Glass Wall Systems (India) IPO
Updated 11 Sept 2026, 5:03 pm.
Minimum investment (Retail)
₹14,924
1 lot · 82 shares at the upper price band
Price band
₹182
Latest GMP
₹46.50
+25.5% of the ₹182 upper band
Est. listing price
₹227
Issue size
₹427.89 Cr
GMP history
Each point is a recorded observation from the scheduled data sync.
| Observed | GMP | Est. listing price |
|---|---|---|
| 11 Sept 2026, 5:03 pm | ₹47 | ₹227 |
| 11 Sept 2026, 5:01 pm | ₹45 | ₹227 |
| 11 Sept 2026, 12:50 pm | ₹47 | ₹227 |
| 11 Sept 2026, 12:49 pm | ₹45 | ₹227 |
| 11 Sept 2026, 8:05 am | ₹47 | ₹227 |
| 11 Sept 2026, 8:03 am | ₹45 | ₹227 |
| 11 Sept 2026, 7:00 am | ₹47 | ₹227 |
| 11 Sept 2026, 6:55 am | ₹45 | ₹227 |
| 11 Sept 2026, 6:50 am | ₹45 | ₹227 |
| 11 Sept 2026, 6:28 am | ₹45 | ₹227 |
| 10 Sept 2026, 6:17 pm | ₹56 | ₹248 |
| 10 Sept 2026, 5:37 pm | ₹56 | ₹248 |
| 10 Sept 2026, 5:30 pm | ₹66 | ₹248 |
| 10 Sept 2026, 5:00 pm | ₹56 | ₹248 |
| 10 Sept 2026, 4:59 pm | ₹66 | ₹248 |
| 10 Sept 2026, 12:56 pm | ₹56 | ₹248 |
| 10 Sept 2026, 12:55 pm | ₹66 | ₹248 |
| 10 Sept 2026, 11:20 am | ₹66 | ₹248 |
| 10 Sept 2026, 8:08 am | ₹66 | ₹248 |
| 10 Sept 2026, 6:13 am | ₹66 | ₹248 |
| 10 Sept 2026, 6:10 am | ₹66 | ₹248 |
| 10 Sept 2026, 6:09 am | ₹66 | ₹248 |
| 9 Sept 2026, 5:09 pm | ₹55 | ₹237 |
GMP is an unofficial, unregulated grey-market estimate — not a prediction of listing performance.
Issue details
- Board
- Mainboard
- Price band
- ₹182
- Issue size
- ₹427.89 Cr
- Lot size
- 82
- Opens
- 8 Sept 2026
- Closes
- 10 Sept 2026
- Allotment
- 11 Sept 2026
- Listing
- 16 Sept 2026
- Est. listing price
- ₹227
- Listing price
- Awaited
- Listing gain
- Awaited
- Registrar
- MUFG Intime India Pvt.Ltd.
- Minimum investment
- ₹14,924 (1 lot · 82 shares)
- Face value
- ₹2 per share
- Issue type
- Bookbuilding IPO
- Sale type
- Fresh capital cum OFS
- Fresh issue
- ₹60 Cr
- Offer for sale
- ₹368 Cr
- Listing at
- BSE, NSE
- Refunds
- 15 Sept 2026
- Shares credited
- 15 Sept 2026
- Promoter holding
- 61.52% before · 53.22% after
- Lead managers
- IIFL Capital Services Ltd., Motilal Oswal Investment Advisors Ltd.
Offer documents & links
Subscription by category
As of 10 Sept 2026, 1:24 pm.
Total subscription
81.65x
Full issue details
Details as published for this issue, read 11 Sept 2026, 5:10 pm. Verify against the RHP before applying.
IPO Details
| IPO Date | 8 to 10 Sep, 2026 |
|---|---|
| Listing Date | Wed, Sep 16, 2026 T |
| Face Value | ₹ 2 per share |
| Price Band | ₹172 to ₹182 |
| Issue Price | ₹182 per share |
| Lot Size | 82 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 2,35,10,425 shares (agg. up to ₹ 428 Cr) |
|---|---|
| Fresh Issue | 32,96,703 shares (agg. up to ₹ 60 Cr) |
| Offer for Sale | 2,02,13,722 shares of ₹ 2 (agg. up to ₹ 368 Cr) |
| Share Holding Pre Issue | 8,46,38,550 shares |
| Share Holding Post Issue | 8,79,35,253 shares |
IPO Timetable (Tentative)
- IPO Open
- Tue, Sep 8, 2026
- IPO Close
- Thu, Sep 10, 2026
- Allotment
- Fri, Sep 11, 2026
- Refund
- Tue, Sep 15, 2026
- Credit of Shares
- Tue, Sep 15, 2026
- Listing
- Wed, Sep 16, 2026
Issue Reservation
| Investor Category | Shares | % of Total Issue | Max Allottees |
|---|---|---|---|
| QIB | 1,17,55,212 | 50.00% | NA |
| - Anchor Investor | 70,53,127 | 30.00% | NA |
| - QIB (Ex. Anchor) | 47,02,085 | 20.00% | NA |
| NII (HNI) | 35,26,564 | 15.00% | NA |
| - bNII > ₹10L | 23,51,043 | 10.00% | 2,047 |
| - sNII < ₹10L | 11,75,521 | 5.00% | 1,023 |
| Retail | 82,28,649 | 35.00% | 1,00,349 |
| Total | 2,35,10,425 | 100.00% | — |
Glass Wall Systems IPO comprises a total issue size of 2,35,10,425 shares. Out of which, 1,17,55,212 (50.00%) are allocated to QIB , 35,26,564 (15.00%) allocated to NII 82,28,649 (35.00%) allocated to RII .
IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 82 | ₹14,924 |
| Retail (Max) | 13 | 1066 | ₹1,94,012 |
| S-HNI (Min) | 14 | 1148 | ₹2,08,936 |
| S-HNI (Max) | 67 | 5494 | ₹9,99,908 |
| B-HNI (Min) | 68 | 5576 | ₹10,14,832 |
Investors can bid for a minimum of 82 shares and in multiples thereof.
IPO Subscription Details
IPO Anchor Investors
| Bid Date | Mon, Sep 7, 2026 |
|---|---|
| Shares Offered | 70,53,127 |
| Anchor Portion (₹ Cr.) | 128.37 |
| Anchor lock-in period end date for 50% shares (30 Days) | Sun, Oct 11, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Thu, Dec 10, 2026 |
Glass Wall Systems IPO raises ₹ 128.37 crore from anchor investors . Glass Wall Systems IPO Anchor bid date is September 7, 2026 .
📝 Anchor Investors Letter (PDF)
IPO Anchor Investors List
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.
Company Financials (Restated Consolidated)
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 468.38 | 316.63 | 281.76 |
| Total Income | 471.43 | 288.14 | 310.26 |
| Profit After Tax | 83.79 | 57.51 | 20.25 |
| EBITDA | 105.20 | 73.01 | 54.70 |
| NET Worth | 261.58 | 175.75 | 122.60 |
| Reserves and Surplus | 242.96 | 158.88 | 101.47 |
| Total Borrowing | 6.68 | 8.46 | 24.85 |
| Amount in ₹ Crore |
Glass Wall Systems (India) Ltd.'s revenue increased by 64% and profit after tax (PAT) rose by 46% between the financial year ending with March 31, 2026 and March 31, 2025.
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IPO Objects of the Issue
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 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 | 50.00 |
| 2 | General Corporate Purposes | 4.63 |
| 3 | Issue Expenses | 38.64 |
| Total | 93.27 |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Key Performance Indicator (KPI)
| KPI | Mar 31, 2026 | Mar 31, 2025 |
|---|---|---|
| ROE | 38.62% | 39.00% |
| ROCE | 43.01% | 43.39% |
| Debt/Equity | 0.03 | 0.05 |
| RoNW | 32.03% | 32.72% |
| PAT Margin | 18.34% | 20.66% |
| EBITDA Margin | 23.02% | 26.23% |
| NAV | 30.91 | 20.22 |
| Price to Book Value | 5.89 | 9.00 |
Check IPO Peer Comparison here.
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 9.90 | 9.53 |
| P/E (x) | 18.38 | 19.1 |
| Market Cap at Offer Price | ₹1,540.42 Cr. | ₹1,600.42 Cr |
Disclaimer
The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2026 available in RHP.
The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2026 available in RHP.
Shareholding Structure
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 61.52% | 53.22% |
| Public | 38.48% | 46.78% |
| Total | 100% | 100% |
Company Promoters: Jawahar Hariram Hemrajani and Eshan Jawahar Hemrajani.
Offer For Sale - Selling Shareholders
| Name | Category | No. of Shares Offered | Amount (₹ cr.) |
|---|---|---|---|
| Jawahar Hariram Hemrajani | Promoter | 25,30,243 | 46.05 |
| Eshan Jawahar Hemrajani | Promoter | 27,40,431 | 49.88 |
| India Business Excellence Fund IIA | Corporate | 1,49,43,048 | 271.96 |
| Total | — | 2,02,13,722 | 367.89 |
Glass Wall Systems IPO Recommendations
| Review By | Subscribe | May Apply | Neutral | Avoid |
|---|---|---|---|---|
| Brokers | 2 | 0 | 1 | 0 |
| Members | 0 | 0 | 0 | 0 |
IPO Subscription Status
| Category | Subscription (x) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB (Ex Anchor) | 167.93 | 47,02,085 | 78,96,08,094 |
| NII | 79.71 | 35,26,564 | 28,11,14,614 |
| bNII (> ₹10L) | 73.90 | 23,51,043 | 17,37,47,340 |
| sNII (< ₹10L) | 91.34 | 11,75,521 | 10,73,67,274 |
| Retail | 33.18 | 82,28,649 | 27,30,04,650 |
| Total | 81.65 | 1,64,57,298 | 1,34,37,27,358 |
The Glass Wall Systems IPO is subscribed 81.65 times on September 10, 2026 6:54:06 PM (Day 3). The public issue subscribed 33.18 times in the retail category, 167.93 times in the QIB category, and 79.71 times in the NII category. Check Day by Day Subscription Details (Live Status)
Reload
Total Applications: 31,01,708
IPO Expenses
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Fees payable to the BRLMs and commissions (including underwriting commission, brokerage and selling commission, as applicable | 12.62 |
| 2 | 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 |
| 3 | Fees payable to Registrar to the Offer | 0.55 |
| 4 | Printing and distribution of stationery | 0.46 |
| 5 | Fee payable to Statutory Auditors | 4.12 |
| 6 | Advertising and marketing expenses | 3.03 |
| 7 | Listing fees, SEBI filing fees, upload fees, BSE and NSE processing fees, book building software fees and other regulatory expenses | 5.42 |
| 8 | Fees payable to legal counsel | 6.60 |
| 9 | Fees payable to industry service provider | 0.20 |
| 10 | Miscellaneous | 3.51 |
| Total | 38.64 |
IPO Registrar
MUFG Intime India Pvt.Ltd.
022-49186000
glasswallsystems.ipo@in.mpms.mufg.com
IPO Lead Manager(s)
IIFL Capital Services Ltd.
Motilal Oswal Investment Advisors Ltd.
Contact Details
Glass Wall Systems (India) Ltd. Address
503-504, 5th Floor, A Wing
Marathon Futurex, Mafatlal Mills Compound
N.M. Joshi Marg, Lower Parel (East)
Mumbai, Maharashtra , 400013
+91 22 6103 3456
compliance@glasswallsystem.com
Glass Wall Systems (India) IPO in the news
Recent coverage in the financial press. Headlines are the publishers' own; verify details with the RHP.
Glass Wall Systems (India) IPO ends with 81.65 times subscription
Business Standard · 11 Sept 2026
Check Glass Wall Systems IPO Allotment via Direct Link! ₹24,450 Cr+ Bids Floods Premium Façade Issue
IPO Central · 11 Sept 2026
Glass Wall Systems (India) IPO: 3 Ways to allotment status; odds of getting shares & latest GMP
Business Today · 11 Sept 2026
Glass Wall Systems IPO Subscription Day: Check Allotment Status, Subscription Data and Online Share Allocation
HDFC Sky · 11 Sept 2026
Glass Wall Systems IPO allotment status today on BSE, NSE and registrar; GMP at 25%
Moneycontrol.com · 11 Sept 2026
Strong demand for Glass Wall Systems (India) Limited’s IPO; Issue Subscribed 81.65 Times on Final Day of Bidding
Investment Guru India · 11 Sept 2026
Glass Wall Systems IPO Allotment Status: Check Share Allotment On BSE, NSE, MUFG Intime
NDTV Profit · 11 Sept 2026
Glass Wall Systems IPO allotment: How to check status online on NSE, BSE, MUFG Intime India; listing date, time here
Upstox · 11 Sept 2026
