 8.39x with strong retail and NII demand is a positive signal. The 100% fresh issue structure and debt repayment use of proceeds add credibility. If the GMP holds through the final day, the listing opportunity looks attractive for short-term participants. SME IPO listings can be volatile, and GMP is not a reliable predictor of actual listing price.

For long-term investors: The FY26 financial performance is strong, but the unusually high margins for a rubber recycling business and the rapid rise in borrowings deserve careful evaluation. The planned debt repayment is a genuine positive for the balance sheet. Long-term investors should monitor at least two post-listing quarterly results to assess whether the FY26 margins are repeatable before building a meaningful position.

Verdict: Reasonable for listing gain applicants given the current GMP and Day 1 subscription momentum. Long-term investors should wait for post-listing quarterly results before committing significant capital.

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