Glass Wall Systems IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 167.93x |
| NII | 79.71x |
| sNII (₹2L–₹10L) | 91.34x |
| bNII (above ₹10L) | 73.9x |
| Retail (RII) | 33.18x |
| Total | 81.65x |
Bidding day 3 · final figures at close of bidding: 16 Sept 2026, 6:30 pm IST
IPO Details
- Open Date
- 8 Sept 2026
- Close Date
- 10 Sept 2026
- Listing Date
- 16 Sept 2026
- Face Value
- ₹2
- Fresh Issue
- ₹60 Cr
- OFS
- ₹367.89 Cr
- Listing On
- NSE, BSE
- Registrar
- —
The fresh issue is money for the company; the OFS goes to selling shareholders. Fresh issue vs offer for sale, explained
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 82 | ₹14,924 |
| Retail (Max) | 14 | 1,148 | ₹2,08,936 |
| B-HNI (Min) | 68 | 5,576 | ₹10,14,832 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 70,53,127 | 30% |
| QIB (ex-anchor) | 47,02,085 | 20% |
| NII | 35,26,564 | 15% |
| — sNII (< ₹10L) | 11,75,521 | 5% |
| — bNII (> ₹10L) | 23,51,043 | 10% |
| Retail | 82,28,649 | 35% |
| Total | 2,35,10,425 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 310.26 | 20.25 | 54.7 | 122.6 | 281.76 | 24.85 | — |
| FY 2025 | 288.14 | 57.51 | 73.01 | 175.75 | 316.63 | 8.46 | — |
| FY 2026 | 471.43 | 83.79 | 105.2 | 261.58 | 468.38 | 6.68 | 9.9 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 18.38x
- P/E (post-issue)
- 19.1x
- RoNW
- 32.03%
- RoE
- 38.62%
- RoCE
- 43.01%
- Debt / Equity
- 0.03
- EPS (pre-issue)
- ₹9.9
- EPS (post-issue)
- ₹9.53
- EBITDA Margin
- 23.02%
- PAT Margin
- 18.34%
- P/BV
- 5.89x
- NAV / share
- ₹30.91
- Market Cap
- ₹1,600.42 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Objects of the Issue
| Purpose | Est. Amount |
|---|---|
| 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 | ₹50 Cr |
| General Corporate Purposes | ₹4.63 Cr |
| Issue Expenses | ₹38.64 Cr |
Net-proceeds utilisation as disclosed in the offer document.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Fees payable to the BRLMs and commissions (including underwriting commission, brokerage and selling commission, as applicable | ₹12.62 Cr |
| Commission / processing fee for SCSBs, Bankers to the Offer and fee payable to the Sponsor Bank for Bids made by RIBs. Brokerage, underwriting commission and selling commission and bidding charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs | ₹2.13 Cr |
| Fees payable to Registrar to the Offer | ₹0.55 Cr |
| Printing and distribution of stationery | ₹0.46 Cr |
| Fee payable to Statutory Auditors | ₹4.12 Cr |
| Advertising and marketing expenses | ₹3.03 Cr |
| Listing fees, SEBI filing fees, upload fees, BSE and NSE processing fees, book building software fees and other regulatory expenses | ₹5.42 Cr |
| Fees payable to legal counsel | ₹6.6 Cr |
| Fees payable to industry service provider | ₹0.2 Cr |
| Miscellaneous | ₹3.51 Cr |
Promoters & Shareholding
Promoters: <p>Jawahar Hariram Hemrajani, Eshan Jawahar Hemrajani</p>
- Holding (pre-issue)
- 61.52%
- Holding (post-issue)
- 53.22%
- Dilution
- 8.3%
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| HDFC BUSINESS CYCLE FUND | Other | 10,98,882 | ₹182 | 20 | 15.58% |
| PINEBRIDGE GLOBAL FUNDS-PINEBRIDGE INDIA EQUITY FUND | FII/FPI | 6,04,422 | ₹182 | 11 | 8.57% |
| IKIGAI EMERGING EQUITY FUND | Other | 6,04,422 | ₹182 | 11 | 8.57% |
| HDFC INFRASTRUCTURE FUND | Other | 5,49,482 | ₹182 | 10 | 7.79% |
| BENGAL FINANCE & INVESTMENT PVT.LTD. | Other | 5,31,852 | ₹182 | 9.68 | 7.54% |
| ABAKKUS GROWTH FUND-OPEN ENDED | Other | 4,94,542 | ₹182 | 9 | 7.01% |
| INTEGRATED CORE STRATEGIES (ASIA) PTE.LTD. | Other | 4,71,992 | ₹182 | 8.59 | 6.69% |
| KOTAK MAHINDRA LIFE INSURANCE CO.LTD. | Insurance | 4,71,992 | ₹182 | 8.59 | 6.69% |
| SUBHKAM VENTURES (I) PVT.LTD. | Other | 4,12,132 | ₹182 | 7.5 | 5.84% |
| BANK OF INDIA MANUFACTURING & INFRASTRUCTURE FUND | Bank | 3,84,632 | ₹182 | 7 | 5.45% |
| BANK OF INDIA ELSS TAX SAVER | Bank | 3,29,670 | ₹182 | 6 | 4.67% |
| EDELWEISS LIFE INSURANCE CO.LTD. | Insurance | 2,74,777 | ₹182 | 5 | 3.9% |
| LC PHAROS MULTI STRATEGY FUND VCC-LC PHAROS MULTI STRATEGY FUND SF1 | Other | 2,74,777 | ₹182 | 5 | 3.9% |
| AUTHUM INVESTMENT & INFRASTRUCTURE LTD. | Other | 2,74,776 | ₹182 | 5 | 3.9% |
| INDIA CAPITAL GROWTH FUND LTD. | Other | 2,74,777 | ₹182 | 5 | 3.9% |
Anchor bidding took place on 7 Sept 2026. Anchor lock-in: 50% of shares unlock on 10 Oct 2026, the remainder on 9 Dec 2026.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Glass Wall Systems | 9.9 | 30.91 | — | 32.03% | — | Consolidated |
| Innovator Façade Systems | 7.19 | 83.15 | 16.54x | 8.65% | 1.42x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
Tap a lead manager to see every IPO it has run and how those listings fared.
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the Glass Wall Systems IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Listing Performance
About the Glass Wall Systems IPO
The Glass Wall Systems mainboard IPO opens for subscription on 8 Sept 2026 and closes on 10 Sept 2026, offered at a price band of ₹172–182 per share, and is set to list on NSE and BSE. In total, the issue aims to mobilise ₹427.89 crore. Retail investors bid in lots of 82 shares, a minimum application of ₹14,924.
Issue structure
The offer combines a fresh issue of ₹60 crore with an offer for sale (OFS) of ₹367.89 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward 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 (₹50 crore), alongside issue expenses (₹38.64 crore). In all, 3 objects are disclosed — the full break-up is in the table above.
Financials
In FY2026, Glass Wall Systems reported revenue of ₹471.43 crore and a net profit of ₹83.79 crore. Revenue grew from ₹310.26 crore in FY2024 to ₹471.43 crore in FY2026 (+52.0%). Net worth stood at ₹261.58 crore at the end of FY2026. At the upper band, that puts the issue at roughly 18.4× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 19.1× post-issue earnings and 5.89× book value, against a return on net worth of 32.03% and a debt-to-equity ratio of 0.03. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are <p>Jawahar Hariram Hemrajani, Eshan Jawahar Hemrajani</p>. Promoter holding stands at 61.52% before the issue and comes down to 53.22% after listing.
Grey market premium (GMP)
In the unofficial grey market, Glass Wall Systems shares are quoted at a premium of ₹41 implying an expected listing around ₹223, about +22.5% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The Glass Wall Systems IPO was subscribed 81.65 times overall. The strongest demand came from qualified institutional buyers (QIB) at 167.93 times, with non-institutional investors (NII) at 79.71× and retail investors at 33.18×.
Listing performance
Glass Wall Systems listed on 16 Sept 2026 at ₹190.1, a premium of +4.5% over the issue price of ₹182.
What to weigh
When evaluating the Glass Wall Systems IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Glass Wall Systems
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, 2025, has completed more than 150 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, 2025, the company employed 289 permanent staff.
Glass Wall Systems — Contact Details
- Registered office
- 503-504, 5th Floor, A Wing, Marathon Futurex, Mafatlal Mills Compound, N.M. Joshi Marg, Lower Parel (East), Mumbai, Maharashtra, 400013
- Phone
- +91 22 6103 3456
- Website
- www.glasswallsystems.in/
- Registrar (IPO queries)
- glasswallsystems.ipo@in.mpms.mufg.com
Frequently asked questions
- What is the Glass Wall Systems IPO price band?
- The Glass Wall Systems IPO price band is ₹172 to ₹182 per share, with a lot size of 82 shares.
- What was the Glass Wall Systems IPO GMP before listing?
- The final grey market premium recorded before the Glass Wall Systems IPO listed was ₹41. The IPO listed on 16 Sept 2026 at ₹190.1, +4.5% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Glass Wall Systems IPO open and close?
- The Glass Wall Systems IPO opens on 8 Sept 2026 and closes on 10 Sept 2026.
- When is the Glass Wall Systems IPO allotment and listing date?
- Allotment is expected on 11 Sept 2026. The shares are scheduled to list on 16 Sept 2026 on NSE and BSE.
- How many times was the Glass Wall Systems IPO subscribed?
- The Glass Wall Systems IPO was subscribed 81.65 times in total across all investor categories.
- What is the reservation split in the Glass Wall Systems IPO?
- Of the total shares offered, retail investors get 35%, QIBs 20% (plus 30% anchor), non-institutional investors 15%. The full category-wise break-up is in the Issue Reservation table on this page.
- Who are the promoters of Glass Wall Systems and what is their holding?
- The promoters are <p>Jawahar Hariram Hemrajani, Eshan Jawahar Hemrajani</p>. Promoter holding is 61.52% before the issue and 53.22% after listing.
- What is the P/E ratio of the Glass Wall Systems IPO?
- At the upper price band, the Glass Wall Systems IPO is valued at 18.38× pre-issue earnings and 19.1× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Glass Wall Systems IPO?
- The net proceeds go primarily toward 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, among 3 disclosed objects. See the Objects of the Issue table for the full break-up.
- Who are the lead managers and registrar of the Glass Wall Systems IPO?
- The book-running lead managers are Motilal Oswal Investment Advisors Ltd., IIFL Capital Services Ltd..
- Is Glass Wall Systems a Mainboard or SME IPO?
- Glass Wall Systems is a Mainboard IPO, listing on NSE and BSE.