Shares of Horizon Reclaim (India) made a strong D-Street debut on Friday, listing at a 46.6% premium to its IPO price. The stock opened at Rs 151 apiece on the BSE SME platform against the issue price of Rs 103.
Although the listing fell short of unlisted market expectations, the stock delivered solid gains to IPO investors. Ahead of its debut, Horizon Reclaim (India) shares were commanding a grey market premium (GMP) of around 73%.
The Rs 54.27-crore IPO was open for subscription between June 12 and June 16 and received an overwhelming response from investors. The issue was subscribed 304.11 times, led by strong participation from all investor categories.
The non-institutional investor (NII) portion was subscribed 450.74 times, while the retail category was booked 308.30 times. The qualified institutional buyer (QIB) segment attracted bids for 186.72 times the shares reserved.
The book-built issue comprised an entirely fresh issue of 52.69 lakh equity shares. The company had fixed the issue price at Rs 103 per share. Shares are scheduled to list on the BSE SME platform on June 19.
Incorporated in 2006, Horizon Reclaim (India) manufactures reclaimed rubber using recycled rubber materials such as used tyres, tubes, tread peelings and industrial rubber scrap. Its product portfolio includes natural rubber reclaim, synthetic rubber reclaim and crumb rubber, catering primarily to industrial and business-to-business customers.
The company reported healthy financial growth in FY26. Revenue rose 37% year-on-year to Rs 50.01 crore, while profit after tax increased 49% to Rs 10.5 crore.
The IPO proceeds will be used for working capital requirements, repayment of borrowings, installation of additional plant and machinery, and general corporate purposes.
GYR Capital Advisors is the book-running lead manager to the issue, while Kfin Technologies is the registrar.
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