Summary
Horizon Reclaim (India) IPO opens from 12 June to 16 June 2026 on BSE SME.
The company manufactures reclaimed rubber products using recycled tyres and industrial rubber scrap.
The IPO carries a GMP of ₹52.00, implying an estimated listing gain of 50.49%.
The Horizon Reclaim (India) IPO is being launched through the book-building route and has a total issue size of ₹5,427.00 lakhs. The offer is entirely a fresh issue of 52,69,200 Equity Shares.
The applications for the Horizon Reclaim (India) IPO will be accepted from 12 June 2026, with bidding ending on 16 June 2026. The allotment will take place on 17 June 2026.
Upon completion of the issue formalities, Horizon Reclaim (India) is tentatively scheduled to start trading on BSE SME on 19 June 2026.
The IPO carries a price band of ₹98/share to ₹103/share. The investors can bid for lots of 1,200 shares. Retail participation starts at 2 lots, which equals 2,400 equity shares. At the upper end of the bidding range, this requires an application amount of ₹2,47,200.
HNI investors must bid for a minimum of 3 lots, which makes it 3,600 shares, amounting to ₹3,70,800 at the upper band.
Horizon Reclaim (India) IPO–Key Details
The following table compiles the key details of the Aastha Spintex IPO:
| IPO Open | 12 June 2026 |
| IPO Close | 16 June 2026 |
| Face value | ₹10.00/share |
| Price Band | ₹98.00/share – ₹103.00/share |
| Issue price | – |
| IPO Lot Size | 1,200 shares |
| Offer-for-sale | – |
| Fresh issue | 52,69,200 Equity Shares (₹5,427.00 lakhs) |
| Issue Type | SME/Book-built |
| Listing | BSE SME |
| Total Issue Size (₹ Crore) | ₹5,427.00 lakhs (52,69,200 Equity Shares) |
| Minimum Investment (Retail) | ₹2,47,200 (2 lots x upper band) |
Horizon Reclaim (India) IPO–Timeline
Below is the schedule of the key events and dates for the Horizon Reclaim (India) IPO:
| Bid Open Date | 12 June 2026 |
| Bid Close Date | 16 June 2026 |
| Allotment | 17 June 2026 |
| Refunds Initiated | 18 June 2026 |
| Share Credit Date | 18 June 2026 |
| Listing | 19 June 2026 |
| UPI mandate Cut-off time | 16 June 2026 (05:00 PM) |
Horizon Reclaim (India) Limited–Key Performance Indicators (KPIs)
Presented below are the essential financial metrics and ratios of Horizon Reclaim (India) Limited, reflecting its operational efficiency and financial results.
| KPIs | 2026 | 2025 | 2024 |
| ROE (%) | 53.63 | 65.47 | 10.30 |
| ROCE (%) | 25.45 | 40.70 | 13.11 |
| Debt-Equity Ratio (in times) | 1.44 | 0.70 | – |
| RoNW (%) | 42.29 | 49.32 | 9.80 |
| PAT Margin (%) | 21.25 | 19.51 | 3.50 |
| EBITDA Margin (%) | 32.64 | 28.75 | 5.72 |
| Price-Book Value | – | – | – |
Horizon Reclaim (India) Limited–Financial Information
| 2026 | 2025 | 2024 | |
| Revenue | 4,942.08 | 3,621.61 | 2,032.71 |
| Assets | 6,487.58 | 2,607.55 | 844.81 |
| Profit After Tax | 1,050.06 | 706.72 | 71.14 |
(Amount in ₹ lakhs)
Horizon Reclaim (India) IPO–Subscription Status
| Date | QIB (Ex Anchor) | NII* | Individual Investors | Total |
|---|---|---|---|---|
| Jun 12 (Day 1) | 0.00 | 12.63 | 11.37 | 8.39 |
Horizon Reclaim (India) IPO–Grey Premium Market (GMP)
As of 11 June 2026, 12:28 PM, the Horizon Reclaim (India) IPO GMP is ₹52. Adding this premium to the upper issue price of ₹103 suggests an estimated listing price of ₹155, which translates into a potential gain of 50.49% per share.
| GMP Date | GMP | Est. Listing Price | Est. Profit* | Last Updated |
|---|---|---|---|---|
| 12-06-2026 Open | ₹53 ▲ | ₹156 (51.46%) | ₹63,600 | 12-Jun-2026 20:34 |
| 11-06-2026 | ₹50 ▲ | ₹153 (48.54%) | ₹60,000 | 11-Jun-2026 23:31 |
| 10-06-2026 | ₹42 ▲ | ₹145 (40.78%) | ₹50,400 | 10-Jun-2026 23:34 |
| 09-06-2026 | ₹25 ▲ | ₹128 (24.27%) | ₹30,000 | 9-Jun-2026 23:30 |
| 08-06-2026 | ₹15 ▲ | ₹118 (14.56%) | ₹18,000 | 8-Jun-2026 23:28 |
| 07-06-2026 | ₹5 ▲ | ₹108 (4.85%) | ₹6,000 | 7-Jun-2026 23:28 |
| 06-06-2026 | ₹0 ─ | ₹103 (0.00%) | ₹0 | 6-Jun-2026 23:37 |
Note: GMP shows the prevailing premium for IPO shares in the grey market ahead of exchange listing. These values are not regulated and can fluctuate.
Horizon Reclaim (India) IPO–Reservation
Presented below is the category-wise distribution of shares in the IPO.
| Investor Classification | % Allocation | Shares offered |
| Market maker | 5% | 2,64,000 |
| QIBs | 18.99% | 10,00,800 |
| Anchor Investor | 28.49% | 15,01,200 |
| NIIs | 14.26% | 7,51,200 |
| Individual Investor | 33.25% | 17,52,000 |
| Total | 100% | 52,69,200 |
Horizon Reclaim (India) IPO–Lot Size
Below is a breakdown of the lot allocation, share quantity, and investment amount required for each investor category.
| Application | Lot Size | Shares | Amount |
| Retail Minimum Application | 2 | 2,400 | ₹2,47,200 |
| Retail Maximum Application | 2 | 2,400 | ₹2,47,200 |
| S-HNI Minimum Application | 3 | 3,600 | ₹3,70,800 |
| S-HNI Maximum Application | 8 | 9,600 | ₹9,88,800 |
| S-HNI Minimum Application | 9 | 10,800 | ₹11,12,400 |
Horizon Reclaim (India) IPO–Anchor Investors Details
Below is a summary of the anchor investor offering under the Horizon Reclaim (India) IPO:
| Bidding Opens On | 11 June 2026 |
| Shares Offered | 15,01,200 shares |
Horizon Reclaim (India) IPO–Prospectus
You can check the official prospectus and related documents available through the company and SEBI for complete details on the IPO.
About Horizon Reclaim (India) Limited
Founded on: 21 August 2006
Managing Director and Chief Financial Officer: Mohit Bajaj
Horizon Reclaim (India) Limited manufactures reclaimed rubber using recycled materials such as used tyres, tubes, tread peelings, industrial scrap, and EPDM rubber.
The company offers three main product categories:
- Natural Rubber Reclaim: Used in the production of various rubber-based consumer and industrial goods.
- Synthetic Rubber Reclaim: Manufactured to support industries that require high-performance recycled rubber for engineering and industrial purposes.
- Crumb Rubber: This recycled rubber material is manufactured from discarded tyres and is widely used in engineered surfaces and construction-oriented applications.
The company operates under internationally recognised quality, environmental, and workplace safety frameworks, supported by ISO and RoHS certifications.
Its products are primarily supplied to business customers, including SMEs and industrial clients, mainly across north-western India.
| Name | |
| Book Running Lead Managers (BRLM) | GYR CAPITAL ADVISORS PVT LTD |
| IPO Registrar | KFIN TECHNOLOGIES LTD |
Horizon Reclaim (India) IPO–Objectives
The table below provides a breakdown of the key areas where the company intends to deploy the funds raised from the issue.
| Particulars | Amount (in ₹ lakhs) |
| Working capital requirements | 600.00 |
| Pre-payment or Repayment of borrowings | 2,670.00 |
| Installation of Plant & Machinery | 943.00 |
| Corporate requirements | – |
Horizon Reclaim (India) Limited–Strengths
- Technology-Driven Facility: The company operates a 14,100 MT capacity plant equipped with modern machinery, supporting efficient production and cost management.
- Diversified Customer Base: The company’s customers span multiple industries, including automotive, footwear, construction, and sports surfaces, reducing dependence on any single sector.
- Experienced Promoter Leadership: The promoters bring about two decades of industry experience, which supports operational growth, customer relationships, and strategic decision-making.
- Strong Quality Control Systems: The company’s dedicated in-house testing laboratory and stringent quality checks help maintain product consistency and meet customer specifications.
Horizon Reclaim (India) Limited–Risks
- Capital-Intensive Operations: The company requires substantial capital investment, and difficulties in raising funds could affect expansion plans and operational performance.
- High Working Capital Needs: The company needs significant working capital to support operations. Any cash flow constraints could impact payments and business performance.
- Dependence on Purchase Orders: The company operates without long-term customer contracts, which could lead to fluctuations in revenue visibility and order flow.
- Reliance on Third-Party Suppliers: The company’s manufacturing operations depend on external suppliers for raw materials. Any supply disruptions, price increases, or quality issues could affect production.
Horizon Reclaim (India) IPO–Review
The company has delivered notable expansion in its operating scale and earnings during the three-year period under review.
The business is backed by established manufacturing operations, a customer base spread across multiple sectors, and promoters with nearly two decades of industry experience.
The latest GMP of ₹52.00 suggests positive market sentiment, though investors should also consider the company’s working capital requirements and dependence on external suppliers.
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Horizon Reclaim (India) IPO FAQs
The Horizon Reclaim (India) IPO is an SME book-built public issue worth ₹54.27 crore. The issue consists entirely of a fresh issue of 52.69 lakh equity shares and is proposed to be listed on the BSE SME platform.
Investors can apply for the Horizon Reclaim (India) IPO through their bank’s ASBA facility or via a registered stockbroker using the UPI-based application process during the subscription period.
Horizon Reclaim (India) Limited has demonstrated strong revenue growth, profitability, and return ratios. However, investors should evaluate the company’s capital requirements, supplier dependence, valuation, and business risks before making an investment decision.
Based on the latest GMP of ₹52 and the upper price band of ₹103, the estimated listing price is ₹155 per share. This indicates a potential listing gain of approximately 50.49%, though actual returns may differ.
The Horizon Reclaim (India) IPO will open for subscription on 12 June 2026 and close on 16 June 2026. You can submit bids during the IPO subscription period.
The Horizon Reclaim (India) IPO lot size is 1,200 shares. The retailer must apply for a minimum of two lots, or 2,400 shares, requiring an investment of ₹2,47,200 at the upper price band.
The allotment for the Horizon Reclaim (India) IPO is expected to be finalised on 17 June 2026, subject to the completion of the issue process.
The Horizon Reclaim (India) Ltd shares are tentatively scheduled to be listed on the BSE SME platform on 19 June 2026, following the allotment and share credit process.
