HRS Aluglaze IPO listing: Shares of HRS Aluglaze made a strong debut on the BSE SME on Thursday, December 18, defying weak market sentiment. The SME stock was listed at ₹126, up 31.25% over the issue price of ₹96. Soon after the strong debut, the stock extended gains to hit its 5% upper circuit (38% with respect to the issue price) of ₹132.30. HRS Aluglaze IPO listing exceeded grey market expectations as the last grey market premium (GMP) of the SME stock was ₹22, indicating a 23% listing pop.
HRS Aluglaze designs, manufactures, and installs a wide range of aluminium products, including windows, doors, curtain walls, cladding, and glazing systems. According to the Red Herring Prospectus of the IPO, as on September 30, 2025, the company has a pipeline of 28 active projects, which are cumulatively expected to generate approximately ₹103.07 crore revenue.
In FY23, HRS Aluglaze’s revenue from operations was ₹22.55 crore, which rose to ₹26.69 crore in FY24 and to ₹42.11 crore in FY25.
Profit after tax (PAT) for FY23, FY24, and FY25 were ₹0.90 crore, ₹1.8 crore and ₹5.15 crore, respectively.
HRS Aluglaze IPO details
The SME IPO was a fresh issue of 53,04,000 shares of face value of ₹10 each, aggregating to ₹50.92 crore. Priced at ₹96 per share, the BSE SME IPO opened on Thursday, December 11, and concluded on Monday, December 15. Share allotment was finalised on Tuesday, December 16, and the stock debuted on the BSE SME on Thursday, 18 December.
Cumulative Capital Private Limited was the book-running lead manager, while Purva Sharegistry (India) Private Limited was the registrar of the issue.
The issue received strong buying interest, as it was overall subscribed to nearly 45 times, with the retail portion booked almost 50 times.
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