HRS Aluglaze IPO will open for subscription on 11 December 2025 and close on 15 December 2025. This IPO is a Book Built Issue through which the company aims to raise around ₹50.92 crores. The IPO comprises a fresh issue of ₹50.92 crores, while the offer for sale details are yet to be disclosed.
HRS Aluglaze will list on the BSE SME platform on 18 December 2025, and the allotment results will be announced on 16 December 2025. The IPO price band is fixed between ₹94 and ₹96 per share. The retail quota stands at 35%, QIB at 50%, and HNI at 15%.
The company has shown impressive financial growth, reporting revenue of ₹42.14 crores in 2025 compared to ₹26.97 crores in 2024. Profit has also increased sharply from ₹1.79 crores to ₹5.15 crores in the same period. Based on the strong financial trend, long-term investors may consider this IPO.
Contents
HRS Aluglaze IPO Details
| Particular | Details |
|---|---|
| IPO Open Date | December 11, 2025 |
| IPO Close Date | December 15, 2025 |
| Face Value | ₹10 per equity share |
| IPO Price Band | ₹94 to ₹96 per share |
| Issue Size | Approx ₹50.92 crores |
| Fresh Issue | Approx ₹50.92 crores |
| Issue Type | Book Build Issue |
| IPO Listing | BSE SME |
| DRHP Draft Prospectus | View PDF |
| RHP Draft Prospectus | View PDF |
HRS Aluglaze IPO
Open: 11-15 Dec 2025
Issue Size: ₹50.92 Cr.
Objective: Raise funds for façade assembly, glazing line, meet working capital needs.
Exchange: BSE SME
HRS Aluglaze IPO Review
HRS Aluglaze is an established façade engineering and glazing solutions provider, showing consistent revenue and profit growth over the last three years.
With the expansion of its manufacturing capability and healthy order book, the company is positioned well in the construction and infrastructure markets. Considering its profit jump and decent return ratios, the IPO may appeal to long-term investors looking for stability and growth.
HRS Aluglaze IPO Market Lot
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 2,400 | ₹2,30,400 |
| Retail Maximum | 2 | 2,400 | ₹2,30,400 |
| S-HNI Minimum | 3 | 3,600 | ₹3,45,600 |
| S-HNI Maximum | 8 | 9,600 | ₹9,21,600 |
| B-HNI Minimum | 9 | 10,800 | ₹10,36,800 |
IPO Reservation
| Investor Category | Share Offered | % of Shares |
|---|---|---|
| Anchor Investor | 10,44,000 | 19.68% |
| QIB (Excluding Anchor) | 14,43,600 | 27.22% |
| NII | 7,56,000 | 14.25% |
| Retail | 17,85,600 | 33.67% |
HRS Aluglaze IPO Dates
| Event | Date |
|---|---|
| IPO Open Date | December 11, 2025 |
| IPO Close Date | December 15, 2025 |
| Basis of Allotment | December 16, 2025 |
| Refunds | December 17, 2025 |
| Credit to Demat | December 17, 2025 |
| Listing Date | December 18, 2025 |
| Bidding Cut-off Time | December 15, 2025 – 5 PM |
- Also Read: Ashwini Container Movers IPO (12-16 Dec)
Promoters and Shareholding Pattern
| Particular | Shares | % Share |
|---|---|---|
| Promoter Holding Pre-Issue | 1,39,78,125 | 100% |
| Promoter Holding Post-Issue | 1,92,82,125 | 72.49% |
Promoters:
Rupesh Pravinbhai Shah, Pinky Rupesh Shah and Hrishikesh Rupesh Shah.
Objects of the Issue
The company plans to utilise the IPO proceeds to expand its assembly and glass glazing line at Rajoda, Ahmedabad, which will strengthen its project execution for façade works.
A significant portion will support working capital requirements to manage ongoing projects smoothly. The remaining funds will be used for general corporate purposes.
About HRS Aluglaze Comapany
HRS Aluglaze is a leading façade engineering and glazing solutions company based in Gujarat. It offers end-to-end services including design, fabrication and installation of aluminium façades, glass glazing systems, doors and windows.
With steady growth and an expanding facility in Ahmedabad, the company is strengthening its capacity to handle larger projects across commercial and residential sectors.
Its strong execution track record and rising demand for modern façade systems position it well for future expansion.
HRS Aluglaze IPO Company Financials
(Amount in ₹ Crores)
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | 22.69 | 21.48 | 0.87 | 34.10 |
| 2024 | 26.97 | 24.57 | 1.79 | 42.43 |
| 2025 | 42.14 | 35.27 | 5.15 | 80.60 |
| September 2025 | 26.35 | 20.23 | 4.54 | 91.16 |
HRS Aluglaze IPO Valuation – FY2025
| KPI | Values |
|---|---|
| ROE | 34.24% |
| ROCE | 15.97% |
| EBITDA Margin | 25.42% |
| PAT Margin | 12.22% |
| Debt to Equity | 1.92 |
| EPS (Basic) | ₹3.76 |
| P/E Ratio | N/A |
| RoNW | 34.24% |
| NAV | ₹14.70 |
Peer Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Innovators Facade Systems Ltd (Consolidated) | 2.78 | 73.02 | 3.19% | 88.43 | 83.60 Cr |
| Aluwind Infra-Tech Ltd (Standalone) | 2.04 | 39.22 | 8.15% | 26.06 | 64.46 Cr |
IPO Lead Manager
Cumulative Capital Pvt. Ltd.
Company Address
| Company | Address |
|---|---|
| HRS Aluglaze Ltd. | 601 W-1, 6th Floor, New York, Timber Street, Opp. PSP House, B/H. S.G. Highway, Ambali Road, Jodhpur, Ahmedabad – 380058 |
| Phone | +91 79 26306595 |
| info@hrsaluglaze.com | |
| Website | hrsaluglaze.com |
IPO Registrar
| Particular | Details |
|---|---|
| Registrar | Purva Sharegistry (India) Pvt. Ltd. |
| Phone | +91-022-23018261 / 23016761 |
| newissue@purvashare.com | |
| Website | purvashare.com/investor-service/ipo-query |
HRS Aluglaze IPO FAQs
What is HRS Aluglaze IPO?
It is an SME IPO through which the company plans to raise ₹50.92 crores, with a price band of ₹94 to ₹96 per share. The IPO will list on BSE SME.
When does the IPO open?
It opens on 11 December 2025 and closes on 15 December 2025.
What is the investor allocation?
QIB: 50%, NII: 15%, Retail: 35%.
How to apply?
You can apply via ASBA through your bank or through UPI-enabled stock broker apps.
What is the lot size?
Minimum lot size is 2,400 shares (₹2,30,400).
What is the allotment date?
Allotment will be announced on 16 December 2025.
What is the listing date?
The IPO will list on 18 December 2025.
Expert Comment
HRS Aluglaze has demonstrated strong revenue growth and a considerable jump in profitability over the last three years.
Its expansion plans and healthy return ratios make it an interesting long-term pick, especially for investors comfortable with SME-segment volatility. However, the debt-equity ratio is on the higher side, so investors should evaluate risk tolerance before applying.
