SME IPO To Watch: HRS Aluglaze To Raise Rs. 50.92 Cr Via IPO; Book Build Issue To Open On December 11

Through its public offer, HRS Aluglaze Ltd. aims to generate up to Rs. 50.92 crore. The IPO will begin accepting subscriptions on December 11, 2025, and end on December 15, 2025. On December 16, 2025, the allocation of shares for the HRS Aluglaze IPO is anticipated to be completed. The tentative listing date for HRS Aluglaze IPO on the BSE SME is set for December 18, 2025.

A fresh issue of 53.04 lakh equity shares, comprising a market maker portion of 2.748 lakh shares, is part of the Rs. 50.92 crore initial public offering. 50.29 lakh equity shares with a face value of Rs. 10 apiece at a price range of Rs. 94-96 per share make up the whole issue made available to the public.

Out of the total net proceeds, Rs. 19 crore will be used to meet working capital requirements, Rs. 18.30 crore will be used to pay capital expenditures to establish an assembly and glass glazing line at Rajoda, Ahmedabad for façade construction, and the rest amount will be used for general corporate reasons.

There are 17.85 lakh shares available in the retail category. Individual investors must apply for a minimum of 2,400 shares, which equates to a minimum investment of Rs. 2,30,400 at the higher price range of Rs. 96 per share. 1,200 shares make up the lot size.

The firm recorded Rs. 26.35 crore in total income, Rs. 8.45 crore in EBITDA, and Rs. 4.54 crore in net profit for H1FY26. The total income for the entire fiscal year 2024-2025 was recorded at Rs. 42.14 crore, EBITDA at Rs. 10.70 crore, and net profit at Rs. 5.15 crore. As of September 30, 2025, assets were valued at Rs. 91.16 crore and reserves and surplus at Rs. 10.66 crore. As of March 31, 2025, the company recorded strong returns, with ROE at 34.24%, ROCE at 15.97%, and PAT Margin at 12.22%.

Purva Sharegistry (India) Pvt.Ltd. is the issue's registrar, while Cumulative Capital Pvt.Ltd. is the book running lead manager. Mnm Stock Broking Pvt.Ltd. is the company's market maker. A total of 53,04,000 shares are offered in the HRS Aluglaze IPO.

Institutions and retail investors participated in the IPO in a balanced manner according to a systematic allocation across investor groups. As per the DRHP, out of the total issue size, 24,87,600 shares (46.90%) were reserved for Qualified Institutional Buyers (QIBs), including 10,44,000 shares (19.68%) allotted specifically to Anchor investors. Further, 14,43,600 shares (27.22%) were allocated to QIBs excluding the Anchor portion. Non-Institutional Investors (NIIs) received 7,56,000 shares (14.25%), while the Retail Individual Investor (RII) category was allotted 17,85,600 shares (33.67%).

HRS Aluglaze Ltd. was established in 2012 and is involved in the design, production, and installation of aluminum products, such as doors, windows, curtain walls, cladding, and glazing systems. Situated in Village Rajoda, Taluka Bavla, Ahmedabad, Gujarat, the manufacturing facility spans 11,176 square meters and is furnished with powder coating capabilities and CNC precision technology. It has been proposed that the existing facility be expanded by 13,714 square meters. The company has 28 ongoing projects as of September 30, 2025.