The offering is entirely a fresh issue of 53.04 lakh shares, priced in a band of Rs 94–96, valuing the company at a pre-issue market cap of Rs 185.11 crore. Retail investors must apply for a minimum of 2,400 shares. The company raised Rs 10.02 crore from anchor investors on December 10, allotting 10.44 lakh shares to institutional buyers ahead of the IPO.
The IPO structure allocates 46.90% of shares to QIBs, 14.25% to NIIs and 33.67% to retail investors, with 2.74 lakh shares reserved for the market maker.
Business overview
Ahmedabad-based HRS Aluglaze specialises in designing, manufacturing and installing aluminium façade products, including windows and doors, curtain walls, cladding, railings, partitions and architectural glazing systems. Its client base spans builders, architects, contractors and institutions.
As of September 30, 2025, the firm had 28 active projects and an order book of roughly Rs 103 crore, providing near-term revenue visibility.
Financial performance
HRS Aluglaze has shown strong growth in recent years. Revenue rose 56% in FY25 to Rs 42.14 crore, while profit after tax surged 188% to Rs 5.15 crore. For the first half of FY26, the company reported Rs 26.35 crore in income and Rs 4.54 crore in PAT, indicating continued momentum.
Use of funds
The company plans to deploy Rs 18.30 crore to set up a new assembly and glazing line at its Rajoda, Ahmedabad campus. Another Rs 19 crore will be used for working-capital needs, with the rest earmarked for general corporate expenses.
With GMP at 0%, subscription trends over the next few days will be key to determining how the IPO performs at listing. The market will also watch whether institutional participation strengthens, given the company’s rising scale and expansion plans.