Horizon Reclaim (India) IPO: ₹54.27 Crore SME Issue Opens for Bidding on June 12

Mumbai, June 10: Horizon Reclaim (India) is preparing to tap the primary market with its ₹54.27 crore SME initial public offering, which is scheduled to open for subscription on June 12, 2026. The issue will remain available for bidding until June 16, while the company’s shares are expected to debut on the BSE SME platform on June 19, subject to the completion of post-issue formalities. 

The offer arrives at a time when SME issuers continue to seek growth capital through public markets. In Horizon Reclaim’s case, the structure is straightforward: no offer-for-sale, no shareholder exit. Every share on offer is part of a fresh issue, meaning the proceeds are intended to flow directly into the business. 

According to the prospectus, the company plans to issue 52.69 lakh equity shares through the book-building route. 

A Fresh Issue with a ₹103 Upper Price Band 

The IPO has been priced in a band of ₹98 to ₹103 per share. At the upper end, the company expects to raise approximately ₹54.27 crore. 

Of the total issue size, 2.64 lakh shares have been earmarked for the market maker. The remaining 50.05 lakh shares form the net offer available to investors across institutional, non-institutional and retail categories. 

Investors often focus on the price band because it determines the final application amount. In a book-built issue, bids can be submitted within the specified range, with the final issue price determined after assessing demand. 

Notably, Horizon Reclaim has chosen the book-building route rather than a fixed-price issue, a format increasingly seen among SME companies seeking broader investor participation. 

Key Dates Investors Should Track 

The subscription window opens on June 12 and closes on June 16. If the schedule proceeds as planned, allotment is expected to be finalised on June 17. Shares are scheduled to be credited to successful applicants on June 18, with refunds for unsuccessful bids initiated on the same day. 

The tentative listing date is June 19, 2026. 

As always, these dates remain subject to regulatory processes and exchange approvals. 

Entry Ticket for Retail Investors Is Relatively Large 

One figure likely to attract attention is the minimum investment requirement. The IPO lot size has been fixed at 1,200 shares. Retail investors are required to apply for a minimum of two lots, taking the application size to 2,400 shares. 

At the upper price band of ₹103, that translates into an investment of ₹2,47,200. 

For non-institutional investors, the minimum application starts at three lots or 3,600 shares, requiring ₹3,70,800 at the upper end of the price range. 

In practical terms, the lot structure places the issue among SME offerings that require a comparatively higher upfront commitment from individual investors. 

Share Reservation Across Categories 

The allocation follows the framework typically adopted for SME public issues. Qualified Institutional Buyers have been reserved 25,02,000 shares, accounting for nearly half of the net offer. Non-Institutional Investors have been allocated 7,51,200 shares, while retail investors will compete for 17,52,000 shares. 

The market maker portion comprises 2,64,000 shares. 

Anchor investors have also participated within the institutional segment, according to disclosures made ahead of the opening. 

Business Built Around Reclaimed Rubber 

Founded in 2006, Horizon Reclaim operates in a specialised manufacturing segment that many investors may not encounter frequently. 

The company processes waste rubber generated from used tyres, tubes, tread peelings and industrial scrap. That material is then converted into reclaimed rubber products that can be reused in manufacturing applications. 

Its portfolio includes natural rubber reclaim, synthetic rubber reclaim and crumb rubber products. End-use industries range from footwear and automotive components to infrastructure and industrial goods. 

It’s a business model tied closely to recycling economics. Raw material that would otherwise enter the waste stream is reintroduced into industrial production, creating an alternative source of rubber inputs for manufacturers. 

Financials Show Growth in FY26 

The company’s latest financial numbers point to a year of expansion. Total income rose to ₹50.01 crore for the financial year ended March 31, 2026, compared with ₹36.39 crore in the previous year. Profit after tax climbed to ₹10.50 crore from ₹7.07 crore. 

EBITDA increased to ₹16.32 crore from ₹10.46 crore over the same period, reflecting stronger operating performance. 

The balance sheet expanded as well. Total assets stood at ₹64.88 crore at the end of FY26, while net worth increased to ₹24.83 crore. 

Revenue growth, improving profitability and a stronger net worth position form a significant part of the company’s investment case as outlined in the prospectus. 

Lead Manager and Registrar 

GYR Capital Advisors Private Limited is acting as the book-running lead manager to the issue. 

KFin Technologies Limited has been appointed registrar, handling application processing and allotment-related activities. Giriraj Stock Broking Private Limited will serve as the market maker. 

These intermediaries play different roles in the IPO process, from regulatory coordination and investor communication to share allocation and market-making support after listing. 

What Happens Next 

For now, the focus shifts to the subscription window. Demand data released during the bidding period will provide the first measurable indication of investor appetite for the issue. Institutional participation, retail response and non-institutional demand often shape sentiment ahead of listing, particularly in the SME segment where issue sizes are relatively modest. 

Horizon Reclaim’s public issue opens on June 12. By June 19, if the current schedule holds, the company is expected to begin trading on the BSE SME platform, marking its transition from a privately held enterprise to a publicly listed one. 

Source

• https://www.bsesme.com/download/362363/SME_IPO%20InPrinciple/DRHP_HorizonReclaim_20260306223648.pdf