- Price band
- ₹98 – ₹103
- Issue size
- ₹54.27 Cr
- Lot size
- 1200 sh
- Bidding
- 12 – 16 Jun
- Grey market
- —
Face value ₹10.00
100% fresh capital
Lists 19 Jun 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Horizon Reclaim (India) manufactures reclaimed and crumb rubber from scrap tyres, tubes, tread peelings and industrial rubber waste at a single plant at Roorkee, Uttarakhand, selling to industrial buyers in tyre components, footwear, sports surfacing, flooring and construction. Revenue was Rs 20.33 Cr in FY24, Rs 36.22 Cr in FY25 and Rs 49.42 Cr in FY26, with EBITDA of Rs 1.17 Cr, Rs 10.46 Cr and Rs 16.32 Cr and profit after tax of Rs 0.71 Cr, Rs 7.07 Cr and Rs 10.50 Cr on those revenues. The Rs 54.27 Cr issue was entirely fresh, priced at Rs 98–103 with Rs 26.70 Cr of proceeds earmarked to repay borrowings, and closed 304.19 times subscribed on 16 June 2026. The shares listed at Rs 151 against the band top of Rs 103, closed day one at Rs 147.30 and last traded at Rs 118.45 on 23 October 2026, 21.56% below the listing price.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for Horizon Reclaim, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2006 · Saharanpur, Uttar Pradesh, India
Horizon Reclaim (India) manufactures reclaimed rubber and crumb rubber from scrap — end-of-life tyres, tubes, tread peelings and industrial rubber waste. Its range covers whole tyre reclaim, natural rubber reclaim, synthetic grades made from EPDM and butyl scrap, and finely ground crumb rubber powder. Buyers are industrial users rather than consumers: automotive and tyre-component makers, footwear manufacturers, sports surfacing, flooring and mats, and construction. Production runs from a single plant at Roorkee in Haridwar district, Uttarakhand, with installed capacity of 14,100 MT; the company produced 12,690 MT in FY26, a 90% utilisation rate. It served 136 customers in FY26, of whom 67 were repeat buyers. Sales skew to north India, with Delhi and Uttar Pradesh the largest states. A pyrolysis-oil unit at Rajkot, Gujarat, was under construction at the time of the issue.
Horizon buys rubber scrap, reprocesses it and sells reclaim by the tonne, so earnings track throughput and the spread over feedstock. Material is the dominant cost: cost of materials consumed was Rs 2,855.05 lakhs in FY26 against revenue from operations of Rs 4,942.08 lakhs. Operating leverage is visible — as utilisation rose from 37.93% in FY24 to 90% in FY26, EBITDA margin widened from 5.72% to 32.64%. That is also the constraint: the one plant at 14,100 MT was nearly full, so further growth depends on the new Bhagwanpur and Rajkot units. Debt funded that build, with total borrowings of Rs 3,575.66 lakhs at 31 March 2026, and Rs 2,670.00 lakhs of issue proceeds was earmarked to repay borrowings. The company holds no long-term customer contracts.
The company on paper
- Legal name
- Horizon Reclaim (India) Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 21 Aug 2006
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U22199UP2006PLC032294
- Sector
- Materials · Reclaimed and crumb rubber manufactured from scrap tyres and rubber waste
- Registered office
- Saharanpur, Uttar Pradesh, India
- Promoters
- Mohit Bajaj, Malika Bajaj
- Promoter holding, pre-issue
- 95.8%
- Promoter holding, post-issue
- 70.0%
- Website
- horizonreclaim.com
The numbers
Financial performance
Revenue has compounded at 55.9% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹54.27 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹0
- Total issue size
- ₹54.27 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
- Market maker portionSME issues require a market maker to provide two-way quotes
- 2,64,000
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 25.9% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹103.00
- Listed at
- ₹151.00
- Listing gain
- up 46.6%
- Since listing
- down 22.9%
- Against the issue price
- up 13.0%
Trading at ₹116.40 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 2,400
- At cut-off price
- ₹103.00
- Amount blocked
- ₹2,47,200
One lot is 1200 shares at ₹1,23,600. This issue requires a minimum of 2 lots, so the smallest application is ₹2,47,200. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~0.3%
chance of one lot, per application
- Retail subscription
- 308.30×
- Applicants per share available
- 308.3× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹151.00
listed at, 46.6% against the issue price
- Issue price
- ₹103.00
- Premium said
- —
- If allotted 1200 shares
- ₹57,600
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Revenue rose from Rs 20.33 Cr in FY24 to Rs 36.22 Cr in FY25, a rise of 78.16%, and to Rs 49.42 Cr in FY26, a further 36.44%. EBITDA on those same revenues was Rs 1.17 Cr, Rs 10.46 Cr and Rs 16.32 Cr — margins of 5.76%, 28.88% and 33.02% — so the margin on the financials table widened in each of the two steps the record covers.
- Profit after tax was Rs 10.50 Cr in FY26 against Rs 7.07 Cr in FY25, a rise of 48.51%, on revenue up from Rs 36.22 Cr to Rs 49.42 Cr, or 36.44%. Net worth was Rs 7.26 Cr at 31 March 2024, Rs 14.33 Cr at 31 March 2025 and Rs 24.83 Cr at 31 March 2026, the last 3.42 times the FY24 figure.
- The company produced 12,690 MT in FY26 against installed capacity of 14,100 MT at the Roorkee plant, a 90% utilisation rate; the business description states utilisation was 37.93% in FY24. It served 136 customers in FY26, of whom 67 were repeat buyers, 49.3% of the total.
- The issue was entirely fresh — Rs 54.27 Cr of a Rs 54.27 Cr total, with the offer for sale nil — and Rs 26.70 Cr of the proceeds was earmarked to repay borrowings, 49.2% of the issue size and 74.7% of the Rs 35.76 Cr outstanding at 31 March 2026. Promoter holding is recorded at 95.84% before the issue and 69.97% after it.
What to weigh against it
- Total borrowings were nil at 31 March 2024, Rs 10.03 Cr at 31 March 2025 and Rs 35.76 Cr at 31 March 2026, rising at both steps the record covers. Against net worth of Rs 14.33 Cr and Rs 24.83 Cr, that is 0.70 times in FY25 and 1.44 times in FY26.
- Production runs from a single plant at Roorkee with installed capacity of 14,100 MT, against which 12,690 MT was produced in FY26. The business description states that the one plant was nearly full and that further growth depends on the new Bhagwanpur and Rajkot units; the record describes a pyrolysis-oil unit at Rajkot as under construction at the time of the issue.
- The record states that the company holds no long-term customer contracts. It also states that 136 customers were served in FY26, of whom 67 were repeat buyers, and the sales skew is to north India, with Delhi and Uttar Pradesh the largest states.
- Cost of materials consumed was Rs 2,855.05 lakhs in FY26 against revenue from operations of Rs 4,942.08 lakhs, or 57.77% of that revenue. The business description states that earnings track throughput and the spread over feedstock.
Easy to miss in the prospectus
- The newest financial period in the record ends 31 March 2026. The Bhagwanpur unit and the Rajkot pyrolysis-oil unit named in the business description carry no figures anywhere in the record.
- Rs 26.70 Cr of the proceeds was earmarked against borrowings of Rs 35.76 Cr outstanding at 31 March 2026. The record carries no balance sheet dated after the issue, so the position following any repayment is not shown.
- The record carries no valuation multiples, no peer set, no category allocation and no grey-market data, so the Rs 98–103 band cannot be set against an earnings multiple from within the record itself.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- GYR Capital Advisors Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- KFin Technologies Limited
How these figures were checked
Reconciled to Horizon Reclaim's own prospectus and to exchange disclosures, then cross-checked against 4 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- BSE cash-market bhavcopy, 15 Oct 2026 (scrip 544794, series M) — ISIN and NewBrdLotQty · read 16 Oct 2026
- BSE cash-market bhavcopy, 19 Jun 2026 (listing day, series MT) — listing open/high/low/close · read 16 Oct 2026
- Red Herring Prospectus, Horizon Reclaim (India) Limited (GYR Capital Advisors), 325 pp · read 16 Oct 2026
- BSE corporate filing by Horizon Reclaim (India) Ltd, 15 Sep 2026 — scrip code, symbol, CIN on letterhead · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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