Daijiworld Media Network – Mumbai
Mumbai, Jun 19: Horizon Reclaim (India) Limited made a strong stock market debut on Friday, listing at Rs 151 per share on the BSE SME platform, a premium of nearly 47 per cent over its issue price of Rs 103.
The stock continued to attract buying interest after listing, trading above its issue price and delivering robust gains to investors.
The company's Rs 54.3-crore initial public offering (IPO) received an overwhelming response from investors across categories. The issue attracted bids for 106.58 crore shares against the 37.68 lakh shares on offer.
The IPO, priced in the range of Rs 98 to Rs 103 per share, comprised a fresh issue of 52.69 lakh equity shares.
Retail investors led the demand, with the retail portion being subscribed 308.3 times. The non-institutional investor (NII) category recorded subscriptions of 333.8 times, while the qualified institutional buyers (QIB) segment was subscribed 186.72 times.
Ahead of the public issue, the company raised Rs 15.46 crore from anchor investors through the allotment of 15.01 lakh shares. The anchor book included investors such as Bandhan Small Cap Fund, Nova Global Opportunities Fund and Finavenue Capital Trust.
According to the company, the proceeds from the IPO will be utilised for debt repayment, working capital requirements and expansion of manufacturing capacity.
Of the total funds raised, around Rs 26.7 crore has been earmarked for repayment of borrowings, while Rs 6 crore will be used for working capital needs. Another Rs 9.4 crore is planned to be invested in the installation of additional plant and machinery to enhance production capacity.
Horizon Reclaim is engaged in the manufacturing of reclaimed rubber products and operates across three major segments—natural rubber reclaim, synthetic rubber reclaim and crumb rubber. Its products are widely used in various rubber-based manufacturing industries.
The strong listing reflects robust investor confidence in the company's growth prospects and the broader appetite for SME public offerings in the market.