Horizon Reclaim IPO: Day-2 subscription jumps to 69.98x

IPO closes June 16; bids due by 5 pm

Horizon Reclaim (India), a reclaimed rubber manufacturer, is in the final stretch of its SME initial public offering (IPO), with the bidding window set to close on June 16, 2026. Investors who plan to apply need to place bids by 5 pm on the last day through their broker platforms or net banking ASBA. The issue opened on June 12 and has drawn strong interest from non-institutional investors (NIIs) and retail applicants during the first two days. Subscription data shared in market updates shows demand running far ahead of the shares on offer. At the same time, participation from qualified institutional buyers (QIBs) has been reported as relatively muted across snapshots.

Day-2 subscription: multiple exchange snapshots show heavy demand

Subscription figures reported on June 15 vary by the time of the data pull, but the trend has been consistent: strong oversubscription led by NIIs and retail investors. One update said the IPO was subscribed 69.98 times on June 15 (second day of bidding), with investors bidding for 26.36 crore equity shares over two days against an issue size of 37.68 lakh shares, across 80,812 applications. Another exchange snapshot (recorded around 10:59 am on June 15) showed bids for 9.85 crore shares against 35.04 lakh shares, translating into an overall subscription of 28.13 times. A separate tracker dataset for June 15 showed overall subscription at 45.06 times, with category-wise demand led by NIIs and retail.

The category mix has also stood out. In the higher subscription snapshot, NIIs were reported to have bid 103.64 times their quota, while the retail portion was subscribed 90.39 times. In contrast, QIB demand was reported at only 8% in the same update. Another set of figures for June 15 showed QIB at 0.04x, retail at 59.39x, and NII at 64.73x. These differences reflect different timestamps and reporting sources, but all point to a demand profile dominated by non-institutional and retail money.

Price band, issue size, and structure

The IPO is a book-built issue with a price band of ₹98 to ₹103 per share. The offering is described as an SME IPO and is entirely a fresh issue of 52.69 lakh shares, aiming to raise ₹54.27 crore. With no offer-for-sale portion mentioned in the provided data, the total proceeds referenced are linked to the fresh issuance. Market participants typically track the price band closely in SME deals because lot sizes and minimum ticket sizes are materially higher than mainboard IPOs.

Minimum bid size and investor ticket

The lot size for an application is 1,200 shares. Investors can bid for a minimum of 2,400 shares, and in multiples of 1,200 shares thereafter. At the upper end of the price band (₹103), the minimum retail investment works out to ₹2.472 lakh (₹0.02472 crore) for 2,400 shares, as stated in the IPO details. The minimum investment requirement for small HNIs is listed as ₹3.71 lakh (₹0.0371 crore). These minimums can influence who participates, and they often push the retail category toward relatively higher-value applications compared with mainboard retail bidding.

Key dates: close, allotment, and SME listing

The bidding period runs from June 12 to June 16, 2026, with June 16 being the final day. The basis of allotment is expected on June 17, as per the schedule mentioned in the IPO timeline. The shares are scheduled to list on the BSE SME platform on June 19, 2026. Some market timelines also reference June 18 in the post-issue process (such as demat transfer), but the repeated milestone in the provided details is allotment around June 17 and listing on June 19.

What is driving the subscription pattern so far

Across the reported snapshots, the defining feature has been the gap between retail and NII participation versus QIB participation. In the higher subscription update, QIB subscription was only 8%, even as NIIs and retail posted very high multiples. Another set of figures showed QIB subscription at 0.04x on June 15. This sort of pattern can emerge in SME IPOs where institutional bids arrive later in the window, or where the institutional quota attracts fewer bids relative to the headline retail and NII demand. The article data does not provide reasons from the company or bankers, so the reporting remains limited to subscription metrics.

Grey market premium cited in one tracker

One market tracker update mentioned a last reported grey market premium (GMP) of ₹10 (updated June 8, 2026). With a cap price of ₹103, the same update estimated an indicated listing price of ₹113, implying an indicated gain of 9.71% based on that GMP snapshot. GMP is an informal indicator and can change quickly; the only factual point in the provided data is the reported ₹10 figure and the derived estimate shared in that tracker.

Snapshot table: subscription data reported on June 15

The table below consolidates the specific figures mentioned across the provided updates. These numbers are not contradictory in a strict sense because they come from different timestamps and sources.

IPO terms and timeline at a glance

Why the final day still matters for applicants

With the issue closing on June 16, investors who want to participate need to complete their ASBA mandates and bids within the timeline. Since subscription levels in SME IPOs can change sharply on the last day, the final demand picture is only confirmed after the close. The available information so far points to heavy bidding interest led by NIIs and retail investors, with QIB participation reported as low in multiple snapshots. The next confirmed milestones mentioned in the issue schedule are the expected basis of allotment on June 17 and listing on June 19.