HRS Aluglaze, an aluminium product manufacturer, plans to raise ₹51 crore through initial public offering on BSE SME.
The company will issue 53.04 lakh equity shares, including a market marker portion of 2.75 lakh shares. The total issue offered to the public involves 50.29 lakh. The offer price has been fixed between ₹94-96 a share.
The public offer will open for subscription on December 11. Cumulative Capital is the lead manager of the offer.
Out of the total net proceeds from the issue, ₹18.30 crore to be used for capital expenditure to set up assembly and glass glazing line at Rajoda, Ahmedabad for façade work, ₹19 crore towards funding working capital requirements and remaining for general corporate purposes.
Minimum application for individual investors is 2,400 shares which translates into a minimum investment of ₹230,400 at offer price of ₹96 per share.
The company designs, manufactures and installs aluminium products, including windows, doors, curtain walls, cladding and glazing systems.
It provides standard and customised solutions to builders, contractors, architects and institutions, along with material supply and procurement support. The company has a manufacturing facility at Ahmedabad across 11,176 square meters. It is equipped with CNC precision machinery and powder coating facilities. An expansion of 13,714 square meters adjoining the current facility is proposed. The company currently has 28 active projects.