Market Performance
The HRS Aluglaze IPO listing turned heads in the Indian stock market despite a muted broader sentiment. On Thursday, December 18, the SME IPO made a confident debut on the BSE SME platform.
The stock opened at ₹126, marking a 31.25% premium over its issue price of ₹96. The momentum didn’t stop there. Buying interest continued through the session, pushing the stock to its 5% upper circuit at ₹132.30.
In percentage terms, that upper circuit level represents a 38% gain over the IPO price. For a newly listed SME stock, the debut clearly reflected strong market participation and demand.
Main News: Strong SME IPO Listing Draws Attention
The IPO listing news around HRS Aluglaze stood out for one clear reason—execution. While many listings struggle to hold opening gains, this SME stock extended its move almost immediately after listing.
Key listing highlights:
- Issue price: ₹96
- Listing price: ₹126
- Listing gain: 31.25%
- Upper circuit price: ₹132.30
- Total gain vs issue price: ~38%
The debut reinforced how selective participation in the SME segment can still attract deep interest when fundamentals and visibility align.
Company Details
HRS Aluglaze operates in the aluminium solutions space, designing, manufacturing, and installing products used across commercial and residential projects. Its offerings include:
- Aluminium windows and doors
- Curtain wall systems
- Cladding solutions
- Advanced glazing systems
As per its prospectus data, the company had 28 active projects in its order pipeline as of September 30, 2025. These projects together are expected to generate approximately ₹103.07 crore in revenue.
Financial Snapshot
The company’s operational growth over recent years has been steady, with a sharp jump in the latest financial year.
Revenue from operations
- FY23: ₹22.55 crore
- FY24: ₹26.69 crore
- FY25: ₹42.11 crore
Profit After Tax (PAT)
- FY23: ₹0.90 crore
- FY24: ₹1.80 crore
- FY25: ₹5.15 crore
The numbers highlight a clear expansion in scale, especially in FY25, where both revenue and profitability saw notable improvement.
IPO Details
The SME IPO was structured as a fresh issue of 53,04,000 equity shares, each with a face value of ₹10. The total issue size aggregated to ₹50.92 crore.
Important dates at a glance:
- IPO opened: December 11
- IPO closed: December 15
- Allotment finalised: December 16
- Listing date: December 18
- Exchange: BSE SME
The issue witnessed heavy participation across investor categories, reflecting strong interest during the subscription phase.
Summary
The HRS Aluglaze IPO listing emerged as a notable SME IPO event in the Indian stock market. A 31% listing premium, followed by an immediate move to the upper circuit, placed the SME stock firmly in focus.
Backed by rising revenues, improving profitability, and a visible project pipeline, the company’s debut showcased how select SME listings continue to command attention even in cautious market conditions.
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