HRS Aluglaze was incorporated on March 30, 2012. The company designs, manufactures, and installs a wide range of aluminium products such as windows, doors, curtain walls, cladding, and glazing systems offering both standard and customized solutions along with material procurement support. It has built strong capabilities over the years, delivering reliable, high-quality architectural systems for commercial, residential, industrial, and institutional projects
| Bidding Dates |
|---|
| 11 Dec 2025 - 15 Dec 2025 |
| Subscription |
|---|
| 42x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹2,25,600 | 2 | 2 | 1200 | 5.3 M | ₹94 - ₹96 | 72.49 % | ₹498.6 M - ₹509.2 M | RHP DOC |
HRS Aluglaze IPO SUBSCRIPTION STATUS
15 Dec '25HRS Aluglaze IPO overall subscription rate was 42 times the total available shares
HRS Aluglaze IPO retail subscription rate was 59.32 times in the retail segment
HRS Aluglaze IPO non-institutional investor subscription rate was 97.59 times in the non-institutional investor category
HRS Aluglaze IPO Qualified Institutional Bidder subscription rate was 13.2 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
15 Dec 2025 (Day 3) | 59.32x | 97.59x | 13.2x |
12 Dec 2025 (Day 2) | 3.23x | 2.21x | 0.73x |
11 Dec 2025 (Day 1) | 0.48x | 0.2x | 0.73x |
HRS Aluglaze FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| H1FY26 | 26.3 | 4.5 | 1.8 | 0.6 | 32.1% |
| FY25 | 42.1 | 5.1 | 2.9 | -16.8 | 25.4% |
| FY24 | 26.7 | 1.8 | 1.5 | -8.7 | 13.2% |
| FY23 | 22.6 | 0.9 | -2.1 | -16.0 | 7.8% |
HRS Aluglaze IPO SUBSCRIPTION STATUS DETAILS
HRS Aluglaze had 5.3 M shares on offer
HRS Aluglaze IPO offer price was in the range ₹94 - ₹96
HRS Aluglaze IPO minimum Investment was ₹225600
HRS Aluglaze IPO issue size was ₹ 498.6 M - ₹ 509.2 M
HRS Aluglaze had a minimum lot size of 1200 Shares per application
HRS Aluglaze NUMBER OF SHARES ON OFFER
HRS Aluglaze IPO IMPORTANT DATES
| Issue Open Date | 11 Dec 2025 |
| Issue close Date | 15 Dec 2025 |
| Allotment Date | 16 Dec 2025 |
| Refund Date | 17 Dec 2025 |
| Demat Account Credit Date | 17 Dec 2025 |
| Listing Date | 18 Dec 2025 |
| Listing on Exchange(s) | BSE |
| HRS Aluglaze Allotment Status | Exchange/ Registrar |
HRS Aluglaze IPO subscription opened on 11 Dec 2025, and closed on 15 Dec 2025
IPO allotment for HRS Aluglaze was finalized on Tuesday, 16 Dec 2025
IPO listing for HRS Aluglaze was on BSE on Thursday, 18 Dec 2025
HRS Aluglaze IPO LISTING GAINS
| Issue Price (adjusted) | 96.0 |
| Listing Open Price | 126.0 |
| Listing Close Price | 132.3 |
| Listing Gain% | 31.3% |
| Current Gain% | 160.5% |
HRS Aluglaze Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HRS Aluglaze Ltd. | 250 | 482.1 | 47.2 | 7.1 | 13.5 | 7.5 | 67.8 | 10.2 | 5.3 | ||||
| Hindalco Industries Ltd. | 1059.6 | 238116.1 | 14.5 | -4.6 | 0.8 | 9.8 | 3.8 | 277833 | 15.2 | 13391 | -16.3 | 73 | -3.1 |
| Vedanta Aluminium Metal Ltd. | 470 | 183807.8 | 0 | -192.6 | 0 | 0 | -28.4 | ||||||
| Vedanta Ltd. | 278.8 | 109041.2 | 5.5 | 0.2 | 1 | 35 | 7.4 | 79987 | -48.9 | 17391 | 16 | 50.3 | 35.1 |
| National Aluminium Company Ltd. | 381 | 69975.7 | 10.4 | 0.6 | 3.6 | 26.8 | 21.8 | 18508.9 | 8 | 5797 | 10 | 36.8 | 17.8 |
| CMR Green Technologies Ltd. | 225.6 | 4941.9 | 13.9 | 5.5 | 8659.2 | 29.3 | 212.4 | 49.1 |
HRS Aluglaze INFORMATION ON IPO ISSUE
About HRS Aluglaze
HRS Aluglaze was incorporated on March 30, 2012. The company designs, manufactures, and installs a wide range of aluminium products such as windows, doors, curtain walls, cladding, and glazing systems offering both standard and customized solutions along with material procurement support. It has built strong capabilities over the years, delivering reliable, high-quality architectural systems for commercial, residential, industrial, and institutional projects
Object of the Issue
- Funding capital expenditure to set up assembly & glass glazing line at Rajoda, Ahmedabad for facade work
- Funding of working capital requirements of the company
- General corporate purposes
HRS Aluglaze - PROMOTERS
| Name |
|---|
| Rupesh Pravinbhai Shah |
| Pinky Rupesh Shah |
| Hrishikesh Rupesh Shah |
HRS Aluglaze - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Rupesh Pravinbhai Shah | Managing Director & Chairman |
| Pinky Rupesh Shah | Executive Director |
| Hrishikesh Rupesh Shah | Executive Director |
| Shail Jayesh Shah | Non-Executive Independent Director |
| Heta Hiren Shah | Non-Executive Independent Director |
| Niki Nitin Thakkar | Non-Executive Independent Director |
HRS Aluglaze Book Running Lead Manager
Cumulative Capital Private Limited
contact@cumulativecapital.group
HRS Aluglaze Registrar to the issue
Purva Sharegistry (India) Private Limited
newissue@purvashare.com
HRS Aluglaze Strengths
Design, execution & completions
The company has an in-house estimation and design team of seven employees and operates a fully equipped manufacturing facility with advanced CNC machines and testing tools to ensure precision and quality. With a 90-member workforce, it delivers innovative, sustainable, and aesthetically strong façade and glazing systems while maintaining full control over production and project timelines
Client relationship
The company has executed multiple projects across India for developers, institutions, and contractors, supported by strong project management and a skilled technical team that ensures timely delivery with high quality and safety standards. Its long-term relationships with major real estate developers and repeat business reflect its reliability, consistent service, and proven ability to execute large-scale projects efficiently
Commitment to quality, innovation, & sustainability
The company operates under ISO 9001:2015 and MSME ZED Bronze certifications, using advanced machinery and SOP-driven processes to ensure precision and quality. With strong backward and forward integration, it delivers faster turnaround, reduced costs, and sustainable manufacturing practices
HRS Aluglaze Risks
Seasonal
Their business faces seasonal demand, leading to periods of lower manufacturing unit utilization, which may affect financial performance. Construction activity typically rises in the second half of the year, increasing demand for their aluminium and glass products during the third and fourth quarters
Design & project execution team
They rely heavily on their design and project execution teams to estimate project costs accurately and deliver orders efficiently. Any failure by these teams to perform effectively could negatively impact operations, financial performance, and cash flows
Regulatory risks
They operate in a highly regulated industry and depend on timely approvals and renewals from regulatory and health authorities. Any delay, failure, or change in regulations could disrupt operations, impact profitability, and impose significant compliance burdens
IPO FAQs
The promoters of the company are Rupesh Pravinbhai Shah, Pinky Rupesh Shah and Hrishikesh Rupesh Shah.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 94.0 - 96.0.
The IPO application opens on Dec 11, 2025 and closes on Dec 15, 2025.
The minimum lot size for the IPO is 2400. The maximum lot size for the IPO is 2400.
For all category investors, the minimum application amount for this IPO is Rs. 225,600.0, the maximum value for this IPO is Rs 230,400.0.
This IPO will be allotted on Dec 16, 2025.
The refund will be credited to your account on Dec 17, 2025.
The allotted shares will be credited to your demat on Dec 17, 2025.
HRS Aluglaze Ltd.’s shares listed on the stock exchanges on Dec 18, 2025.