HRS Aluglaze Limited IPO
HRS Aluglaze Limited IPO
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HRS Aluglaze Limited's completed its IPO journey with a successful listing on BSE on 18-12-2025. The public offering mobilized 53,04,000 Shares in total capital, comprising 53,04,000 Shares in fresh equity.
The offering was conducted within the price band of ₹94 to ₹96, with minimum application lots of 1200 shares. Investor participation during the 11-12-2025 to 15-12-2025 subscription window determined the final allocation pattern.
The basis of allotment was announced on 16-12-2025, finalizing share distribution to successful applicants. The listing represents a significant corporate development, providing the company with enhanced visibility and access to public capital markets.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
HRS Aluglaze IPO About Company
HRS Aluglaze Ltd, incorporated in 2012, designs, manufactures, and installs aluminium products such as windows, doors, curtain walls, cladding, and glazing systems. The company offers both standard and customized solutions to builders, contractors, architects, and institutions, along with material supply and procurement support. Its manufacturing facility in Rajoda, Bavla, Ahmedabad, Gujarat, spans 11,176 square meters and is equipped with CNC precision machinery and powder coating facilities, with an additional 13,714 square meter expansion proposed. As of September 30, 2025, the company has 28 active projects and employs around 90 personnel, including skilled, semi-skilled, and unskilled workers, across various functions.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
HRS Aluglaze IPO Strength Factors
- Proven Execution & Strong Client Relationships – The company consistently delivers projects for developers, institutions, and contractors, earning repeat business and long-term loyalty through quality, timely delivery, and safety compliance.
- In-House Design & Efficient Project Management – A dedicated design and estimation team, along with advanced CNC manufacturing and a 90-member execution team, ensures precise fabrication, smooth on-site installation, and efficient project execution across Gujarat and beyond.
- Commitment to Quality, Innovation & Sustainability – Adhering to ISO 9001:2015 standards and MSME ZED Bronze Certification, the company focuses on sustainable manufacturing, backward and forward integration, modern equipment use, and innovative practices to maintain high quality, cost efficiency, and fast turnaround.
HRS Aluglaze IPO Risk Factors
- Order Book May Not Guarantee Future Revenue – Current projects can face delays, changes, or cancellations, so the ₹10,307.07 lakhs order book (as of September 30, 2025) may not fully predict future earnings, potentially affecting profitability and overall performance.
- No Long-Term Customer Commitments – The company primarily relies on blanket purchase orders without firm contracts. Customers may reduce orders, delay payments, or stop sourcing, which can impact revenue and cash flows, though advance payments partially mitigate the risk.
- Dependence on Third-Party Suppliers – Timely and cost-effective supply of aluminium, glass, and accessories is critical. Price volatility and lack of long-term agreements could disrupt supply, increase costs, and pressure margins, affecting operations and financial results.
HRS Aluglaze IPO Lead Manager(s)
- Cumulative Capital Private Limited
HRS Aluglaze IPO Promoter(s)
- Rupesh Pravinbhai Shah
- Pinky Rupesh Shah
- Hrishikesh Rupesh Shah
HRS Aluglaze IPO FAQs
HRS Aluglaze Limited IPO subscribed 44.9 times. The public issue subscribed 49.54 times in the retail category,19.48times in QIB, and 98.7 times in the HNI (10+) category byDecember 18, 2025 4:17:54 AM (Day 18).
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
HRS Aluglaze IPO IPO Investor Categories
The offer proceeds will be utilised towards the following investor categories in compliance with SEBI regulations:
Qualified Institutional Buyers (QIB)
Financial Institutions, Banks, FIIs, and Mutual Funds registered with SEBI are called QIBs. In most cases, QIBs represent small investors who invest through mutual funds, ULIP schemes, and pension schemes.
Non-Institutional Investors (NII / HNI)
Retail Individual Investors (HNI), NRIs, Companies, Trusts, etc. who bid for shares worth more than ₹2 lakhs are known as Non-Institutional Bidders. Unlike QIBs, they do not need SEBI registration.
Subcategories of NII:
- sNII (Small NII – bids below ₹10 Lakhs)
For bids between ₹2–10 lakhs. One-third of NII shares are reserved for this category, also known as Small HNI (sHNI).
- bNII (Big NII – bids above ₹10 Lakhs)
For bids above ₹10 lakhs. Two-thirds of NII shares are reserved for this category, also called Big HNI (bHNI).
- sNII (Small NII – bids below ₹10 Lakhs)
Retail Individual Investors (RII)
Individual investors or NRIs who apply up to ₹2 lakhs in an IPO are considered under the RII reserved category.
Employee (EMP)
A category of eligible employees who have a reserved quota in the IPO.
Others
This includes eligible shareholders or other investors with reserved quotas in the IPO.
HRS Aluglaze IPO FAQs
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