HRS Aluglaze IPO

₹1,12,800/1,200 shares

Minimum Investment

IPO Details

Open Date

11 Dec 25

Close Date

15 Dec 25

Minimum Investment

₹1,12,800

Lot Size

1,200

Price Range

₹94 to ₹96

Listing Exchange

BSE

Issue Size

₹50.92 Cr

Listing Date

18 Dec 25

Open Free Demat Account

HRS Aluglaze IPO Timeline

Bidding Start

11 Dec 25

Bidding Ends

15 Dec 25

Allotment Finalisation

16 Dec 25

Refund Initiation

17 Dec 25

Demat Transfer

17 Dec 25

Listing

18 Dec 25

HRS Aluglaze Limited

HRS Aluglaze Limited, incorporated in 2012, is engaged in designing, manufacturing, and installing aluminium-based architectural solutions such as windows, doors, curtain walls, cladding systems, and glazing structures. The company caters to builders, architects, contractors, and institutions, offering both standard and customised solutions. Its manufacturing facility at Rajoda, Ahmedabad, is equipped with CNC precision machinery and powder-coating capabilities, enabling efficient production and consistent quality. With several active projects and an expanded facility planned, the company continues to strengthen its presence in the aluminium façade and architectural solutions segment.

HRS Aluglaze Limited IPO Overview

HRS Aluglaze Limited is launching a book-building IPO worth ₹50.92 crore, consisting entirely of a fresh issue of 53,04,000 shares. The IPO opens on 11 December 2025 and closes on 15 December 2025, with allotment on 16 December, refunds and demat transfers on 17 December, and listing on 18 December 2025. The price band is ₹94 to ₹96 per share, and investors can apply for a minimum of 1 lot comprising 2,400 shares. The issue will list on the BSE SME platform. Cumulative Capital Pvt. Ltd. is the lead manager, Purva Sharegistry (India) Pvt. Ltd. is the registrar, and Mnm Stock Broking Pvt. Ltd. is the market maker for the offering.

HRS Aluglaze Limited IPO Details

Particulars	Details
IPO Date	11 December 2025 to 15 December 2025
Listing Date	18 December 2025
Face Value	₹10 per share
Issue Price Band	₹94 to ₹96 per share
Lot Size	2,400 Shares
Total Issue Size	53,04,000 shares (aggregating up to ₹50.92 Cr)
Fresh Issue	53,04,000 shares (aggregating up to ₹50.92 Cr)
Offer for Sale	NA
Issue Type	Bookbuilding IPO
Listing At	BSE SME
Share Holding Pre Issue	1,39,78,125 shares
Share Holding Post Issue	1,92,82,125 shares
Market Maker Portion	2,74,800 shares

HRS Aluglaze Limited IPO Reservation

Investor Category	Shares Offered
Market Maker	2,74,800 (5.18%)
QIB	24,87,600 (46.90%)
NII (HNI)	7,56,000 (14.25%)
Retail	17,85,600 (33.67%)
Total	53,04,000 (100%)

HRS Aluglaze Limited IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	2	2,400	₹2,30,400
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 Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	100%
Post-Issue	72.49%

HRS Aluglaze Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS-Pre IPO/Post IPO)	₹3.68/₹4.71
Price/Earnings (P/E) Ratio (Pre IPo/Post IPO)	26.07/20.4—
Return on Net Worth (RoNW)	20.28%
Net Asset Value (NAV)	₹17.61
Return on Equity	34.24%
ROCE	15.97%
EBITDA Margin	25.42%
PAT Margin	12.22%
Debt to Equity Ratio	1.92

Objectives of the Proceeds

Funding capital expenditure for assembly and glazing line in Rajoda unit. (₹18.30 crore)

Supporting working capital needs for ongoing and new projects. (₹19 crore)

Meeting general corporate requirements and operational needs.

Key Financials (in ₹ crore)

Particulars	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	80.60	42.43	34.10
Revenue	42.14	26.97	22.69
Profit After Tax	5.15	1.79	0.87
Reserves and Surplus	13.45	3.46	1.67
Total Borrowings	38.66	24.35	17.91

SWOT Analysis of HRS Aluglaze IPO

Strength and Opportunities

Experienced promoters with strong domain expertise
Growing demand for aluminium glazing and façade solutions
Established facility with expansion underway
Rising project pipeline across commercial segments

Risks and Threats

Operates in a highly competitive and fragmented market
Project-based business may face execution delays
Dependence on construction sector fluctuations
Margin pressure from raw material price changes

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About HRS Aluglaze Limited

HRS Aluglaze IPO Strengths

Leadership team brings strong industry experience supported by skilled and efficient workforce.

Company maintains repeat projects through long-standing partnerships with diverse trusted clients.

Integrated approach enables smooth project design, timely execution, and reliable completion delivery.

Operations focus on consistent quality, continuous innovation, and responsible sustainable business practices.

Company aims to contribute meaningfully toward shaping modern urban skylines across regions.

HRS Aluglaze IPO Peer Comparison

Company Name	EPS (Basic)	EPS (Diluted)	NAV (₹)	P/E (x)	RoNW (%)	P/BV Ratio
HRS Aluglaze Ltd	3.25	3.25	17.61	—	20.28	—
Peer Group
Innovators Facade Systems	2.78	2.78	88.43	73.02	3.19	2.31
Aluwind Infra-Tech	2.04	2.04	26.06	39.22	8.15	3.08

How to apply IPO with HDFC SKY?

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3Enter Number of Lots and your Price.

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5Complete Transaction on Your UPI App