HRS Aluglaze IPO: Check GMP, price range, issue size and other details

HRS Aluglaze will launch its Rs 51 crore IPO on Thursday and open subscriptions at a time when the gray market is not showing a premium, indicating subdued initial sentiment despite the company’s strong order book and rapid earnings growth. The book-built issue will remain open till December 15, with a tentative listing date of December 18 on the BSE SME platform.The offer consists entirely of a fresh issue of 53.04 lakh shares priced in a range of Rs 94-96, valuing the company at a pre-issue market capitalization of Rs 185.11 crore. Private investors must apply for a minimum of 2,400 shares. The company raised Rs 10.02 crore from anchor investors on December 10 and allotted 10.44 lakh shares to institutional buyers ahead of the IPO.

The IPO structure allots 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 specializes in the design, manufacture and installation of aluminum facade products, including windows and doors, curtain walls, cladding, balustrades, partitions and architectural glazing systems. The customer base consists of builders, architects, contractors and institutions.

As of September 30, 2025, the company had 28 active projects and an order book of around Rs 103 crore, providing near-term revenue visibility.

Financial performance

HRS Aluglaze has shown strong growth in recent years. Revenue rose 56% to Rs 42.14 crore in FY25, while profit after tax rose 188% to Rs 5.15 crore. For the first half of FY26, the company reported Rs 26.35 crore in revenue 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 campus in Rajoda, Ahmedabad. Another Rs 19 crore will be used for working capital needs, while the rest will be for general corporate expenses.

With GMP at 0%, subscription trends in the coming days will be critical in determining how the IPO performs at listing. The market will also look to see whether institutional participation strengthens given the company’s scale and expansion plans.