HRS Aluglaze shares hit 5% upper circuit after listing at 31% premium over SME IPO price

HRS Aluglaze IPO

The shares of HRS Aluglaze made a strong market debut on December 18, listing at Rs 126 per share on the BSE SME platform. This implies a premium of more than 31 percent over the IPO price of Rs 96 per share.

The company debuted with a market capitalization of nearly 243 crore. The shares then jumped 5 percent to hit the upper circuit at Rs 132.30 apiece. The company's market capitalisation at the end of the debut day stood at Rs 255.10 crore.

Listing premium vs grey market estimates:

The listing premium has beaten grey market estimates. Ahead of their market debut, the unlisted shares of the company were trading with nearly 23 percent grey market premium (GMP) over the IPO price, according to data on Investorgain.

According to IPO Watch too, the unlisted shares of the company were trading with around 23 percent GMP over the IPO price.

About HRS Aluglaze IPO:

HRS Aluglaze, which designs and installs aluminium facades, glazing, doors, windows, curtain walls and related metal works, had launched its IPO earlier this month to raise Rs 50.92 crore entirely through a fresh issue of over 53 lakh shares at a price band of Rs 94-96 apiece.

Retail investors could bid for a minimum of 2,400 shares, requiring an investment of more than Rs 2.3 lakh at the upper price band, and in multiples of 1,200 shares thereafter. The maiden public issue of the company was subscribed nearly 45 times between December 11 and December 15.

How will the IPO proceeds be used?

HRS Aluglaze aims to use the fresh issue proceeds for capacity expansion, plant and machinery, new projects, working capital, and general corporate purposes.

What does HRS Aluglaze do?

HRS Aluglaze executes façade and glazing contracts for builders, corporates and institutions to deliver aluminium structures, doors, windows and curtain wall systems. The company’s work is visible on commercial complexes, IT parks and high-end real-estate projects, primarily in and around Gujarat.

Follow all IPO news here.