HRS Aluglaze’s SME IPO to open tomorrow

New Delhi: HRS Aluglaze, engaged in the design, manufacturing, and installation of aluminium products, on Tuesday said its Rs 50.9 crore initial share sale will open for public subscription on December 11. The Initial Public Offering (IPO) will conclude on December 15 and the bidding for the anchor investors will open for a day on December 10, Ahmedabad-based HRS Aluglaze Ltd, said in a statement.

The company has fixed a price band at Rs 94-96 per equity share and the shares will list on BSE SME with a tentative listing date fixed on December 18, it added. The IPO is entirely a fresh issue of 53.04 lakh equity shares aggregating to Rs 50.92 crore.

The net proceeds from the fresh issue worth Rs 19 crore will be used by the company to fund its working capital requirements, Rs 18.30 crore to be utilised to set up an assembly & glass glazing line at Rajoda, Ahmedabad for façade 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.