Glass Wall Systems (India) Ltd. IPO

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Price Band

172 – ₹182

Issue Size

427.89 Cr

Issue Dates

8 Sept 10 Sept 2026

Listing Date

16 Sept 2026

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 to contractors and façade companies overseas); and Fenestration Solutions (custom luxury windows, doors, skylights, and partition systems for the high-end domestic market, primarily through its subsidiary Yes Systems Private Limited, acquired in August 2025, which operates under the brand ORIA and collaborates with international partners including a Swiss window systems brand, LIBART, and OIKAS). The company's client base includes real estate developers, contractors, hospitals, airport authorities, and corporations across commercial, residential, and institutional projects, with notable projects including The Capital, Kohinoor Square, Bagmane Rio and Lodha World One in India, and international assignments such as Jackson Avenue, 1400 South Wabash, Spark GTIC and Harper Court in the U.S. and Project Dove in Australia. As of March 31, 2026, the company employed 370 permanent staff.

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IPO Details

Price Band₹172 – ₹182
Face Value₹2
Issue Size₹427.89 Cr
Fresh Issue₹60 Cr
Offer for Sale367.89 Cr
Total Shares Offered2,35,10,425
Listed OnBoth

Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Fresh Issue towards 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 - Rs. 60.00 Cr; (2) General Corporate Purposes (amount not disclosed). Total of specified objects: Rs. 60.00 Cr. The Offer for Sale of 2,02,13,722 equity shares (aggregating Rs. 367.89 Cr) comprises shares sold by Jawahar Hariram Hemrajani (Promoter, 25,30,243 shares, Rs. 46.05 Cr), Eshan Jawahar Hemrajani (Promoter, 27,40,431 shares, Rs. 49.88 Cr) and India Business Excellence Fund IIA (Corporate, 1,49,43,048 shares, Rs. 271.96 Cr).

Key Financial Metrics

EPS (Basic)

9.9

P/E Ratio

18.38x

ROE

38.62%

ROCE

43.01%

Debt / Equity

0.03

Financial Performance

Particulars (₹ Cr)FY2024FY2025FY2026
Revenue
EBITDA54.773.01105.2
PAT20.2557.5183.79
Total Assets281.76316.63468.38
Net Worth122.6175.75261.58
Total Borrowings24.858.466.68

Valuation

Market Capitalisation

Pre-IPO₹1,540 Cr
Post-IPO₹1,600.42 Cr

P/E Ratio

Pre-IPO18.38x
Post-IPO19.1x

Promoter Holding

Pre-IPO64.11%
Post-IPO55.72%

Public Holding

Pre-IPO35.89%
Post-IPO44.28%

Lot Size & Allocation

Investment by Category

CategoryLot SizeMin InvestmentMax Investment
retail_min82 shares₹14,924
retail_max82 shares₹1,94,012
shni_min14 × 82₹2,08,936
shni_max82 shares₹9,99,908
bhni_min68 × 82₹10,14,832

Reservation / Allocation

CategoryAllocationCut-off
QIB Shares Offered50%No
Retail Shares Offered35%Yes
NII (HNI) Shares Offered15%No

Registrar & Lead Managers

Registrar

MUFG Intime India Pvt. Ltd.

Lead Managers (2)

IIFL Capital Services Ltd.
Motilal Oswal Investment Advisors Ltd.

Peer Comparison

CompanyListedMkt Cap (₹ Cr)EPS (₹)P/EROE %
Glass Wall Systems (India) Ltd. IPO (this IPO)1,600.42₹9.918.38x38.62%
Annu Projects Ltd.Yes14.33x
Technocraft Ventures Ltd.Yes14.73x
Om Power Transmission Ltd.Yes21.13x

Frequently Asked Questions

5 questions about Glass Wall Systems (India) Ltd. IPO IPO

Glass Wall Systems (India) IPO is a mainboard IPO of 2,35,10,425 equity shares of face value Rs. 2 aggregating up to Rs. 427.89 crores. The issue is priced in the band of Rs. 172 to Rs. 182 per share. The minimum order quantity is 82 shares.

Important Dates

Issue Opens8 Sept 2026
Issue Closes10 Sept 2026
Allotment11 Sept 2026
Refund Initiation15 Sept 2026
Demat Credit15 Sept 2026
Listing Date16 Sept 2026

Live GMP

Grey Market Premium35
GMP %19.23%
View GMP History

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