Glass Wall Systems IPO: Price Band, Lot Size, Financials & Review
Glass Wall Systems IPO listed on BSE & NSE on Wed, 16 Sep 2026. The issue was subscribed 81.65x overall.
- Open Date
- 8 Sep 2026
- Close Date
- 10 Sep 2026
Last updated
- Price band
- ₹172 – ₹182
- Lot size
- 82 shares
- Min. investment
- ₹14,924
- Issue size
- ₹427.89 Cr
- Last GMP
- +₹41
- Subscribed
- 🔥 81.65x
Glass Wall Systems IPO details
Glass Wall Systems IPO is a ₹427.89 Cr book-building IPO on the Mainboard segment, listing on BSE & NSE. It combines a fresh issue of ₹60 Cr (14.02%) with an offer for sale of ₹367.89 Cr (85.98%) by existing shareholders. Only the fresh issue money goes to the company.
The issue was open from Tue, 8 Sep 2026 to Thu, 10 Sep 2026. Allotment was finalised on Fri, 11 Sep 2026, and the shares listed on BSE & NSE on Wed, 16 Sep 2026.
The price band is ₹172 to ₹182 per share and the lot size is 82 shares, so the minimum retail application is ₹14,924. Retail investors can apply for up to 13 lots (1,066 shares, ₹1,94,012).
MUFG Intime India Pvt Ltd is the registrar, and IIFL Capital Services Limited and Motilal Oswal Investment Advisors Ltd are the book running lead managers.
Grey market premium (GMP)
Day-wise GMP →The last Glass Wall Systems IPO GMP before listing was +₹41 (+22.53% against the upper price band of ₹182), implying an estimated listing price of ₹223. Across 10 days of tracking, GMP ranged from +₹35 (06 Sep) to +₹66 (09 Sep).
| Last GMP | +₹41 |
|---|---|
| GMP vs upper band | +22.53% |
| Estimated listing price | ₹223 |
| Highest (09 Sep) | +₹66 |
| Lowest (06 Sep) | +₹35 |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the Glass Wall Systems IPO day-wise GMP.
Subscription
Day-wise subscription →Glass Wall Systems IPO was subscribed 81.65x overall: QIB 167.93x, NII 79.71x and retail 33.18x.
| Category | Subscribed |
|---|---|
| QIB | 167.93x |
| NII | 79.71x |
| └ bNII (above ₹10 lakh) | 73.90x |
| └ sNII (₹2–10 lakh) | 91.34x |
| Retail | 33.18x |
| Total | 81.65x |
Final figures at the close of bidding on 10 Sep 2026. Category-wise bids, application-wise breakup and allotment chances are on the Glass Wall Systems IPO day-wise and category-wise subscription page.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Anchor Investors | 70,53,127 | 30.00% |
| Qualified Institutions | 47,02,085 | 20.00% |
| Non-Institutional | 35,26,564 | 15.00% |
| └ BNII | 23,51,043 | 10.00% |
| └ SNII | 11,75,521 | 5.00% |
| Retail Investors | 82,28,649 | 35.00% |
| Total | 2,35,10,425 | 100.00% |
Shares offered include the anchor investor portion, which is allotted a day before the issue opens. Subscription figures exclude anchors, so category sizes on the subscription page are smaller.
Glass Wall Systems IPO lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 82 | ₹14,924 |
| Retail (Max) | 13 | 1,066 | ₹1,94,012 |
| S-HNI (Min) | 14 | 1,148 | ₹2,08,936 |
| S-HNI (Max) | 67 | 5,494 | ₹9,99,908 |
| B-HNI (Min) | 68 | 5,576 | ₹10,14,832 |
Amounts at the upper end of the price band.
Issue structure and valuation
It combines a fresh issue of ₹60 Cr (14.02%) with an offer for sale of ₹367.89 Cr (85.98%) by existing shareholders. Only the fresh issue money goes to the company.
At the upper price band of ₹182, the issue is priced at 18.38x pre-issue earnings and 19.10x post-issue earnings per share.
The post-issue P/E is higher because the fresh issue adds new shares, which spreads the same profit over more shares.
Listed peers with positive earnings trade at a median P/E of 16.54x (1 company).
Promoter holding falls from 64.11% before the issue to 55.72% after it.
| EPS (pre-issue) Latest earnings per share before the issue | ₹9.9 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | 18.38x |
| EPS (post-issue) EPS on the enlarged share capital | ₹9.53 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | 19.10x |
| Promoter holding (pre-issue) | 64.11% |
| Promoter holding (post-issue) | 55.72% |
Glass Wall Systems (India) Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹288.14 Cr to ₹471.43 Cr, and profit after tax rose from ₹57.51 Cr to ₹83.79 Cr. The PAT margin for 31 Mar 2026 was 17.77%.
| 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 |
| Reserve & Surplus | 242.96 | 158.88 | 101.47 |
| Total Borrowings | 6.68 | 8.46 | 24.85 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | Mar 2026 | Mar 2025 | Mar 2024 |
|---|---|---|---|
| ROE % | 38.62 | 39.00 | 18.28 |
| ROCE % | 43.01 | 43.39 | 27.96 |
| Debt / Equity | 0.03 | 0.05 | 0.21 |
| RoNW % | 32.03 | 32.72 | 16.52 |
| Pat Margin % | 18.34 | 20.66 | 6.65 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| Glass Wall Systems (India) Ltd | 2 | — | 9.90 | 9.90 | 32.03% | 30.91 |
| Innovator Façade Systems Ltd | 10 | 16.54 | 7.19 | 0.00 | 8.65% | 83.15 |
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective |
|---|---|
| 1 | Funding capital expenditure requirement for setting up a glass processing unit as part of planned backward integration of the Company at our Vile Bhagad facility |
| 2 | General corporate purposes |
About Glass Wall Systems (India) Limited
Incorporated in 2010, Glass Wall Systems (India) Limited is a premium façade solutions and fenestration company serving customers across India, the United States and Australia. With over two decades of industry experience, the company had completed more than 158 projects as of March 31, 2026.
The company operates across three key business verticals: Domestic Façade Solutions, International Façade Products Supply, and Premium Fenestration Solutions. In India, it provides end-to-end façade services covering design, engineering, fabrication, supply, installation and EPC for commercial, residential and institutional projects. Its portfolio includes curtain walls, skylights, canopies, louvers, rainscreen cladding, diagrids, and aluminium doors and windows.
Through its international business, the company manufactures and supplies customized façade products primarily to contractors and façade companies in the United States and Australia, with limited exposure to on-site installation activities. Its client base includes real estate developers, contractors, hospitals, airport authorities and corporate customers. Notable projects include The Capital, Kohinoor Square, Bagmane Rio and Lodha World One in India, along with projects such as Jackson Avenue, 1400 South Wabash, Spark GTIC and Harper Court in the United States, and Project Dove in Australia.
The company has also expanded into the premium fenestration segment through the acquisition of Yes Systems Private Limited in August 2025. Operating under the ORIA brand, Yes Systems offers luxury windows, doors, skylights and partition systems and has collaborations with international partners, including LIBART and OIKAS.
Glass Wall Systems is among India's leading façade solution providers, ranking as the second-largest façade solutions provider in India by revenue in FY2024 and FY2025 and the largest façade exporter in India by revenue in 2024. Its integrated manufacturing facility in Maharashtra has a post-expansion capacity of 130 panels per day. As of March 31, 2026, the company had 370 permanent employees.
Promoters
Jawahar Hariram Hemrajani
Eshan Jawahar Hemrajani
Contact details
Glass Wall Systems (India) Ltd.
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
Email: compliance@glasswallsystem.com
Website: https://www.glasswallsystems.in/
Glass Wall Systems IPO FAQs
- What is the Glass Wall Systems IPO price band?
- The Glass Wall Systems IPO price band is ₹172 to ₹182 per share.
- What is the Glass Wall Systems IPO lot size and minimum investment?
- The Glass Wall Systems IPO lot size is 82 shares. The minimum retail investment is ₹14,924 for one lot at the upper price band. Retail investors can apply for up to 13 lots (1,066 shares), costing ₹1,94,012.
- When was Glass Wall Systems IPO open for subscription?
- Glass Wall Systems IPO was open for subscription from Tue, 8 Sep 2026 to Thu, 10 Sep 2026.
- What is the Glass Wall Systems IPO subscription status?
- Glass Wall Systems IPO was subscribed 81.65x overall: QIB 167.93x, NII 79.71x and retail 33.18x. Day-wise and category-wise figures are on the subscription page.
- What was the Glass Wall Systems IPO GMP before listing?
- The last Glass Wall Systems IPO GMP before listing was +₹41 (+22.53% against the upper price band of ₹182), implying an estimated listing price of ₹223. Across 10 days of tracking, GMP ranged from +₹35 (06 Sep) to +₹66 (09 Sep). GMP is an unofficial grey market indicator and can change quickly.
- What is the Glass Wall Systems IPO allotment date?
- The Glass Wall Systems IPO basis of allotment was finalised on Fri, 11 Sep 2026. You can check your allotment status on the MUFG Intime India Pvt Ltd website.
- What is the Glass Wall Systems IPO listing date?
- Glass Wall Systems IPO listed on BSE & NSE on Wed, 16 Sep 2026.
- Is the Glass Wall Systems IPO a fresh issue or an offer for sale?
- It combines a fresh issue of ₹60 Cr (14.02%) with an offer for sale of ₹367.89 Cr (85.98%) by existing shareholders. Only the fresh issue money goes to the company.
- Who are the registrar and lead managers of the Glass Wall Systems IPO?
- The registrar for the Glass Wall Systems IPO is MUFG Intime India Pvt Ltd, and the book running lead managers are IIFL Capital Services Limited and Motilal Oswal Investment Advisors Ltd.
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.