HRS Aluglaze Ltd IPO GMP Steady at ₹14; Expected 14.58% Listing Gain

HRS Aluglaze Ltd IPO is navigating a volatile grey market as it enters its final day of bidding today, 2025-12-15. With the listing scheduled for 2025-12-18, investors are closely monitoring the premium and subscription levels to gauge potential listing day performance.

📊 GMP Snapshot: What’s the Premium Today?

The Grey Market Premium (GMP) for HRS Aluglaze Ltd has shown resilience, recovering from a flat start to trade at a positive premium. As of today, the GMP suggests a moderate listing gain, though it trails the high-flying premiums often seen in the SME segment.

Metric	Value
Issue Price	₹96
Current GMP	₹14 (Source: ipowatch.in as of 2025-12-15)
Expected Listing Price	₹110
Expected Listing Gain	14.58%
Minimum Investment	₹115,200 (1200 shares)
Data Source	ipowatch.in / univest.in

Note: The GMP has stabilized around ₹14-₹15 after opening flat, indicating a shift in sentiment from neutral to cautiously optimistic.

📈 Subscription Status: How Strong is the Demand?

Investor interest has been lukewarm compared to recent SME frenzies. As of the close of Day 2 (Friday, December 12), the issue was subscribed just under 2 times. The final day (today) will be critical to determine if Institutional Buyers (QIBs) will step in to drive demand.

Category	Subscription (As of Day 2, Dec 12)
QIB	1.08 times
NII	1.51 times
Retail	2.69 times
Overall	1.89 times

Interpretation: The overall subscription of 1.89 times indicates that while Retail investors are participating (2.69x), the High Net-worth Individual (NII) and Institutional (QIB) categories are yet to show aggressive demand. For an SME IPO, this level of subscription on Day 2 is considered modest, suggesting the stock may not see a “bumper” opening unless Day 3 sees a massive surge in bids.

🏢 Company Overview

HRS Aluglaze Ltd, incorporated in 2012, specializes in the design, manufacturing, and installation of aluminium architectural systems. Their product portfolio includes windows, doors, curtain walls, and structural glazing, catering to both commercial and residential projects.

Key Fundamentals:

• Revenue Growth: Revenue surged 56% to ₹42.14 Cr in FY25 (up from ₹26.97 Cr in FY24).
• Profitability: PAT jumped 188% to ₹5.15 Cr in FY25, showcasing strong operational leverage.
• Valuation: The issue is priced at a P/E of roughly 20x (Post-IPO), which is competitive but fully priced given the sector’s fragmented nature.
• Expansion: IPO proceeds are earmarked for setting up a new assembly and glazing line in Ahmedabad, signaling a focus on capacity expansion.

🎯 Verdict: Should You Apply?

The setup for HRS Aluglaze Ltd presents a mixed picture. While the financial growth is impressive and the valuation is reasonable, the low subscription numbers and moderate GMP (14-15%) signal a lack of strong market euphoria. SME IPOs typically require heavy oversubscription (50x+) to guarantee a safe listing pop.

Given the modest demand and the risk of the premium eroding if market sentiment dampens on listing day:

Verdict: Long Term Only

• Rationale: The 14.58% expected gain is not sufficient to justify a “Listing Gain” play given the low subscription safety net. However, the company’s strong fundamental growth (188% PAT increase) makes it a viable candidate for investors willing to hold through volatility for long-term value creation. Conservative investors should watch for a subscription spike above 10x today before considering an application.