New Delhi, June 12 -- Horizon Reclaim (India) IPO Day 1: The initial public offering (IPO) of Horizon Reclaim (India), which opened for bidding today, June 12, sailed through in less than an hour of opening amid a strong trend for the offer in the grey market. The SME IPO will close on June 16.

The company is involved in manufacturing reclaimed rubber, which is recycled rubber derived from used rubber materials such as old tyres, rubber tubes, tread peelings, and industrial scrap.

Horizon Reclaim (India) IPO is entirely a fresh issue of 0.53 crore shares worth Rs.54.27 crore. All proceeds raised from the share sale will be received by the company. The company plans to use Rs.26.70 crore from the funds raised for repayment of certain bor...