Which company's IPO is this?
This IPO is of Horizon Reclaim (India) Ltd. The issue is scheduled to open on Friday, 12 June 2026 and closes on Tuesday, 16 June 2026.
After the IPO process is completed, the shares are proposed to be listed on BSE.
IPO Details
SMEListed
Open:Fri, 12 Jun 2026
Close:Tue, 16 Jun 2026
Lot Size:1200 Shares
Price Band:₹ 98 - ₹ 103
Listing:BSE
Fresh Issue:54.27 Cr
OFS:-
Total IPO Size:54.27 Cr
QIB : 49.99%
Retail : 35.00%
Total HNI : 15.01%
IPO Timeline
| Event | Date |
|---|---|
| Open Date | 12-06-2026 , Friday |
| Close Date | 16-06-2026 , Tuesday |
| Tentative Allotment | 17-06-2026 , Wednesday |
| Tentative Listing Date | 19-06-2026 , Friday |
| Retail Appl. Cut Off Time | 16-06-2026 , Tuesday 05:00 PM |
| Non Retail Appl. Cut Off Time | 16-06-2026 , Tuesday 04:00 PM |
| Anchor Allotment | 11-06-2026 , Thursday |
| Initiation Of Refund | 18-06-2026 , Thursday |
| Credit Of Share To Demat | 18-06-2026 , Thursday |
Company Business Overview
IPORupee Business Overview
Horizon Reclaim India Limited IPO
Business overview, IPORupee business insight and investor education based on the Red Herring Prospectus dated June 05, 2026.
Company Overview
Horizon Reclaim India Limited is engaged in the manufacturing of reclaimed rubber. Reclaimed rubber is recycled rubber produced from used rubber materials such as old tyres, rubber tubes, tread peelings and industrial rubber scrap. The company also processes materials such as EPDM scrap, which is a synthetic rubber known for durability, heat resistance and weather resistance.
The company was originally incorporated as Horizon Reclaim India Private Limited on August 21, 2006 at Saharanpur, Uttar Pradesh. It was converted into a public limited company and renamed Horizon Reclaim India Limited in May 2025.
The promoters of the company are Mohit Bajaj and Malika Bajaj. The registered office is located at Khasra No. 9, Dehradun Road, Near Nirankari Bhawan, Village Kumar Hera, Saharanpur, Uttar Pradesh.
2006Year of incorporation
BSE SMEProposed listing platform
Fresh IssueNo offer for sale
Main Business
The company business is linked with the recycling economy, rubber products industry, tyre recycling, industrial rubber goods, footwear, mats, conveyor belts, road construction, sports surfaces and rubber-based components. Its business model is based on processing waste rubber and converting it into reusable rubber material.
Natural Reclaim Rubber
Manufactured from rubber waste such as used tubes, tyre casings, tyre carcasses and buffing scrap. It is used in footwear soles, mats, tyre base layers, conveyor belts, hoses and moulded rubber products.
Synthetic Reclaim Rubber
Includes EPDM and Butyl Reclaim Rubber. It is used in automotive seals, hoses, gaskets, profiles, roofing membranes, insulation applications and tyre inner tubes.
Crumb Rubber
Made from recycled tyres and used in road construction, sports surfaces, playground safety surfaces, artificial turf, moulded rubber products and footwear soles.
EPR Credits
The company also generates revenue from EPR credits linked to recycling compliance requirements.
Product-wise Revenue Mix
| Product Segment | FY2026 Revenue | FY2026 Share | FY2025 Share | FY2024 Share |
|---|---|---|---|---|
| Reclaim Rubber WTR | Rs. 1,750.79 lakhs | 35.43% | 43.78% | 53.87% |
| Reclaim Rubber 202 | Rs. 977.51 lakhs | 19.78% | 23.59% | 19.84% |
| Reclaim Rubber Fine | Rs. 297.86 lakhs | 6.03% | 0.00% | 0.00% |
| Reclaim Rubber HR | Rs. 348.18 lakhs | 7.05% | 7.22% | 7.18% |
| Reclaim Rubber EPDM | Rs. 549.30 lakhs | 11.11% | 12.21% | 12.48% |
| Iron Scrap | Rs. 87.68 lakhs | 1.77% | 0.00% | 0.00% |
| Rubber Scrap | Rs. 620.62 lakhs | 12.56% | 0.00% | 0.00% |
| Total Sale of Product | Rs. 4,631.94 lakhs | 93.72% | 90.75% | 100.00% |
| Sale of EPR Credits | Rs. 310.13 lakhs | 6.28% | 9.25% | 0.00% |
| Total Revenue from Operations | Rs. 4,942.08 lakhs | 100.00% | 100.00% | 100.00% |
The company main revenue comes from reclaimed rubber products, especially WTR Reclaim Rubber, Reclaim Rubber 202 and EPDM Reclaim Rubber. EPR credit service also contributed 6.28% in FY2026 and 9.25% in FY2025.
Manufacturing Facilities
Horizon Reclaim currently has one operational manufacturing facility at Plot Nos. 59 to 62, Shiv Ganga Lakeshri, Roorkee, Haridwar, Uttarakhand. This unit has installed production capacity of 14,100 metric tonnes per annum as of March 31, 2026.
The company has also completed construction and installation of plant and machinery at a manufacturing facility at Bhagwanpur, Haridwar District, referred to as Unit III. Commercial operations at this unit are yet to commence.
In addition, the company is developing a facility at Village Gundala, Rajkot, Gujarat, referred to as Unit II, for production of pyrolysis oil. The development of this unit is substantially completed, including construction of necessary structures and installation of pyrolysis reactors.
Capacity Utilisation
| Particulars | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Installed Capacity | 14,100 MT | 14,100 MT | 14,100 MT |
| Actual Production | 12,690 MT | 9,015.54 MT | 5,348.13 MT |
| Capacity Utilisation | 90.00% | 63.94% | 37.93% |
The company capacity utilisation improved significantly from 37.93% in FY2024 to 90.00% in FY2026. This shows better utilisation of the existing facility, higher production volumes and improved operational efficiency.
IPO Offer Details
Horizon Reclaim India Limited IPO is a 100% book-built SME IPO proposed to be listed on BSE SME.
| Particulars | Details |
|---|---|
| IPO Type | Fresh Issue |
| Fresh Issue Size | Up to 52,69,200 equity shares |
| Offer for Sale | Nil |
| Face Value | Rs. 10 per equity share |
| Market Maker Reservation | 2,64,000 equity shares |
| Net Issue | 50,05,200 equity shares |
| Listing Platform | BSE SME |
| Book Running Lead Manager | GYR Capital Advisors Private Limited |
| Registrar | KFin Technologies Limited |
| Anchor Bidding Date | June 11, 2026 |
| IPO Opens | June 12, 2026 |
| IPO Closes | June 16, 2026 |
The issue is entirely a fresh issue. There is no Offer for Sale. This means the net proceeds, after issue expenses, will be available to the company for the stated objects of the issue.
Objects of the Issue
| Object | Amount funded from IPO proceeds |
|---|---|
| Funding working capital requirements | Up to Rs. 600.00 lakhs |
| Pre-payment or repayment of certain outstanding borrowings | Up to Rs. 2,670.00 lakhs |
| Funding capital expenditure for installation of additional plant and machinery | Up to Rs. 943.00 lakhs |
| General corporate purposes | To be finalised |
The total estimated working capital requirement is up to Rs. 3,101.68 lakhs, out of which Rs. 600.00 lakhs is proposed to be funded from IPO proceeds and Rs. 2,501.68 lakhs from internal accruals. The total estimated capital expenditure for additional plant and machinery is up to Rs. 1,142.30 lakhs, out of which Rs. 943.00 lakhs is proposed to be funded from IPO proceeds and Rs. 199.30 lakhs from internal accruals.
Working Capital Position
| Particulars | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Inventories | Rs. 1,001.60 lakhs | Rs. 379.08 lakhs | Rs. 126.26 lakhs |
| Trade Receivables | Rs. 338.42 lakhs | Rs. 538.54 lakhs | Rs. 237.93 lakhs |
| Short-term Loans and Advances | Rs. 88.83 lakhs | Rs. 107.31 lakhs | Rs. 10.28 lakhs |
| Total Current Assets | Rs. 1,428.85 lakhs | Rs. 1,024.93 lakhs | Rs. 374.47 lakhs |
| Total Current Liabilities | Rs. 354.85 lakhs | Rs. 153.82 lakhs | Rs. 102.26 lakhs |
| Total Working Capital | Rs. 1,074.00 lakhs | Rs. 871.11 lakhs | Rs. 272.21 lakhs |
Working capital increased sharply from Rs. 272.21 lakhs in FY2024 to Rs. 1,074.00 lakhs in FY2026. This is one of the reasons the company is using IPO proceeds for working capital requirements.
Financial Performance
| Particulars | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from Operations | Rs. 4,942.08 lakhs | Rs. 3,621.61 lakhs | Rs. 2,032.71 lakhs |
| Revenue Growth | 36.46% | 78.17% | 3.45% |
| Total Income | Rs. 5,001.07 lakhs | Rs. 3,638.85 lakhs | Rs. 2,043.60 lakhs |
| EBITDA | Rs. 1,632.14 lakhs | Rs. 1,046.29 lakhs | Rs. 116.90 lakhs |
| EBITDA Margin | 32.64% | 28.75% | 5.72% |
| Profit After Tax | Rs. 1,050.06 lakhs | Rs. 706.72 lakhs | Rs. 71.14 lakhs |
| PAT Margin | 21.25% | 19.51% | 3.50% |
| Net Worth | Rs. 2,482.87 lakhs | Rs. 1,432.81 lakhs | Rs. 726.09 lakhs |
| Return on Equity | 53.63% | 65.47% | 10.30% |
| Return on Capital Employed | 25.45% | 40.70% | 13.11% |
| NAV per Share | Rs. 17.43 | Rs. 10.06 | Rs. 5.10 |
| Debt-Equity Ratio | 1.44 | 0.70 | Not available |
The financial performance improved strongly between FY2024 and FY2026. Revenue from operations increased from Rs. 2,032.71 lakhs in FY2024 to Rs. 4,942.08 lakhs in FY2026. EBITDA increased from Rs. 116.90 lakhs in FY2024 to Rs. 1,632.14 lakhs in FY2026. PAT increased from Rs. 71.14 lakhs in FY2024 to Rs. 1,050.06 lakhs in FY2026.
Customer Base and Geographic Mix
Horizon Reclaim has a diversified customer base across industries such as automotive, footwear, sports surfaces, flooring, mats and construction. The company does not generally enter into long-term customer contracts. Sales are primarily based on purchase orders and ongoing commercial relationships.
| Particulars | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Total Customers | 136 | 113 | 78 |
| Repeat Customers | 67 | 56 | 43 |
| Repeat Customer Percentage | 49.26% | 49.56% | 55.13% |
| Top 10 Customer Contribution | 35.20% | 43.21% | 50.03% |
The top 10 customer contribution has reduced over the last three years, but purchase order dependence remains an important business risk.
Key Strengths
| Strength | Explanation |
|---|---|
| Recycling-based business model | The company converts used rubber materials into reusable reclaimed rubber products. |
| Established operating history | The company was incorporated in 2006 and has more than 19 years of experience in reclaimed rubber manufacturing. |
| Strong financial improvement | Revenue, EBITDA and PAT improved significantly from FY2024 to FY2026. |
| Improved capacity utilisation | Capacity utilisation increased from 37.93% in FY2024 to 90.00% in FY2026. |
| Diversified customer base | The company serves automotive, footwear, construction, sports surfaces, mats and flooring customers. |
| Expansion into pyrolysis oil | The proposed Rajkot facility can diversify the business into waste-to-energy processing and by-product recovery. |
| Quality control and certification | The company has in-house testing and quality control processes and ISO 9001:2015 certification. |
Key Risks
Working capital intensive business
The company requires significant working capital for inventory, trade receivables and advances to vendors. Total working capital increased from Rs. 272.21 lakhs in FY2024 to Rs. 1,074.00 lakhs in FY2026.
Purchase order-based model
The company generally does not enter into long-term customer contracts. Revenue depends on purchase orders and ongoing commercial relationships.
Single operational manufacturing facility
As of the RHP date, the company has one operational manufacturing facility at Roorkee. Any disruption, fire, machinery breakdown, power issue or regulatory action may affect operations.
Raw material price and supply risk
The company depends on used tyres, rubber tubes, tread peelings and other rubber scrap. Any shortage, delay, quality issue or price increase in raw materials can affect margins.
Supplier concentration
Top 10 suppliers contributed 42.29% of cost of material consumed in FY2026, compared with 52.82% in FY2025 and 55.67% in FY2024.
Debt and repayment risk
The company proposes to use up to Rs. 2,670.00 lakhs from IPO proceeds for repayment or prepayment of borrowings. As of March 31, 2026, debt-equity ratio was 1.44 times.
Plant and machinery order risk
Orders worth Rs. 1,142.30 lakhs towards plant and machinery are yet to be placed. Delay in placing orders or procurement can delay implementation and may increase cost.
Compliance risk
The RHP mentions past non-compliances and deficiencies in corporate and statutory filings. Any regulatory action or penalty may affect reputation and financial position.
New expansion execution risk
The Rajkot pyrolysis oil unit and Bhagwanpur unit are not yet fully commercially operational. Expansion can create new revenue, but it also carries execution, approval, technology, safety and demand risks.
IPORupee Business Insight
Horizon Reclaim India Limited is a recycling and circular economy-linked SME IPO. The company converts waste rubber into usable reclaimed rubber products. This business model is relevant because industries are increasingly focusing on cost reduction, recycling, sustainability and alternative raw materials.
The company biggest positive is its strong financial improvement. Revenue increased from Rs. 2,032.71 lakhs in FY2024 to Rs. 4,942.08 lakhs in FY2026. EBITDA margin improved from 5.72% to 32.64%, and PAT margin improved from 3.50% to 21.25%. These are strong numbers for an SME manufacturing company.
The second positive is improved capacity utilisation. The Roorkee unit moved from 37.93% utilisation in FY2024 to 90.00% utilisation in FY2026. This shows that the existing facility has been used more efficiently.
The third positive is product and revenue diversification. The company is not dependent only on one rubber product. It sells multiple grades of reclaim rubber, EPDM reclaim rubber, rubber scrap, iron scrap and EPR credits. Its planned pyrolysis oil unit may further diversify revenue.
However, investors should not ignore the risks. The company is working-capital intensive, dependent on purchase orders, exposed to raw material price volatility and currently dependent on one operational facility. New units are not yet fully operational, so expansion execution is a key monitorable. The company also has debt, and a large part of the IPO proceeds is proposed for repayment or prepayment of borrowings.
From IPORupee view, Horizon Reclaim should be studied as a recycling-led industrial SME IPO, not as a simple rubber product company. The key question for investors is whether the company can sustain its FY2026 margins after expansion, debt repayment, raw material fluctuations and competitive pressure.
IPORupee Education
What is reclaimed rubber?
Reclaimed rubber is recycled rubber obtained by processing used tyres, rubber tubes and other rubber scrap. It is converted into a reusable material that can be used in manufacturing new rubber products.
Why is reclaimed rubber important?
Reclaimed rubber reduces dependence on virgin rubber, lowers raw material cost for manufacturers and reduces rubber waste. It also supports circular economy and recycling.
What is Natural Reclaim Rubber?
Natural Reclaim Rubber is made from rubber waste such as used tubes, tyre casings and buffing scrap. It is used in footwear soles, mats, tyre retreading, conveyor belts, hoses and moulded rubber goods.
What is Synthetic Reclaim Rubber?
Synthetic Reclaim Rubber is produced from synthetic rubber waste such as EPDM and butyl rubber scrap. It is used in automotive seals, hoses, gaskets, construction profiles, roofing membranes and insulation applications.
What is crumb rubber?
Crumb rubber is finely ground rubber derived from used tyres. It is used in road construction, sports tracks, playground surfaces, artificial turf, mats, pavers, footwear soles and industrial rubber products.
What is pyrolysis oil?
Pyrolysis oil is a liquid fuel produced by heating used tyres or rubber waste in a controlled oxygen-limited environment. The process can also generate carbon char and steel scrap.
What are EPR credits?
EPR means Extended Producer Responsibility. Under this framework, producers or importers may need to ensure recycling of waste materials. Recycling companies can generate credits from recycling activity.
Why is working capital important in this IPO?
Recycling and rubber manufacturing require inventory of waste rubber, processing materials, receivables from customers and advances to suppliers. When business grows, working capital needs also grow.
Why is debt repayment important?
The company proposes to use up to Rs. 2,670.00 lakhs for pre-payment or repayment of borrowings. This can reduce finance cost and improve balance sheet strength.
Important Note on Lot Size and Application Amount
This is an SME IPO proposed to be listed on BSE SME. In SME IPOs, the lot size and actual minimum application quantity can sometimes differ from early IPO details or pre-final documents. Investors should verify the final bid quantity, lot size, price band and blocked amount directly on their broker platform before approving the UPI mandate. Do not rely only on early screenshots or informal IPO notes.
IPORupee View
Horizon Reclaim India Limited is a recycling-based manufacturing company with exposure to reclaimed rubber, EPR credits and future pyrolysis oil. The company has shown strong revenue growth, sharp improvement in profitability and better capacity utilisation.
At the same time, this is an SME manufacturing IPO with clear risks. The business is working-capital intensive, purchase order-driven, dependent on raw material availability, currently dependent on one operational facility and undergoing expansion into new units. Plant and machinery orders for the capex plan are also yet to be placed.
From IPORupee view, this IPO may appeal to investors who understand recycling, rubber manufacturing and SME industrial business risk. The final decision should depend on valuation, post-issue debt comfort, margin sustainability, commercialisation of new units and investor risk appetite.
Disclaimer
This article is for educational and informational purposes only. It is not a recommendation to apply, buy, sell or hold any securities. IPO investments are subject to market risk, business risk, valuation risk, liquidity risk and SME platform risk. Investors should read the RHP, consult their financial advisor and make their own decision before investing. We are not SEBI registered investment advisors.
Subscription Data
IPO Structure
| Category | Percentage | No. of Shares Offered | Amount |
|---|---|---|---|
QIB | 49.99 % | 25,02,000 | 25.77 Cr |
Retail | 35.00 % | 17,52,000 | 18.05 Cr |
Total HNI | 15.01 % | 7,51,200 | 7.73 Cr |
SHNI | 5.01 % | 2,50,800 | 2.58 Cr |
BHNI | 10.00 % | 5,00,400 | 5.15 Cr |
Market Maker | 0.00 % | 2,64,000 | 2.72 Cr |
Anchor Investors
Horizon Reclaim (India) Ltd allotted 15,01,200 equity shares to anchor investors at ₹103 per share on 11 Jun 2026 before the IPO opening. The total anchor allocation stood at 15.46 Cr across 5 anchor investors.
Mutual funds received 5,82,000 shares worth 5.99 Cr, representing 38.77% of the total anchor investor allocation. Within the mutual fund portion, Bandhan Mutual Fund had the highest fund-house level allocation with 5,82,000 shares worth 5.99 Cr across 1 scheme.
At scheme level, the largest mutual fund allocations included Bandhan Small Cap Fund.
The largest anchor investor received 38.77% of the anchor portion. The top five anchor investors together received 15,01,200 shares, representing about 100.00% of the total anchor allocation.
Top 5 Anchor Investors
| Rank | Anchor Investor Name | Shares Allocated | Allocation % | Allocation Amount |
|---|---|---|---|---|
| 1 | Bandhan Small Cap Fund | 5,82,000 | 38.77 % | 5.99 Cr |
| 2 | Vikasa India EIF I Fund - Incube Global Opportunities | 4,59,600 | 30.62 % | 4.73 Cr |
| 3 | Shine Star Build-Cap Private Limited | 2,65,200 | 17.67 % | 2.73 Cr |
| 4 | Finavenue Capital Trust - Finavenue Growth Fund | 97,200 | 6.47 % | 1.00 Cr |
| 5 | Nova Global Opportunities Fund PCC - Touchstone | 97,200 | 6.47 % | 1.00 Cr |
Top 1 Mutual Fund Scheme Investors
| Rank | Mutual Fund Scheme | AMC | Shares Allocated | Allocation % | Allocation Amount |
|---|---|---|---|---|---|
| 1 | Bandhan Small Cap Fund | Bandhan Mutual Fund | 5,82,000 | 38.77 % | 5.99 Cr |
The figures are based on the company’s stock exchange anchor allotment intimation. Anchor allocation is only an informational disclosure and does not indicate future listing performance.
Lot Size Details
| Application | Discount | Qty (Lot) | Total |
|---|---|---|---|
Retail MIN | - | 2400 (2) | ₹ 2,47,200 |
Retail MAX | - | 2400 (2) | ₹ 2,47,200 |
SHNI MIN | - | 3600 (3) | ₹ 3,70,800 |
SHNI MAX | - | 9600 (8) | ₹ 9,88,800 |
BHNI MIN | - | 10800 (9) | ₹ 11,12,400 |
Objectives
| Objective | No Of Shares | Amount |
|---|---|---|
Fresh Issue | 52,69,200 | 54.27 Cr |
Contact Details
IPO Contact Details
Registered Office
Khasra no. 9, Dehradun Road, Near
Nirankari Bhawan, Village - Kumar Hera,
Saharanpur, - 247001, Uttar Pradesh
Corporate Office
Khasra no. 9, Dehradun Road, Near
Nirankari Bhawan, Village - Kumar Hera,
Saharanpur, - 247001, Uttar Pradesh
Contact Person
Ms. Deeksha Thakral - Company Secretary and Compliance Officer
Telephone
Website
Registrar to Issue Details
Registrar Name
KFIN Technologies Limited
Contact Person
M Murali Krishna
Telephone
Website
Lead Managers
| Name | Contact Person | Telephone | Website | |
|---|---|---|---|---|
GYR Capital Advisors Private Limited | Mohit Baid | +91 8777564648 | horizon.ipo@gyrcapitaladvisors.in | www.gyrcapitaladvisors.com |