Horizon Reclaim (India) IPO

About this issue

Horizon Reclaim (India) listed at +46.6% against its issue price of ₹103. The book is 304.11 times subscribed overall. The grey market premium is +₹75 (+72.8%), which is an informal figure and not a quoted price. Our call is Apply, on 89% of our checks.

Segment

SME

Price

₹103

Lot size

1,200 shares

One lot costs

₹1,23,600

Issue size

₹52 Cr

Grey market premium

+₹75 (+72.8%)

Subscribed

304.11x

Listed at

+46.6%

Our call

Apply

What we checked

• Profitable in the latest yearPAT ₹10.5 Cr
• Profit grew year on yearPAT +49%
• Revenue grew year on yearRevenue +37%
• Borrowing under half of net worthDebt/net worth 1.44
• Return on net worth above 15%RoNW 42.3%
• Post-issue P/E under 40P/E 19.1
• Price to book under 6P/B 5.9
• Majority is fresh capital100% fresh issue
• Promoters keep at least half70.0% held post-issue
• Anchor investors participatedAnchor book placed
• Overall book more than 10× covered304.1× overall
• Lead manager above segment medianGYR Capital Advisors Pvt.Ltd.: 61 past issues, +73% avg vs +8% segment median

3 further checks could not be judged, because the issue did not disclose enough. They count neither for nor against.