Horizon Reclaim India shares list at nearly 47% premium on BSE SME; here's how much individual investors made

Horizon Reclaim India shares made a robust debut on the SME platform of BSE on Friday, June 19.

The stock started trading at ₹151 per share, reflecting a premium of 46.60% over the IPO issue price of ₹103 apiece.

Horizon Reclaim India share price: Here's how much investors made

The initial share sale was exclusively a fresh issuance of 52.69 lakh shares valued at ₹54.27 crore. There was no offer for sale (OFS) component.

The funds raised will be utilised for working capital needs, debt repayment, capital expenditure for the installation of additional plant and machinery and general corporate purposes.

The IPO was subscribed 282.87 times. It had secured bids for 1,06,58,71,200 shares as against 37,68,000 shares on offer.

"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.

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

Horizon Reclaim (India) is into the production of reclaimed rubber, which is recycled rubber derived from used rubber products such as old tyres, tread peelings, rubber tubes and industrial scrap.