Horizon Reclaim IPO Opens Today: Five Anchor Investors Invest Over Rs 15 Crore in SME IPO

New Delhi, Jun 12 (PTI): Horizon Reclaim (India) Ltd on Thursday said it has collected over Rs 15 crore from anchor investors ahead of its initial share sale, which will open for subscription on Friday.

The Saharanpur-based company has allocated 15.01 lakh equity shares at an anchor investor price of Rs 103 to five entities, including Bandhan Mutual Fund, Finavenue Growth Fund and Nova Global Opportunities Fund PCC – Touchstone, the company said in a statement.

The Rs 54.27-crore initial public offering (IPO) will conclude on June 16, and the company’s shares are proposed to be listed on the BSE SME with a tentative listing date fixed on June 19.

The IPO is entirely a fresh issue of up to 52.69 lakh equity shares with a price band fixed at Rs 98-103 per share.

The net proceeds from the IPO will be utilised by the company for the repayment of debt, funds will also be used for the installation of additional plant & machinery, funding the working capital requirements and general corporate purposes.

Incorporated in 2006, Horizon Reclaim (India) Ltd is engaged in the manufacturing of reclaimed rubber derived from used rubber materials such as old tyres, rubber tubes, tread peelings, and industrial scrap, including EPDM (Ethylene Propylene Diene Monomer).

GYR Capital Advisors is the sole book-running lead manager for the IPO.

(with inputs from PTI)