HRS Aluglaze SME IPO subscribed 44.90 times on final day

New Delhi, Dec 15 (PTI) The initial public offer of HRS Aluglaze, engaged in the design, manufacturing, and installation of aluminium products, received 44.90 times subscription on the final day of the offer on Monday.

The Rs 50.9-crore initial share sale received bids for over 17.86 crore equity shares (17,86,64,400) against 39,85,200 shares on offer, according to the data available on the BSE.

The category for non-institutional buyers fetched 82.49 times subscription, while the quota for Individual Investors subscribed 49.54 times. The portion for Qualified Institutional Buyers received 19.48 times subscription.

The Ahmedabad-based HRS Aluglaze fixed the price band at Rs 94-96 per share. The company is likely to list shares on BSE SME platform on December 18.

The company last week raised Rs 10.02 crore from anchor investors.

Proceeds from the fresh issue worth Rs 19 crore will be to fund the company's working capital requirements, Rs 18.30 crore to be utilised to set up an assembly & glass glazing line at Rajoda, Ahmedabad, for facade work, and general corporate purposes.

Incorporated in 2012, HRS Aluglaze Ltd is engaged in the design, manufacturing, and installation of aluminium products, including windows, doors, curtain walls, cladding, and glazing systems.

For FY25, the company posted a total income of Rs 42.14 crore and a net profit of Rs 5.15 crore.

Cumulative Capital is the sole book-running lead manager for the IPO. PTI HG HG MR MR