Bookbuilding IPO | ₹51 Cr | Listed at BSE SME | Thu, Dec 11, 2025 - Mon, Dec 15, 2025
HRS Aluglaze IPO is a book build issue of ₹50.92 crores. The issue is entirely a fresh issue of 0.53 crore shares of ₹50.92 crore.
HRS Aluglaze IPO bidding started from Dec 11, 2025 and ended on Dec 15, 2025. The allotment for HRS Aluglaze IPO was finalized on Dec 16, 2025. The shares got listed on BSE SME on Dec 18, 2025.
HRS Aluglaze IPO price band is set at ₹96 per share. The lot size for an application is 1,200. The minimum amount of investment required by an individual investor (retail) is ₹2,30,400 (2,400 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (3,600 shares), amounting to ₹3,45,600.
Cumulative Capital Pvt.Ltd. is the book running lead manager and Purva Sharegistry (India) Pvt.Ltd. is the registrar of the issue. The Market Maker of the company is Mnm Stock Broking Pvt.Ltd..
Refer to HRS Aluglaze IPO RHP for detailed Information.
IPO Open
Thu, Dec 11, 2025
IPO Close
Mon, Dec 15, 2025
Issue Price
₹96 per share
Market Cap (Pre-IPO)
₹185.11 Cr
| IPO Date | 11 to 15 Dec, 2025 |
| Listed on | Thu, Dec 18, 2025 |
| Face Value | ₹10 per share |
| Price Band | ₹94 to ₹96 |
| Issue Price | ₹96 per share |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 53,04,000 shares (agg. up to ₹51 Cr) |
| Reserved for Market Maker | 2,74,800 shares Mnm Stock Broking Pvt.Ltd. (agg. up to ₹3 Cr) |
| Fresh Issue (Ex Market Maker) | 50,29,200 shares (agg. up to ₹48 Cr) |
| Net Offered to Public | 50,29,200 shares (agg. up to ₹48 Cr) |
| Share Holding Pre Issue | 1,39,78,125 shares |
| Share Holding Post Issue | 1,92,82,125 shares |
| BSE Script Code | 544656 |
| ISIN | INE1E1V01017 |
HRS Aluglaze IPO comprises a total issue size of 53,04,000 shares. The net offer to the public is 50,29,200 shares, after excluding 2,74,800 shares allotted on a firm basis. Of the Net offer 24,87,600 (49.46%) are allocated to QIB, 7,56,000 (15.03%) allocated to NII 17,85,600 (35.50%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue |
|---|---|---|---|
| QIB Shares Offered | 24,87,600 | 49.46% | 46.90% |
| − Anchor Investor Shares Offered | 10,44,000 | 19.68% | |
| − QIB (Ex. Anchor) Shares Offered | 14,43,600 | 27.22% | |
| NII (HNI) Shares Offered | 7,56,000 | 15.03% | 14.25% |
| − bNII > ₹10L | 5,04,000 | 9.50% | |
| − sNII < ₹10L | 2,52,000 | 4.75% | |
| Retail Shares Offered | 17,85,600 | 35.50% | 33.67% |
| Firm Reservations | |||
| Market Maker Shares Offered | 2,74,800 | 5.18% | |
| Total Shares Offered | 53,04,000 | 100.00% | 100.00% |
Investors can bid for a minimum of 2,400 shares and in multiples of 1,200 shares thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 2,400 | ₹2,30,400 |
| Individual investors (Retail) (Max) | 2 | 2,400 | ₹2,30,400 |
| S-HNI (Min) | 3 | 3,600 | ₹3,45,600 |
| S-HNI (Max) | 8 | 9,600 | ₹9,21,600 |
| B-HNI (Min) | 9 | 10,800 | ₹10,36,800 |
HRS Aluglaze IPO raises ₹10.02 crore from anchor investors. HRS Aluglaze IPO Anchor bid date is December 10, 2025.
📝 Anchor Investors Letter (PDF)
| Bid Date | Wed, Dec 10, 2025 |
| Shares Offered | 10,44,000 |
| Anchor Portion (₹ Cr.) | 10.02 |
| Anchor lock-in period end date for 50% shares (30 Days) | Tue, Jan 13, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Sat, Mar 14, 2026 |
Incorporated in 2012, HRS Aluglaze Ltd is engaged in the design, manufacturing, and installation of aluminium products, including windows, doors, curtain walls, cladding, and glazing systems.
The Company provides standard and customized solutions to builders, contractors, architects, and institutions, along with material supply and procurement support.
The manufacturing facility is located at Village Rajoda, Taluka Bavla, Ahmedabad, Gujarat, with an area of 11,176 square meters, equipped with CNC precision machinery and powder coating facilities. An expansion of 13,714 square meters adjoining the current facility is proposed.
As on September 30, 2025, the Company has 28 active projects.
Offerings:
As of September 30, 2025, the Company employed approximately Ninety (90) personnel, including skilled, semiskilled, and unskilled workers across various functions.
Competitive Strengths:
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.
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 91.16 | 80.60 | 42.43 | 34.10 |
| Total Income | 26.35 | 42.14 | 26.97 | 22.69 |
| Profit After Tax | 4.54 | 5.15 | 1.79 | 0.87 |
| EBITDA | 8.45 | 10.70 | 3.53 | 1.75 |
| NET Worth | 24.61 | 20.11 | 9.96 | 8.17 |
| Reserves and Surplus | 10.66 | 13.45 | 3.46 | 1.67 |
| Total Borrowing | 41.04 | 38.66 | 24.35 | 17.91 |
| Amount in ₹ Crore | ||||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding capital expenditure to set up assembly & glass glazing line at Rajoda, Ahmedabad for façade work. | 18.30 |
| 2 | Funding of working capital requirements of the Company | 19.00 |
| 3 | General corporate purposes | 7.62 |
| KPI | Mar 31, 2025 |
|---|---|
| ROE | 34.24% |
| ROCE | 15.97% |
| Debt/Equity | 1.92 |
| RoNW | 34.24% |
| PAT Margin | 12.22% |
| EBITDA Margin | 25.42% |
| Price to Book Value | 6.53 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 3.68 | 4.71 |
| P/E (x) | 26.07 | 20.4 |
| Promoter Holding | 100% | 72.49% |
| Market Cap | ₹185.11 Cr. |
The HRS Aluglaze IPO is subscribed 44.83 times on December 15, 2025 6:19:39 PM (Day 3). The public issue subscribed 49.54 times in the individual investors category, 19.48 times in the QIB category, and 82.13 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for | Total Application |
|---|---|---|---|---|
| QIB (Ex Anchor) | 19.48 | 14,43,600 | 2,81,24,400 | 0 |
| NII* | 82.13 | 7,56,000 | 6,20,88,000 | 0 |
| bNII (bids above ₹10L) | 98.16 | 5,04,000 | 4,94,71,200 | |
| sNII (bids below ₹10L) | 50.07 | 2,52,000 | 1,26,16,800 | |
| Individual Investor | 49.54 | 17,85,600 | 8,84,52,000 | 0 |
| Total | 44.83 | 39,85,200 | 17,86,64,400 | 44,760 |
Total Application : 44,760
*Market Maker portion is not included to NII/HNI.
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Book Running Lead Manager Fees | 0.30 |
| 2 | Underwriting Fees | 2.55 |
| 3 | Market Maker Fees | 0.16 |
| 4 | Brokerage, selling commission and upload Fees | 2.20 |
| 5 | Sponsor Bank Fees | 0.01 |
| 6 | Fees payable to Registrar to Offer | 0.02 |
| 7 | Fees payable to Legal Advisor | 0.06 |
| 8 | Statutory Advertisement Expenses | 0.03 |
| 9 | Statutory Printing Expenses | 0.02 |
| 10 | Printing, advertising and marketing & promotion expenses | 0.09 |
| 11 | Regulators including stock exchanges Fees | 0.02 |
| 12 | Fees for Depositories | 0.10 |
| 13 | Peer Review Auditor Fees | 0.45 |
| 14 | Other Fee including document handling, Communication, Courier Charges, Travelling and other Out of Pocket in relation to IPO | 0.30 |
| Price Details | BSE SME |
|---|---|
| Final Issue Price | ₹96.00 |
| Open | ₹126.00 |
| Low | ₹126.00 |
| High | ₹132.30 |
| Last Trade | ₹132.30 |
Purva Sharegistry (India) Pvt.Ltd.
Lead Manager Reports
HRS Aluglaze IPO is a SME IPO of 53,04,000 equity shares of the face value of ₹10 aggregating up to ₹51 Crores. The issue is priced at ₹96 per share. The minimum order quantity is 1200.
The IPO opens on Thu, Dec 11, 2025, and closes on Mon, Dec 15, 2025.
Purva Sharegistry (India) Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE SME.
Zerodha customers can apply online in HRS Aluglaze IPO using UPI as a payment gateway. Zerodha customers can apply in HRS Aluglaze IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in HRS Aluglaze IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The HRS Aluglaze IPO opens on Thu, Dec 11, 2025 and closes on Mon, Dec 15, 2025.
HRS Aluglaze IPO lot size is 1200, and the minimum amount required for application is ₹2,30,400, with 2 lots being the minimum application size.
You can apply in HRS Aluglaze IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for HRS Aluglaze IPO will be done on Tuesday, December 16, 2025, and the allotted shares will be credited to your demat account by Wed, Dec 17, 2025. Check the HRS Aluglaze IPO allotment status.
The HRS Aluglaze IPO listing date is on Thu, Dec 18, 2025.
