HRS Aluglaze Ltd’s Rs 50.92 Crore IPO Fully Subscribed 1.90 Times on Day 2

HRS Aluglaze Ltd’s Rs 50.92 crore initial public offering on the BSE SME platform has seen strong traction, achieving full subscription on the second day of bidding. As of December 12, 2025, the IPO was subscribed 1.90 times overall, led by robust demand from individual investors at 2.70 times, followed by NIIs at 1.51 times and QIBs (excluding anchor investors) at 1.08 times. The subscription window opened on December 11 and will close on December 15, 2025. Cumulative Capital Pvt. Ltd is acting as the lead manager for the issue.

The public issue comprises a fresh issue of 53.04 lakh equity shares, including 2.748 lakh shares allocated for the market maker. A total of 50.29 lakh equity shares are being offered to the public at a face value of Rs 10 each, within a price band of Rs 94–96 per share. From the net proceeds, Rs 18.30 crore will be allocated towards establishing an assembly and glass glazing line at Rajoda, Ahmedabad for façade work, Rs 19 crore will be used for working capital requirements, and the remaining amount will support general corporate purposes. Out of the total issue, 17.85 lakh shares have been reserved for the retail investor category.

Investors applying under the retail segment must apply for a minimum of 2,400 shares, equivalent to two lots of 1,200 shares each. This translates into a minimum investment of Rs 2,30,400 at the upper price band of Rs 96 per share. Additional applications can be made in multiples of 1,200 shares thereafter.

Founded in 2012, HRS Aluglaze Ltd is involved in designing, manufacturing and installing aluminium products including windows, doors, curtain walls, cladding and glazing systems. It serves builders, contractors, architects and institutions, offering both standard and customized solutions alongside procurement and material supply support. Its manufacturing facility in Rajoda, Bavla, Ahmedabad covers 11,176 square meters and is equipped with CNC precision machinery and powder coating capabilities. The company also plans to expand by an additional 13,714 square meters adjacent to the current facility. As of September 30, 2025, the company had 28 active projects under execution.

For H1FY26, HRS Aluglaze reported total income of Rs 26.35 crore, EBITDA of Rs 8.45 crore and net profit of Rs 4.54 crore. For the full year FY24–25, total income stood at Rs 42.14 crore, EBITDA at Rs 10.70 crore and net profit at Rs 5.15 crore. As on September 30, 2025, the company reported reserves and surplus of Rs 10.66 crore and total assets of Rs 91.16 crore. The firm also delivered strong return ratios as on March 31, 2025, including ROE of 34.24 per cent, ROCE of 15.97 per cent and a PAT margin of 12.22 per cent.

Disclaimer: The article is for informational purposes only and not investment advice.