Horizon Reclaim (India) SME IPO
ListedBSE SMEOpens 12 June 2026Closes 16 June 2026
Horizon Reclaim (India) Limited, incorporated in 2006, specializes in the industrial recycling and manufacturing of high-quality reclaimed rubber products. The company converts discarded rubber materials—such as old…
Horizon Reclaim (India) Limited, incorporated in 2006, specializes in the industrial recycling and manufacturing of high-quality reclaimed rubber products. The company converts discarded rubber materials—such as old scrap tires, inner tubes, tread peelings, and industrial rubber residues—into eco-friendly, value-added rubber compounds. Its comprehensive product array features Natural Rubber Reclaim (utilized in footwear soles, floor mats, and tire manufacturing underlayers), Synthetic Rubber Reclaim (including premium EPDM and Butyl rubber grades for automotive weather strips, hoses, and gaskets), and Crumb Rubber used in modified asphalt paving, athletic fields, and roofing applications. Operating primarily on a B2B framework, the company serves small, medium, and large industrial clients across India's northwestern region.
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Key ratios
As per RHP / filingsTimeline
IPO Opens
12 Jun
IPO Closes
16 Jun
Allotment
17 Jun
Listing
19 Jun
IPO Timeline & Listing Details
| Event | Date |
|---|---|
| IPO Open Date | 12 June 2026 |
| IPO Close Date | 16 June 2026 |
| Allotment Date | 17 June 2026 |
| Listing Date | 19 June 2026 |
Investment Categories
| Category | Lots | Amount |
|---|---|---|
Individual | 2 | ₹2,47,200 |
SHNI (Min) | 3 | ₹3,70,800 |
SHNI (Max) | 8 | ₹9,88,800 |
BHNIAbove ₹10,00,000 | 9 | ₹11,12,400 |
IPO Reservation Details
| Category | Reservation |
|---|---|
| QIB (Qualified Institutional Buyer) | 49.99% |
| NII (Non-Institutional Investor) | 15.01% |
| SHNI (Small Non-Institutional Investor) | 4.76% |
| BHNI (Big Non-Institutional Investor) | 9.50% |
| Retail | 35.00% |
| Market Maker | 5.01% |
| Total | 100.00% |
IPO Objectives
- Pre-payment or Repayment, in full or in part, of certain outstanding borrowings availed by the Company (₹26.70 Cr).
- Funding Capital Expenditure requirements for the installation of additional Plant & Machinery assets (₹9.43 Cr).
- Funding ongoing incremental working capital requirements of the Company (₹6.00 Cr).
- General Corporate Purposes.
Strengths
- The company delivers **High Profitability Metrics**, generating a remarkable operational performance with a notable net PAT margin of **21.25%** and a solid EBITDA margin of **32.64%** in FY26.
- It demonstrates **Excellent Pre-IPO Efficiency**, showcasing highly productive equity utilization with a restated financial Return on Equity (ROE) of **53.63%** and an active Return on Net Worth (RoNW) of **42.29%**.
- The business leverages **Product Stack Diversity**, maintaining a broad product mix crossing custom Natural Rubber, technical Synthetic Reclaims (EPDM/Butyl), and Crumb Rubber lines that cater to diverse high-growth sectors.
- It focuses on a **Productive Allocation Blueprint**, ensuring that over 85% of fresh public capital proceeds are cleanly targeted directly at de-leveraging the balance sheet through debt prepayment and building core capacity via machinery acquisition.
Weaknesses
- The company carries a **Significant Leverage Footprint**, managing an aggressive outstanding debt burden of **₹35.76 Cr** against a net worth base of ₹24.83 Cr, yielding a high debt-to-equity leverage layer of **1.44**.
- The firm faces **Geographic Revenue Concentration**, as its distribution tunnels and key SME client accounts remain predominantly concentrated within the northwestern region of India, leaving it vulnerable to regional, localized demand shocks.
- It operates within a **Highly Contested Industry Niche**, navigating a deeply fragmented, heavily unorganized, and price-sensitive domestic scrap-rubber processing ecosystem, which restricts generic long-term pricing power.
- The issue is met with a **Quiet Gray Market Warmup**, with unofficial gray market attention initially opening flat with a tracking premium of **₹0**, indicating highly cautious local investor sentiment ahead of its launch window.
Financial Performance
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets (₹ Cr.) | 64.88 | 26.08 | 8.45 |
| Revenue (₹ Cr.) | 50.01 | 36.39 | 20.44 |
| PAT (₹ Cr.) | 10.5 | 7.07 | 0.71 |
| Net Worth (₹ Cr.) | 24.83 | 14.33 | 7.26 |
Peer Comparison
| Company | P/B Ratio | P/E Ratio | RONW (%) | Net Worth (₹ Cr.) |
|---|---|---|---|---|
| Horizon Reclaim (India) | 5.91 | 19.14 | 53.63% | 24.83 |
| Lead Reclaim and Rubber | 2.86 | 16.91 | 16.93% | 20.03 |
Subscription Details
Daily Bids Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0x | 0.08x | 186.72x |
| NII | 12.63x | 139.71x | 450.74x |
| S-HNI | 11.26x | 131.6x | 347.66x |
| B-HNI | 13.32x | 143.78x | 502.41x |
| RII | 11.37x | 90.39x | 308.3x |
| Total | 8.39x | 75.17x | 304.11x |
Overall Subscription Statistics
| Category | Shares Offered | Shares Bid | Bid Amount (₹ Cr) |
|---|---|---|---|
| QIB | 10,00,800 | 18,68,65,200 | 1,924.71 |
| NII | 7,51,200 | 33,85,98,000 | 3,487.56 |
| Small NII | 2,50,800 | 8,71,93,200 | 898.09 |
| Big NII | 5,00,400 | 25,14,04,800 | 2,589.47 |
| RII | 17,52,000 | 54,01,44,000 | 5,563.48 |
| Total | 35,04,000 | 1,06,56,07,200 | 10,975.75 |
Company Details
- Horizon Reclaim (India) Ltd.
- Khasra no. 9, Dehradun Road, Near Nirankari Bhawan, Village - Kumar Hera, Saharanpur, Uttar Pradesh, 247001
- +91 8171000900
- cs@horizonreclaim.com
- https://www.horizonreclaim.com/
Registrar Details
- Kfin Technologies Ltd.
- 04067162222, 04079611000
- horizonrec.ipo@kfintech.com
- https://ipostatus.kfintech.com/
Frequently Asked Questions
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Horizon Reclaim (India) SME IPO News & Updates
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Horizon Reclaim (India) SME IPO IPO Pages
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Horizon Reclaim (India) SME IPO Details
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Sources
We match Horizon Reclaim (India) SME IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.
- SEBIRules for IPO allotment and disclosures in India
- NSEExchange notices, bidding data, and listing updates
- BSEExchange notices and IPO allotment check tools
- RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
- Kfin Technologies Ltd.Official site to check allotment status for this IPO
Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.
Reviewed by
Dinesh Agrawal · Lead IPO Analyst
15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.