HRS Aluglaze IPO
HRS Aluglaze Ltd. is launching a book-built SME IPO of Rs. 50.92 crore, comprising an entirely fresh issue of 53,04,000 equity shares.
The IPO opens on December 11, 2025, and closes on December 15, 2025. The allotment is expected on December 16, 2025, and the listing is tentatively scheduled for December 18, 2025, on BSE SME.
The price band is Rs. 94 to Rs. 96 per share, and the lot size is 1,200 shares.
The minimum investment for retail investors (2 lots = 2,400 shares) is Rs. 2,30,400.
For HNI investors, the minimum is 3 lots (3,600 shares) costing Rs. 3,45,600.
Lead Manager: Cumulative Capital Pvt. Ltd.
Registrar: Purva Sharegistry (India) Pvt. Ltd.
Market Maker: Mnm Stock Broking Pvt. Ltd.
🕗 Last Update: 9 December 2025, 6.00 AM
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IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | December 11, 2025 |
| IPO Close Date | December 15, 2025 |
| Allotment Date | December 16, 2025 |
| Refunds Initiation | December 17, 2025 |
| Credit to Demat | December 17, 2025 |
| Listing Date | December 18, 2025 |
IPO Details
| Particulars | Details |
|---|---|
| Face Value | Rs. 10 per share |
| Issue Price Band | Rs. 94 to Rs. 96 per share |
| Lot Size | 1,200 shares |
| Sale Type | Fresh Issue |
| Total Issue Size | 53,04,000 shares (Rs. 50.92 Cr) |
| Market Maker Portion | 2,74,800 shares (Rs. 2.64 Cr) – Mnm Stock Broking Pvt. Ltd. |
| Net Offer to Public | 50,29,200 shares (Rs. 48.28 Cr) |
| Issue Type | Book-Built Issue |
| Listing At | BSE SME |
| Shareholding Pre-Issue | 1,39,78,125 shares |
| Shareholding Post-Issue | 1,92,82,125 shares |
Reservation
| Investor Category | Shares Offered | % of Issue |
|---|---|---|
| Market Maker | 2,74,800 | 5.18% |
| QIB | 24,87,600 | 46.90% |
| NII (HNI) | 7,56,000 | 14.25% |
| Retail Investors | 17,85,600 | 33.67% |
| Total | 53,04,000 | 100% |
Application Details
| Application | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min / Max) | 2 | 2,400 | Rs. 2,30,400 |
| S-HNI (Min) | 3 | 3,600 | Rs. 3,45,600 |
| S-HNI (Max) | 8 | 9,600 | Rs. 9,21,600 |
| B-HNI (Min) | 9 | 10,800 | Rs. 10,36,800 |
About HRS Aluglaze Ltd.
Incorporated in 2012, HRS Aluglaze Ltd. is engaged in design, manufacturing, and installation of aluminium-based architectural systems, including:
-
Windows & Doors
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Curtain Walls & Structural Glazing
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Glass Railings, Louvers, Partitions & Screens
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Cladding & Dynamic Façade Solutions
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Material Supply & Procurement Support
The company serves builders, contractors, architects, and institutions across India.
The manufacturing facility at Rajoda, Bavla (Ahmedabad) spans 11,176 sq. m, fitted with CNC machinery and powder-coating units. A major expansion of 13,714 sq. m is planned.
As of 30 September 2025, the company is executing 28 active projects and employs around 90 personnel.
Promoters: Rupesh Pravinbhai Shah, Pinky Rupesh Shah & Hrishikesh Rupesh Shah.
Competitive Strengths
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Experienced founders & skilled technical teams
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Proven execution capability with strong client relationships
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Integrated design-to-completion process
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Expanding manufacturing capability
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Quality-driven, sustainable façade solutions
Financial Snapshot (Rs. crore)
| 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 |
| PAT | 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 |
| Borrowings | 41.04 | 38.66 | 24.35 | 17.91 |
KPI Highlights (FY25):
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ROE: 34.24%
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ROCE: 15.97%
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Debt/Equity: 1.92
-
PAT Margin: 12.22%
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EBITDA Margin: 25.42%
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Price to Book: 6.53
-
Pre-Issue P/E: 26.07x
-
Post-Issue P/E: 20.40x
Objects of the Issue
| S.No. | Purpose | Amount (Rs. Cr.) |
|---|---|---|
| 1 | Setting up assembly & glass glazing line at Rajoda | 18.30 |
| 2 | Working capital requirement | 19.00 |
| 3 | General corporate purposes | — |
Company Contact
HRS Aluglaze Ltd.
Rajoda, Bavla, Ahmedabad – Gujarat
Lead Manager:
Cumulative Capital Pvt. Ltd.
Registrar:
Purva Sharegistry (India) Pvt. Ltd.
📞 +91-22-23018261 / 23016761
✉ newissue@purvashare.com
🌐 https://www.purvashare.com/investor-service/ipo-query
Chanakya IPO Review – by Paresh Gordhandas, CA & Research Analyst
HRS Aluglaze has delivered strong growth in revenue (56%) and PAT (188%), backed by expansion in projects and increasing demand for high-quality aluminium façade systems. Margins are healthy, and the company is scaling manufacturing capacity to meet rising demand.
Leverage remains on the higher side, but the IPO proceeds substantially strengthen working capital and capacity creation.
Chanakya View: Good long-term fundamentals. Medium-term listing gains possible depending on SME sentiment.
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Disclaimer
This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.
