Horizon Reclaim (India) Ltd IPO
Plantation & Plantation Products
Price Band
₹98 – ₹103
Lot Size
1200
Minimum Bid Quantity
2400
Minimum Investment
₹247200
Issue Size
₹54.27Cr
Opens
2026-06-12
Closes
2026-06-16
Listing
19-06-2026
Subscription Status
Qualified Institutional Buyers
134.35 x
Non-Institutional Investor
288.08 x
Retail Individual Investor
263.6 x
Total
235.86 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE1SEO01013
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Horizon Reclaim (India) Limited is a manufacturer of reclaimed rubber, which is produced by recycling used rubber materials such as tyres, tubes, tread peelings, and industrial rubber scrap. The company offers a range of products including natural reclaim rubber, synthetic reclaim rubber (EPDM and butyl reclaim rubber), and crumb rubber. These products are used in applications such as footwear soles, floor mats, automotive seals, hoses, gaskets, conveyor belts, road construction, sports surfaces, and other rubber-based products. The company sources raw materials from tyre dismantlers, waste collectors, scrap dealers, and imported suppliers. As of March 31, 2026, Horizon Reclaim operated a manufacturing facility in Roorkee, Uttarakhand, with an installed production capacity of 14,100 metric tonnes per annum. Use of proceeds: This is a fresh issue of shares. Therefore, the net proceeds from the fresh issue will go to the company. They will be utilised for the following purposes: Funding the working capital requirements of the company — Rs 6 crore Pre-payment or repayment of all or a portion of certain outstanding borrowings availed by the company — Rs 26.7 crore Funding capital expenditure for the installation of additional plant & machinery — Rs 9.43 crore General corporate purposes
Pros
- • The company operates a reclaimed rubber manufacturing facility in Haridwar, Uttarakhand, with an installed production capacity of 14,100 metric tonnes per annum as of March 31, 2026. It claims to have a technology-driven manufacturing process and uses equipment such as steam boiler machines that help improve recovery from scrap and reduce fuel consumption.
- • Horizon Reclaim serves customers across multiple end-use industries, including automotive, footwear, sports surfaces, flooring, mats, and construction. The company also has a geographically diversified customer base across several Indian states, which helps reduce dependence on any single region or industry.
- • The company has maintained repeat business over the years. Repeat customers accounted for approximately 49.26% of total customers in FY26, 49.56% in FY25, and 55.13% in FY24, indicating continued business relationships with a significant portion of its customer base.
Cons
- • The company’s business is working capital intensive, with net working capital requirements increasing from Rs 2.72 crore in FY24 to Rs 8.71 crore in FY25 and Rs 10.74 crore in FY26. A significant portion of its funds is tied up in inventories, trade receivables, and advances, while borrowings used to meet working capital requirements stood at Rs 8.71 crore in FY25 and Rs 10.74 crore in FY26. Any inability to generate sufficient cash flows, secure additional funding, or meet working capital requirements could adversely affect the company’s operations and financial condition.
- • The company currently operates through a single manufacturing facility located in Roorkee, Haridwar, Uttarakhand. Any disruption caused by machinery breakdowns, power outages, fire incidents, industrial accidents, natural calamities, supply chain interruptions, or regulatory actions could adversely affect production and impact the company’s business and financial performance.
- • The company’s top 10 customers contributed Rs 17.39 crore (35.20%), Rs 15.65 crore (43.21%), and Rs 10.17 crore (50.03%) to revenue from operations in FY26, FY25, and FY24, respectively. Any failure to retain these key customers, generate repeat business, or expand the customer base could adversely affect the company’s revenue, cash flows, and financial performance.
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