Comparison between HRS Aluglaze IPO and Marushika Technology IPO.
HRS Aluglaze IPO is a SME Bookbuilding IPO proposed to list at BSE SME while Marushika Technology IPO is a SME Bookbuilding proposed to list at NSE SME.
| HRS Aluglaze IPO | Marushika Technology IPO | |
|---|---|---|
| Logo |  |  |
| Issue Category | SME | SME |
| Issue Type | IPO | IPO |
| Process Type | Bookbuilding | Bookbuilding |
| Listing At | BSE SME | NSE SME |
| Lead Managers | Cumulative Capital Pvt.Ltd. | NEXGEN Financial Solutions Pvt. Ltd. |
| Registrar | Purva Sharegistry (India) Pvt.Ltd. | Skyline Financial Services Pvt.Ltd. |
| Market Maker | Mnm Stock Broking Pvt.Ltd. | Nikunj Stock Brokers Ltd. |
| DRHP | DRHP  | DRHP |
| RHP | RHP | RHP |
| Final Prospectus | Final Prospectus | Final Prospectus |
| Anchor Investor | Anchor Investor | Anchor Investor |
| IPO Allotment URL | IPO Allotment URL | IPO Allotment URL |
The total issue size of HRS Aluglaze IPO is up to ₹48.28 Cr whereas the issue size of the Marushika Technology IPO is up to ₹25.61 Cr. The final issue price of HRS Aluglaze IPO is ₹96.00 per share and of Marushika Technology IPO is ₹117.00 per share.
| HRS Aluglaze IPO | Marushika Technology IPO | |
|---|---|---|
| Face Value | ₹10 per share | ₹10 per share |
| Issue Price (Lower) | ₹94.00 per share | ₹111.00 per share |
| Issue Price (Upper) | ₹96.00 per share | ₹117.00 per share |
| Issue Price (Final) | ₹96.00 per share | ₹117.00 per share |
| Discount (Retail) | ||
| Discount (Employee) | ||
| Market Lot Size | 1200 shares | 1200 shares |
| Fresh Issue Size | 50,29,200 shares | 21,88,800 shares |
| Fresh Issue Size (Amount) | up to ₹48.28 Cr | up to ₹25.61 Cr |
| OFS Issue Size | 0 shares | 0 shares |
| OFS Issue Size (Amount) | up to ₹0.00 Cr | up to ₹0.00 Cr |
| Issue Size Total | 50,29,200 shares | 21,88,800 shares |
| Issue Size Total (Amount) | up to ₹48.28 Cr | up to ₹25.61 Cr |
HRS Aluglaze IPO opens on Dec 11, 2025, while Marushika Technology IPO opens on Feb 12, 2026. The closing date of HRS Aluglaze IPO and Marushika Technology IPO is Dec 15, 2025, and Feb 16, 2026, respectively.
| HRS Aluglaze IPO | Marushika Technology IPO | |
|---|---|---|
| Anchor Bid Date | Dec 10, 2025 | Feb 11, 2026 |
| Issue Open | Dec 11, 2025 | Feb 12, 2026 |
| Issue Close | Dec 15, 2025 | Feb 16, 2026 |
| Basis Of Allotment (Tentative) | Dec 16, 2025 | Feb 17, 2026 |
| Initiation of Refunds (Tentative) | Dec 17, 2025 | Feb 18, 2026 |
| Credit of Share (Tentative) | Dec 17, 2025 | Feb 18, 2026 |
| Listing date (Tentative) | Dec 18, 2025 | Feb 19, 2026 |
| Anchor Lockin End date 1 | Jan 13, 2026 | Mar 19, 2026 |
| Anchor Lockin End date 2 | Mar 14, 2026 | May 18, 2026 |
HRS Aluglaze IPO P/E ratio is 26.07, as compared to Marushika Technology IPO P/E ratio of 11.6.
| HRS Aluglaze IPO | Marushika Technology IPO | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Financials | Company Financials (Restated Consolidated)HRS Aluglaze Ltd.'s revenue increased by 56% and profit after tax (PAT) rose by 188% between the financial year ending with March 31, 2025 and March 31, 2024.
| Company Financials (Restated Consolidated)
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Promoter Shareholding (Pre-Issue) | 100 | 79.71 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Promoter Shareholding (Post-Issue) | 72.49 | 58.19 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| P/E Ratio | 26.07 | 11.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Market Cap | ₹185.11 Cr. | ₹99.88 Cr. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROE | 34.24 | 52.77 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROCE | 15.97 | 26.88 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt/Equity | 1.92 | 1.39 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EPS | ₹3.68 | ₹10.09 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RoNW | 34.24 | 52.77 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In the HRS Aluglaze IPO Retail Individual Investors (RII) are offered 17,85,600 shares while in Marushika Technology IPO retail investors are offered 17,85,600 shares. Qualified Institutional Buyers (QIB) are offered 14,43,600 shares in HRS Aluglaze IPO and 4,35,600 shares in Marushika Technology IPO.
| HRS Aluglaze IPO | Marushika Technology IPO | |
|---|---|---|
| Anchor Investor Reservation | 10,44,000 shares | 6,51,600 shares |
| Market Maker Reservation | 2,74,800 shares | 1,16,400 shares |
| QIB | 14,43,600 shares | 4,35,600 shares |
| NII | 7,56,000 shares | 3,31,200 shares |
| RII | 17,85,600 shares | 7,70,400 shares |
| Employee | 0 shares | 0 shares |
| Others | ||
| Total | 50,29,200 shares | 21,88,800 shares |
HRS Aluglaze IPO subscribed 44.83x in total, whereas Marushika Technology IPO subscribed 17.94x.
| HRS Aluglaze IPO | Marushika Technology IPO | |
|---|---|---|
| QIB (times) | 19.48x | 2.92x |
| NII (times) | 82.13x | 41.00x |
| Big NII (times) | 98.16x | 50.69x |
| Small NII (times) | 50.07x | 21.92x |
| RII (times) | 49.54x | 16.51x |
| Employee (times) | ||
| Other (times) | ||
| Total (times) | 44.83x | 17.94x |
