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Glass Wall Systems (India) Ltd

IPO Details · GMP · Subscription · Financials

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Issue Price
₹172
Per Share
GMP
+₹48
+27.91% Grey Market
Est. Listing
₹220
Expected Price
Min. Application
₹28,208
2 lots × 82 shares
IPO Issue Details
Issue Price / Price Band₹172 per share (Fixed Price)
Face Value₹2 Per Share
Lot Size82 Shares per Lot
Total Issue Size2,35,10,425 shares (agg. up to ₹428 Cr)
Issue TypeBookbuilding IPO
Sale Type / CategoryFresh capital cum OFS
Exchange / PlatformNSE & BSE
IPO TypeMainboard
Subscription OpenTue, 08 Sep 2026
Subscription CloseThu, 10 Sep 2026
Anchor AllotmentMon, 07 Sep 2026
Basis of AllotmentFri, 11 Sep 2026
Initiation of RefundsTue, 15 Sep 2026
Credit of Shares to DematTue, 15 Sep 2026
Listing DateWed, 16 Sep 2026
UPI Mandate Deadline5:00 PM on 10 Sep 2026 (Day 3)
Application & Investment Details
Retail — Min (1 Lots)₹14,924 — 82 shares
Retail — Max (13 Lots)₹183,352 (13 Lots)
HNI — Min (3 Lots)₹42,312 — 246 shares
EPS (Pre-IPO)₹5.18
Pre-IPO Promoter Holding8,46,38,550 shares
Post-IPO Promoter Holding8,79,35,253 shares
Fresh Issue Shares32,96,703 shares (agg. up to ₹60 Cr)
Offer for Sale Shares2,02,13,722 shares of ₹2 (agg. up to ₹368 Cr)
About Glass Wall Systems (India) Ltd

Incorporated in 2010, Glass Wall Systems (India) Limited is a façade solutions and fenestration provider with operations in India as well as international markets, including the United States and Australia. The company has over two decades of industry experience and, as of March 31, 2026, has completed more than 158 projects.Its business is structured across three verticals:Domestic Façade Solutions – Design, engineering, fabrication, supply, installation, and EPC services for real estate developers, contractors, and corporate clients.International Façade Products Supply – Supply of sustainable façade products, tailored to contractors and façade companies overseas.Fenestration Solutions – Custom luxury windows, doors, skylights, and partition systems, catering to the high-end domestic market, primarily through its subsidiary Yes Systems Private Limited (acquired in August 2025). Yes Systems operates in the premium fenestration space under the brand ORIA and collaborates with international partners such as a Swiss window systems brand, LIBART, and OIKAS.The company’s client base includes real estate developers, contractors, hospitals, airport authorities, and corporations in commercial, residential, and institutional projects. Notable projects include The Capital, Kohinoor Square, Bagmane Rio, Lodha World One in India, and international assignments such as Jackson Avenue, 1400 South Wabash, Spark GTIC, Harper Court in the U.S. and Project Dove in Australia.As of March 31, 2026, the company employed 370 permanent staff.

Objects of the Issue

Glass Wall Systems (India) Ltd proposes to utilise the net proceeds from the Issue for the following objects:

1
Funding capital expenditure requirement for setting up of a glass processing unit (GPU Project) as part of planned backward integration of the Company at Vile Bhagad Facility
60.00
2
General Corporate Purposes
Shareholding & Lock-in
Pre-IPO Promoter Holding 8,46,38,550 shares
Post-IPO Promoter Holding 8,79,35,253 shares
Lock-in Period (30%)Sun, Oct 11, 2026
Lock-in Period (50%)Thu, Dec 10, 2026
Check AllotmentCheck Status →
Glass Wall Systems (India) Ltd — Live Price LIVE
₹172.00
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Issue ₹172.00 GMP: +₹48 (+27.91%) Live Price
Quick Facts
GMP Signal🟢 Positive
StatusClosed
Issue Price₹172
GMP+₹48
Est. Listing₹220
Lot Size82 shares
Min Amount₹28,208
Listing Date16 Sep 2026
Disclaimer: GMP is unofficial and unregulated. It does not guarantee actual listing price.
Listing Performance
Issue Price₹172
Listing Date16 Sep 2026
Listing Price
Listing Gain/Loss—%
52-Week High
52-Week Low
Issue Structure & Reservation
Category Shares Offered % Issue Amount (₹ Cr)* Subscription
QIB (Ex Anchor) 4,702,085 ₹80.88 Cr 167.93x
NII / HNI 3,526,564 ₹60.66 Cr 79.71x
Retail (RII) 8,228,649 ₹141.53 Cr 33.18x
TOTAL 16,457,298 100.00% ₹283.07 Cr 81.65x
* Based on ₹172.00 (upper price band)
Day-wise Subscription
QIB
167.93x
NII / HNI
79.71x
Retail
33.18x
Total
81.65x
Subscribed
Lot Size & Investment Details
Lot Size
82
Shares
Issue Price
₹172.00
Per Share
Min Investment
₹14,104
1 Lot
Category Lots Shares Amount (₹)
Retail (Min) 1 82 ₹14,104
Retail (Max) 13 1,066 ₹183,352
sNII (Min) 15 1,230 ₹211,560
bNII (Min) 71 5,822 ₹1,001,384
Company Financials — Restated Consolidated (Amount in ₹ Crore)
Particulars31 Mar 202631 Mar 202531 Mar 2024
Revenue from Operations 471.43 288.14 310.26
EBITDA 105.20 73.01 54.70
Profit After Tax (PAT) 83.79 57.51 20.25
Net Worth 261.58 175.75 122.60
Total Assets 468.38 316.63 281.76
Reserves & Surplus 242.96 158.88 101.47
Total Borrowings 6.68 8.46 24.85
Key Ratios & Valuation
Issue Price ₹172
Face Value ₹2 Per Share
P/BV N/A
RoE 32.75
RoCE 38.32
RoNW 28.54
PAT Margin (%) 17.90
EBITDA Margin (%) 23.73
Debt / Equity 0.06
Company Details
Company
Glass Wall Systems (India) Ltd
Exchange
NSE & BSE
IPO Type
Mainboard IPO
Issue Type
Bookbuilding IPO
Face Value
₹2 Per Share
Script Code
N/A
Address
503-504, 5th Floor, A Wing Marathon Futurex, Mafatlal Mills Compound N.M. Joshi Marg, Lower Parel (East) Mumbai, Maharashtra, 400013
Book Running Lead Managers
IIFL Capital Services Ltd
Book Running Lead Manager (BRLM)
Motilal Oswal Investment Advisors Ltd
Book Running Lead Manager (BRLM)