HRS Aluglaze IPO is a book-built issue with a total size of ₹50.92 crore. The entire issue consists of a fresh issue of 0.53 crore shares of ₹50.92 crore, aiming to raise funds for the company’s business needs. The IPO opens for subscription on December 11, 2025, and will close on December 15, 2025.
The basis of allotment is expected to be finalised on December 16, 2025, and the shares are likely to be listed on BSE SME on December 18, 2025. The price band for the issue is set between ₹94 and ₹96 per share, offering investors an entry at different levels.
The minimum application size is 1,200 shares, making the minimum investment for retail investors ₹2,30,400 at the upper band. For HNI investors, the minimum lot size is 3 lots, equivalent to 3,600 shares, amounting to ₹3,45,600.
Cumulative Capital Private Limited is acting as the book running lead manager, while Purva Sharegistry (India) Private Limited has been appointed as the registrar to the issue. Purva Sharegistry (India) Private Limited is serving as the market maker for this IPO.
HRS Aluglaze IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- Funds will be used for capital expenditure to set up assembly and glass glazing line at Rajoda, Ahmedabad for façade work.
- Funding of working capital requirements of the Company.
- Remaining funds will be used for general corporate purposes.
About HRS Aluglaze Limited
HRS Aluglaze is engaged in the business of designing, manufacturing, and installing a range of aluminium products, including windows, doors, curtain walls, cladding, and glazing systems. These solutions are tailored to meet the requirements of builders, contractors, architects, and institutions, with both standard and customiSed options, and the company also provides material supply and procurement support.
Over the years, the company has developed the capability to offer quality architectural systems and deliver reliable, customized solutions for commercial, residential, industrial, and institutional projects, including hospitals. Its manufacturing facility is located in Village Rajoda, Taluka Bavla, Ahmedabad, Gujarat, covering approximately 11,176 square meters.
To support its long-term growth plans and meet increasing demand, the company has invested in in-house infrastructure, CNC precision machinery, and powder-coating facilities to maintain consistent quality across operations. The company has proposed an expansion of approximately 13,714 square meters adjoining the current facility. This expansion forms part of the planned deployment of net proceeds from the Issue, as detailed in the "Objects of the Issue" section on page 107 of this Red Herring Prospectus, and is intended to
- Enhance production capabilities.
- Support entry into new geographical markets.
- Strengthen timely project execution.
- Improve operational efficiency and margins. The company has completed several projects across different sectors.
Industry Outlook
- The real estate sector in India has undergone significant transformation, supported by a growing economy.
- The sector has linkages with nearly 250 ancillary industries and is one of the major employment generators after agriculture, accounting for around 18% of total employment.
- The current market size of the Indian real estate sector is estimated at USD 482 billion, contributing about 7.3% to total economic output.
- By 2034, the sector is projected to expand to USD 1.5 trillion, contributing around 10.5% to total economic output.
- Key drivers include rising residential demand, growing requirement for modern office spaces, and expansion in hospitality and retail sectors driven by increasing consumption and income levels.
- Growth in e-commerce is creating additional demand for warehousing and storage facilities across the country.
- Increasing use of telecommunication services is leading to a rise in demand for data centres and digital storage infrastructure.
- Government initiatives such as affordable housing schemes, smart city projects, and tax deductions on housing loans are supporting investment in the real estate sector.
- India’s population is expected to reach 1.55 billion by 2034, with an estimated 42.5% residing in urban areas.
- There is potential for rural regions and small towns to transition into emerging urban centres.
- The growing urban population will drive substantial housing demand, particularly in major cities.
- Between 2024 and 2034, an estimated 78 million additional housing units will be required in urban India.
How To Apply for the HRS Aluglaze IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the HRS Aluglaze IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of HRS Aluglaze IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of HRS Aluglaze Limited
Registered office: 601 W-1, 6th Floor, New York Timber Street, Opp. PSP House, B/H. S.G. Highway, Ambali Road, Jodhpur, Ahmedabad – 380 058, Gujarat, India
Phone:+91 79 26306595
E-mail:info@hrsaluglaze.com
HRS Aluglaze IPO Reservation
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 2,74,800 (5.18%) |
| QIB Shares Offered | 24,87,600 (46.90%) |
| − Anchor Investor Shares Offered | 10,44,000 (19.68%) |
| − QIB (Ex. Anchor) Shares Offered | 14,43,600 (27.22%) |
| NII (HNI) Shares Offered | 7,56,000 (14.25%) |
| Retail Shares Offered | 17,85,600 (33.67%) |
| Total Shares Offered | 53,04,000 (100.00%) |
HRS Aluglaze IPO Anchor Investors Details
| Bid Date | Wed, Dec 10, 2025 |
| Shares Offered | 10,44,000 |
| Anchor Portion Size (In Cr.) | 10.02 |
| Anchor lock-in period end date for 50% shares (30 Days) | Thu, Jan 15, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Mon, Mar 16, 2026 |
HRS Aluglaze IPO Lot Size Details
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 2 | 2,400 | ₹2,30,400 |
| Individual investors (Retail) (Max) | 2 | 2,400 | ₹2,30,400 |
| S-HNI (Min) | 3 | 3,600 | ₹3,45,600 |
| S-HNI (Max) | 8 | 9,600 | ₹9,21,600 |
| B-HNI (Min) | 9 | 10,800 | ₹10,36,800 |
HRS Aluglaze IPO Promoter Holding
The promoters of the company include Rupesh Pravinbhai Shah, Pinky Rupesh Shah and Hrishikesh Rupesh Shah.
| Share Holding Pre-Issue | 100% |
| Share Holding Post Issue | 72.49% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for HRS Aluglaze IPO
| KPI | Values |
| ROE | 34.24% |
| ROCE | 15.97% |
| Debt/Equity | 1.92 |
| RoNW | 34.24% |
| PAT Margin | 12.22% |
| EBITDA Margin | 25.42% |
| Price to Book Value | 6.53 |
HRS Aluglaze IPO Registrar and Lead Managers
HRS Aluglaze IPO Lead Managers
- Cumulative Capital Private Limited
Registrar for HRS Aluglaze IPO
Purva Sharegistry (India) Private Limited
- Phone: +91-022-23018261/ 23016761
- Email: newissue@purvashare.com
- Website: https://www.purvashare.com/investor-service/ipo-query
Financial Performance of HRS Aluglaze Limited
| Particulars | FY 2024-25 | FY 2023-24 | FY 2022-23 |
| Revenue from Operations (₹ in Lakh) | 4,210.85 | 2,669.02 | 2,255.28 |
| Total Revenue (₹ in Lakh) | 4,214.46 | 2,697.37 | 2,268.84 |
| EBITDA (₹ in Lakh) | 1,070.47 | 353.38 | 174.82 |
| EBITDA Margin (%) | 25.42 | 13.24 | 7.75 |
| Profit After Tax (₹ in Lakh) | 514.64 | 178.65 | 86.81 |
| Net Profit Ratio (%) | 12.22 | 6.69 | 3.85 |
| RoE (%) | 34.24 | 19.71 | 18.92 |
HRS Aluglaze Limited Peer Comparison
| Company Name | Revenue from Operations (₹ in lakhs) | EBITDA Margin (%) | EBITDA (₹ in lakhs) | Total Revenue (₹ in lakhs) |
| HRS Aluglaze | 2,633.30 | 32.08 | 844.70 | 2,634.95 |
| Innovators Facade System Ltd (Consolidated) | 8,360.22 | 15.32 | 1,281.18 | 8,495.99 |
| Aluwind Infra-tech Limited (Standalone) | 6,446.37 | 11.06 | 712.98 | 6,570.13 |
Strengths and Opportunities of HRS Aluglaze Limited
- Adoption of advanced materials and technologies such as smart glass, nanomaterials, energy-efficient coatings, and BIM-based design integration.
- Rising demand for energy-efficient building solutions, including double/triple glazing, low-E coatings, and thermal break systems.
- Increasing preference for facades and fenestration systems that offer both aesthetic enhancement and functional benefits like insulation and weather protection.
- Presence of established domestic and global players contributing to technology transfer, product innovation, and market maturity.
- Growing emphasis on sustainability and the use of recyclable materials aligned with green building standards like LEED and BREEAM.
- Rapid urbanisation and ongoing infrastructure development in emerging regions driving the need for modern façade and fenestration systems.
- Expanding opportunities in retrofitting and renovation as older buildings transition toward energy-efficient and modern façade solutions.
- Integration of renewable energy technologies, including photovoltaic-enabled facades and smart, dynamic systems that support energy generation and efficiency.
Risks and Threats of HRS Aluglaze Limited
- High initial costs of advanced facade and energy-efficient fenestration systems limit adoption in cost-sensitive markets.
- Installation and maintenance require specialized skills and equipment, increasing operational complexity.
- Strong dependence on construction sector growth makes the industry vulnerable to cyclical fluctuations.
- Compliance with diverse regional building codes and standards can be time-consuming and costly.
- Limited awareness and slower acceptance of advanced façade technologies in some emerging markets.
- Supply chain dependence on raw materials such as aluminum, glass, and steel exposes the industry to shortages and price volatility.
- Intense competition among global and regional players can lead to pricing pressure and lower margins.
- Shortage of skilled labor in certain regions affects timely installation and maintenance of advanced facade systems.
