Horizon Reclaim (India) Limited is set to launch its Initial Public Offering (IPO).
The public issue will be available for subscription from Friday, June 12, 2026, to Tuesday, June 16, 2026. It a company specialising in the processing of waste tyres and rubber scraps to produce natural and synthetic reclaimed rubber.
Through this book-built offering, the company aims to raise approximately ₹54.27 Crores via a 100% fresh issue, with the price band established between ₹98 and ₹103 per equity share.
The proceeds are intended to fund new manufacturing units, repay debt, and support working capital requirements.
This guide covers the Horizon Reclaim (India) IPO, including current grey market premium (GMP), subscription figures, and the official allotment date. It also provides the price band and a detailed review to assist with investment decisions.
Briefs of Horizon Reclaim (India) IPO Details:
- Price Band: ₹98 – ₹103 per equity share
- Face Value: ₹10 per share
- IPO Open / Close Dates: June 12, 2026 – June 16, 2026
- Lot Size: 1,200 Shares (Note: Retail Minimum Application is 2 Lots / 2,400 Shares)
- Issue Size: 52,69,200 Equity Shares / ~₹54.27 Crores
- Fresh Issue: 100% Fresh Issue
- Registrar: Kfin Technologies Ltd.
- Listing Exchange: BSE SME
Investors who have queries to registrar can check our detailed guide for more help.
IPO Reservation:
The offering comprises a total issue size of 52,69,200 shares.
A total of 50,05,200 shares are available to the public, excluding the 2,64,000 shares kept for the market maker. Here is how they are split:
- QIB Portion: Up to 25,02,000 shares are available here. Big institutional investors, called anchor investors, can get up to 15,01,200 of these shares.
- NII (HNI) Portion: Not less than 7,51,200 Equity Shares.
- Retail (RII) Portion: Not less than 17,52,000 Equity Shares.
What is the GMP of the IPO of GMP Horizon Reclaim (India)Today?
Track current rates on our IPO GMP page. Remember, these numbers changes daily with market demand. They are unofficial, not regulated by market authorities, and should not be sole indicator to invest.
What Are The Important Dates for the IPO of Horizon Reclaim (India)?
To help you budget and plan your funds, here is a breakdown of the key dates for this IPO:
- IPO Open Date: Friday, June 12, 2026
- IPO Close Date: Tuesday, June 16, 2026
- Basis of Allotment Date: Wednesday, June 17, 2026
- Refund Initiation Date: Thursday, June 18, 2026
- Credit of Shares: Thursday, June 18, 2026
- Listing Date: Friday, June 19, 2026
What Are The Objectives of Horizon Reclaim (India) IPO offer?
The company proposes to utilise the Net Proceeds from the Fresh Issue towards the following strategic purposes:
- Debt Repayment: A major allocation of ₹26.70 Crores is earmarked to fully or partially repay outstanding borrowings, which will reduce finance costs and improve the debt-to-equity ratio.
- Capital Expenditure: ₹9.43 Crores will be invested in the installation of additional plant and machinery to expand manufacturing capabilities.
- Working Capital: ₹6.00 Crores will be deployed to meet incremental working capital requirements, essential for maintaining adequate raw material inventories.
- General Corporate Purposes: Any remaining cash will be kept as a backup for unexpected daily expenses and spent on building the company's brand.
How is The Financial Performance of Horizon Reclaim (India)?
Here is a quick look at the company's financial health and profits over the last few years, using their restated accounting statements.
(Figures in ₹ Crores)
Particulars | FY 2025-26 | FY 2024-25 | FY 2023-24 |
Total Income | 50.01 | 36.39 | 20.44 |
Profit After Tax (PAT) | 10.50 | 7.07 | 0.71 |
EBITDA | 16.32 | 10.46 | 1.17 |
Total Borrowing | 35.76 | 10.03 | 0.00 |
Assets | 64.88 | 26.08 | 8.45 |
Source: RHP
Financial Analysis & Observations:
Total Income:
The company demonstrated robust revenue scaling, with Total Income growing from ₹20.44 Crores in FY24 to ₹50.01 Crores in FY26.
This significant expansion is driven by improved capacity utilisation and the successful addition of a new, high-margin revenue stream from the sale of Extended Producer Responsibility (EPR) credits to tyre manufacturers.
Profit After Tax (PAT):
Profitability surged remarkably, jumping from a mere ₹0.71 Crores in FY24 to ₹10.50 Crores in FY26.
The exceptional bottom-line growth highlights the lucrative nature of the EPR credits, which directly padded the net profit margins.
EBITDA:
Operational efficiency improved markedly, with EBITDA rising to ₹16.32 Crores in FY26.
The EBITDA margins expanded significantly from roughly 5.7% in FY24 to over 32% in FY26, showcasing strong pricing power and cost absorption.
Total Borrowing:
To fund its aggressive expansion plans, including new units in Haridwar and Rajkot, total borrowings escalated rapidly to ₹35.76 Crores in FY26.
The planned IPO debt repayment of ₹26.70 Crores is a crucial step to manage this leverage and reduce interest burdens.
Assets:
The asset base expanded massively from ₹8.45 Crores in FY24 to ₹64.88 Crores in FY26. This growth is predominantly fuelled by heavy capital expenditure in plant and machinery, which also resulted in negative cash flows from investing activities.
What Are the P/E Ratio and Peer Comparison?
To understand the valuation, we look at the Price-to-Earnings (P/E) ratio calculated at the upper price band.
- Issue Price (Upper Band): ₹103
- EPS (FY26): ₹7.37
- P/E Ratio: ~13.97x
Peer Comparison Table (FY 2025-26 Data):
Company | P/E Ratio | RoNW (%) | EPS (₹) | Total Income (₹ Cr) |
Horizon Reclaim (India) | 13.97 | 42.29 | 7.37 | 50.01 |
Lead Reclaim and Rubber | 19.04 | 10.27 | 4.73 | 39.99 |
Analysis:
Horizon Reclaim is entering the market at a P/E multiple of approximately 13.97x based on its FY26 EPS.
When compared to its listed peer, Lead Reclaim and Rubber Products Limited (19.04x), the issue appears to be priced at an attractive discount.
Furthermore, Horizon boasts an exceptionally superior Return on Net Worth (RoNW) of 42.29%, vastly outperforming Lead Reclaim (10.27%), which suggests highly efficient capital utilisation within the reclaimed rubber market.
What is The Industry Outlook of Horizon Reclaim (India) Limited?
Growth Potential:
The Indian reclaimed rubber industry is experiencing strong tailwinds due to increasing environmental regulations and the push for sustainable, circular-economy manufacturing practices.
Market Trends: The mandate for tyre manufacturers to utilise a certain percentage of reclaimed rubber or purchase EPR credits is a massive growth driver for processors like Horizon, providing a steady and highly profitable secondary revenue stream.
What Are The Strengths and Risks of Horizon Reclaim (India) IPO?
Strengths:
- High Return Ratios: A stellar RoNW of over 42% indicates excellent management of shareholder equity and strong profitability metrics.
- New Revenue Streams: The successful monetisation of EPR credits provides a high-margin, low-cost revenue boost that distinguishes the company from traditional manufacturers.
- Deleveraging Plan: Using the majority of IPO funds for debt repayment will structurally improve net margins and financial flexibility post-listing.
Risks:
- High Debt Levels: The rapid surge in borrowings to nearly ₹36 Crores (resulting in a D/E ratio of 1.44) highlights the capital-intensive nature of its recent expansion.
- Negative Cash Flows: Heavy capital expenditure led to significant negative cash flows from investing activities (-₹34.64 Crores in FY26), which requires careful liquidity management.
- Absence of Long-Term Contracts: Relying purely on short-term purchase orders for both raw material procurement and client sales exposes the company to supply chain and pricing volatility.
Key Considerations for Investors
Investors need to check the minimum amount of money required to buy in.
- Minimum Application: One lot has 1,200 shares. Regular retail investors must buy at least 2 lots (2,400 shares). This means the smallest amount you can invest is ₹2,47,200. Note: This amount is over the usual ₹2 Lakh limit for regular retail buyers. That means this group is really meant for small High Net Worth Investors (sHNI).
- Valuation vs. Risk: At ~14x P/E, the pricing leaves room for upside compared to its peer, especially given the superior return ratios. However, the high debt and negative cash flows from investing activities are factors to weigh.
- Regulatory Support: The company's profitability is heavily aided by environmental regulations (EPR credits); any adverse change in these policies could impact margins.
Key Takeaways
- IPO Price: ₹103 per share (Upper Band).
- Min Investment: ₹2,47,200 (2,400 Shares).
- Valuation: P/E of ~13.97x
- Financials: Revenue ₹50 Cr (FY26);
- Listing: BSE SME platform on June 19, 2026.
Important IPO Resources:
1. Upcoming and live IPOs of 2026
2. Research and Data analysis of IPOs of 2026
3. Daywise subscription numbers of IPOs
4.Allotment dates and other important information page.
5. IPO Listing Performance Tracker 2026 – Complete Dataset of IPO Listing Gains in India
6. IPO Valuation vs Listing Performance Study 2026
FAQs on Horizon Reclaim (India) IPO
What is the GMP of Horizon Reclaim (India) IPO today?
You can find the most up-to-date numbers on reliable finance websites or right here in our GMP section.
What is the price range for Horizon Reclaim (India) IPO?
The price for each share is set between ₹98 and ₹103.
What is Horizon Reclaim (India) IPO allotment date?
The company expects to finalize who gets shares on Wednesday, June 17, 2026.
How to check the allotment status of Horizon Reclaim (India) IPO?
You can check if you got shares on the Kfin Technologies website or through the BSE IPO portal.
What is the listing date of Horizon Reclaim (India) IPO?
The shares are tentatively scheduled to list on Friday, June 19, 2026.
Investment Perspective on Horizon Reclaim (India) IPO
Horizon Reclaim presents a high-growth opportunity in the sustainable manufacturing sector, bolstered by the lucrative EPR credit market.
While the valuation is attractive relative to its peer and return ratios are exceptional, prospective investors must carefully consider the substantial debt levels and the high minimum investment ticket size before participating.
Disclaimer:
This article is for educational purposes, and readers should consult a SEBI-registered investment advisor before making financial decisions.
