Horizon Reclaim India share price lists at ₹151, a premium of 47% from SME IPO price

Horizon Reclaim India listed at Rs 151 on BSE SME on 19 Jun 2026, a 46.6% premium over Rs 103 issue price. IPO subscribed 304x. Rs 54.27 Cr fresh issue. Saharanpur rubber maker.

Horizon Reclaim India Limited made a stellar debut on the BSE SME platform on 19 June 2026, listing at Rs 151 per share, a premium of approximately 46.6% over the IPO issue price of Rs 103 per share, rewarding allottees with a significant first-day listing gain. The strong listing came after the Horizon Reclaim IPO, a Rs 54.27 crore 100% fresh issue from the Saharanpur-based reclaimed rubber manufacturer, was subscribed approximately 304 times overall, with the NII (non-institutional investor) category alone subscribed 450.74 times, QIB at 186.72 times and retail at 308.30 times. The listing closely tracked the grey market premium (GMP) trajectory, which had risen from Rs 33 on Day 1 (June 12) to Rs 50 by Day 4 (June 15), implying an estimated listing price of Rs 153 , broadly consistent with the actual Rs 151 debut.

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Horizon Reclaim India IPO Listing Details

Horizon Reclaim India Listing: 46.6% First-Day Gain in Context

A 46.6% listing premium in a session where the broader Nifty 50 is down 190 points and the IT sector is crashing to a 52-week low is a remarkable performance. Horizon Reclaim India’s strong debut reflects both the strength of the SME IPO market in India and the specific investor enthusiasm for a straightforward manufacturing business with clear circular economy credentials, modest valuation and strong subscription momentum across all investor categories.

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Why Horizon Reclaim India IPO Was Oversubscribed 304 Times

1. Circular Economy Positioning at a Reasonable Valuation

Horizon Reclaim India operates in the reclaimed rubber segment, which is gaining attention as India focuses on waste-to-value manufacturing. Reclaimed rubber reduces dependence on natural rubber imports, is accepted by multiple Indian rubber goods industries and offers better cost economics than virgin rubber for certain applications. The IPO priced at a trailing PE of approximately 15-19x, which was considered modest for a manufacturing company with 48% profit growth in FY26, attracting value-focused investors alongside growth-oriented SME IPO participants.

2. 100% Fresh Issue Structure Signals Growth Intent

The Horizon Reclaim IPO was a 100% fresh issue with no Offer for Sale component, meaning no promoter was exiting. All Rs 54.27 crore raised goes directly to the company for working capital, debt reduction and capacity expansion. This structure is viewed positively by investors as it signals that the promoters are not using the IPO as an exit opportunity but rather as a growth financing tool. Combined with the company’s profitable track record (PAT Rs 10.50 crore in FY26 vs Rs 7.07 crore in FY25), the structure addressed a key investor concern about promoter commitment.

3. Strong GMP Build-Up Signalled Market Confidence

The Horizon Reclaim IPO grey market premium built consistently from Rs 5 before subscription to Rs 50 by Day 4, driven by subscription data that showed accelerating QIB and NII demand through the window. NII subscription of 450.74x is particularly significant for SME IPOs as it represents high-networth investors applying with multiple lots, which historically correlates with strong first-day listing performance. The convergence of strong GMP, broad-based subscription and a fresh issue structure provided the conditions for a listing premium matching pre-subscription grey market expectations.

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Conclusion

Horizon Reclaim India listed at Rs 151 per share on BSE SME on 19 June 2026, a 46.6% premium over the Rs 103 IPO price, rewarding allottees with strong first-day gains. The listing followed a 304x oversubscribed IPO with NII at 450.74x, retail at 308.30x and QIB at 186.72x. The Rs 54.27 crore fresh issue will fund working capital, debt reduction and capacity expansion for the Saharanpur-based reclaimed rubber manufacturer. SME stocks carry higher liquidity and volatility risk than mainboard stocks. Consult a SEBI-registered financial advisor before investing.

At what price did Horizon Reclaim India list on BSE SME?

Ans. Horizon Reclaim India Limited listed at Rs 151 per share on BSE SME on June 19, 2026. This represents a listing premium of approximately 46.6% over the upper price band of the IPO, which was set at Rs 103 per share. The listing closely matched the pre-listing grey market premium of Rs 44-50, which had implied an estimated listing price of Rs 147-153. Allottees who received shares at the IPO price of Rs 103 made an approximate profit of Rs 48 per share on listing day alone.

What is Horizon Reclaim India’s business?

Ans. Horizon Reclaim India Limited, incorporated in 2006 and headquartered in Saharanpur, Uttar Pradesh, is a manufacturer of reclaimed rubber. The company processes used tyres, rubber tubes, tread peelings and industrial rubber scrap into natural rubber reclaim, synthetic rubber reclaim and crumb rubber. Its products are used in footwear manufacturing, automotive components, construction materials and other rubber-consuming industries. The company is positioned as a circular economy player, converting rubber waste into usable raw materials.

What were the Horizon Reclaim IPO subscription numbers?

Ans. The Horizon Reclaim IPO was subscribed approximately 304.11 times overall as of June 16, 2026 (Day 3 of subscription). The category-wise breakdown: NII (non-institutional investors) subscribed 450.74 times, retail investors subscribed 308.30 times, and QIBs (qualified institutional buyers) subscribed 186.72 times. The strong across-the-board subscription, particularly from retail and NII categories, is consistent with the eventual 46.6% listing premium. The minimum application amount was Rs 2,47,200 for retail investors (2,400 shares at Rs 103).

What are Horizon Reclaim India’s financials?

Ans. Horizon Reclaim India reported FY26 revenue of Rs 50.01 crore, up from Rs 36.39 crore in FY25, a growth of approximately 37.4%. Net profit for FY26 was Rs 10.50 crore, up from Rs 7.07 crore in FY25, a growth of approximately 48.5%. The company’s market capitalisation at the IPO price of Rs 103 was approximately Rs 200-210 crore, implying a PE of approximately 15-19x on FY26 earnings. At the listing price of Rs 151, the post-listing PE would be approximately 22-28x, reflecting the market’s optimism about the company’s circular economy positioning.

What were the Horizon Reclaim IPO details?

Ans. The Horizon Reclaim India IPO was a book-built SME issue for a total of 52,69,200 equity shares (face value Rs 10) at a price band of Rs 98-103 per share, raising up to Rs 54.27 crore as a 100% fresh issue (no Offer for Sale component). The lot size was 1,200 shares, with a minimum application of 2,400 shares for retail investors (Rs 2,47,200). The issue opened June 12, closed June 16, allotted shares June 17, and listed June 19. The lead manager was GYR Capital Advisors Pvt Ltd, registrar was KFin Technologies, and market maker is Giriraj Stock Broking Pvt Ltd.

How does Horizon Reclaim IPO listing compare with the grey market premium?

Ans. The Horizon Reclaim IPO grey market premium (GMP) rose from Rs 5 before the subscription period (around June 6) to Rs 33 on Day 1 (June 12), Rs 35 on Day 2, Rs 43-44 on Day 3, and Rs 50 on Day 4 (June 15). The rising GMP trajectory indicated strengthening demand, particularly from HNI and QIB categories. The final GMP of Rs 44-50 implied an estimated listing price of Rs 147-153, and the actual listing at Rs 151 closely matched these pre-listing market expectations.

What are the IPO proceeds being used for by Horizon Reclaim India?

Ans. Horizon Reclaim India will use the Rs 54.27 crore IPO proceeds (all fresh issue) for three primary purposes: funding working capital requirements of the company; pre-payment or repayment of all or a portion of outstanding borrowings; and funding capital expenditure for installation of additional plant and machinery. The company has borrowings of approximately Rs 242 crore, and a portion of IPO proceeds will be used for debt reduction, improving the balance sheet profile. The capex component will expand reclaimed rubber production capacity.

What is the growth opportunity for Horizon Reclaim India?

Ans. The reclaimed rubber industry benefits from the growing global focus on circular economy and sustainable manufacturing. As India’s tyre industry and rubber consumption grows, the supply of used tyres and rubber waste for reclamation also increases, providing a growing raw material base for Horizon Reclaim India. Reclaimed rubber is a cost-effective substitute for natural rubber in many applications, and its use is mandated or preferred in certain applications due to environmental compliance standards. The company’s Saharanpur facility is well-positioned to serve the growing rubber goods manufacturing cluster in North India. Consult a SEBI-registered financial advisor before investing in SME stocks.