Horizon Reclaim India IPO subscribed 5.92 times so far on Day 1: Check price band, lot size, key dates

Horizon Reclaim India IPO has been subscribed 5.92 times so far on Friday, June 12, the first day of bidding. The issue will end on June 16. The price band has been set at ₹98 to ₹103 per share.

The ₹54.27 crore initial public offering is a fresh issuance of 52.69 lakh shares, with no offer-for-sale (OFS) component.

The net proceeds from the issue will be used for working capital requirements, repayment of certain outstanding borrowings, capital expenditure for the installation of additional plant and machinery and general corporate purposes.

"We believe that listing will enhance our corporate image and visibility of brand name of our company. We also believe that our company will receive the benefits from listing equity shares on the SME platform of BSE Limited (“BSE SME”). It will also provide liquidity to the existing shareholders and will also create a public trading market for the Equity Shares of our Company," Horizon Reclaim said in its RHP.

Horizon Reclaim India IPO Day 1: Subscription status

The issue has received bids for 2,23,02,000 shares as against 37,68,000 shares on offer, according to the BSE data until 3:18 pm.

A lot consists of 1,200 shares. The minimum investment for an individual investor is two lots of 2,400 shares.

Horizon Reclaim India IPO: Key dates

Before the IPO, the company mobilised over ₹15 crore from anchor investors, including Bandhan Mutual Fund, Nova Global Opportunities Fund PCC - Touchstone and Finavenue Growth Fund.

Incorporated in 2006, Horizon Reclaim (India) Ltd makes reclaimed rubber derived from used rubber materials like old tyres, tread peelings, rubber tubes and industrial scrap, including EPDM (Ethylene Propylene Diene Monomer).

GYR Capital Advisors is the IPO's sole book-running lead manager, while KFin Technologies is the registrar.

Horizon Reclaim IPO GMP

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