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IPO Open

Tue, Sep 8, 2026

IPO Close

Thu, Sep 10, 2026

Price Band

₹172 to ₹182

Market Cap*

₹1,600.42 Cr * on Upper Price

IPO Details

  • IPO Date
    8 to 10 Sep, 2026
  • Listing Date
    Wed, Sep 16, 2026
  • Face Value
    ₹2 per share
  • Price Band
    ₹172 to ₹182
  • 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 Open
    Tue, Sep 8, 2026
  • Allotment
    Fri, Sep 11, 2026
  • Credit of Shares
    Tue, Sep 15, 2026
  • IPO Close
    Thu, Sep 10, 2026
  • Refund
    Tue, Sep 15, 2026
  • Listing
    Wed, Sep 16, 2026

Issue Reservation

Investor Category Shares
QIB Not more than 50% of the Offer
Retail Not less than 35% of the Offer
NII Not less than 15% of the Offer

IPO Lot Size

Investors can bid for a minimum of 82 shares and in multiples thereof.

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

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:

  1. Domestic Façade Solutions – Design, engineering, fabrication, supply, installation, and EPC services for real estate developers, contractors, and corporate clients.
  2. International Façade Products Supply – Supply of sustainable façade products, tailored to contractors and façade companies overseas.
  3. 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.

(Updated on Sep 8, 2026)

Company Financials (Restated Consolidated)

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.  (Amount in ₹ Crore)

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

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IPO Objects of the Issue

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

  • # 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
    60.00
  • 2 General Corporate Purposes
  • Total
    60.00

Key Performance Indicator (KPI)

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

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 ₹1,540Cr. ₹1,600.42 Cr
  • 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 64.11% 55.72%
Public 35.89% 44.28%
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

IPO Subscription Status

The Glass Wall Systems IPO is subscribed 0.29 times on September 8, 2026 10:30:00 AM (Day 1). The public issue subscribed 0.46 times in the retail category, 0.00 times in the QIB category, and 0.28 times in the NII category. Check Day by Day Subscription Details (Live Status)

Category Subscription (x) Shares Offered Shares bid for
QIB (Ex Anchor) 0.00 47,02,085 0
NII 0.28 35,26,564 9,97,448
    bNII (> ₹10L) 0.18 23,51,043 4,29,680
    sNII (< ₹10L) 0.48 11,75,521 5,67,768
Retail 0.46 82,28,649 37,88,974
Total 0.29 1,64,57,298 47,86,422

Total Applications: 41,188

IPO Registrar

MUFG Intime India Pvt.Ltd.

  • 022-49186000
  • glasswallsystems.ipo@in.mpms.mufg.com
  • Visit Website

IPO Lead Manager(s)

  1. IIFL Capital Services Ltd.
  2. Motilal Oswal Investment Advisors Ltd.

Lead Manager Reports

  • Lead Manager Performance Summary
  • Lead Manager Performance Tracker

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

IPO FAQs

Glass Wall Systems IPO is a main-board IPO of 2,35,10,425 equity shares of the face value of ₹2 aggregating up to ₹428 Crores. The issue is priced at ₹172 to ₹182. The minimum order quantity is 82.

The IPO opens on Tue, Sep 8, 2026, and closes on Thu, Sep 10, 2026.

MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

Angel One customers can apply online in Glass Wall Systems IPO using UPI as a payment gateway. Angel One customers can apply in Glass Wall Systems IPO by login into Angel One Console (back office) and submitting an IPO application form.

Steps to apply in Glass Wall Systems IPO through Angel One

Visit the Angel One website and login to Console.
Go to Portfolio and click the IPOs link.
Go to the ‘Glass Wall Systems IPO’ row and click the ‘Bid’ button.
Enter your UPI ID, Quantity, and Price.
Submit IPO application form.
Visit the UPI App (net banking or BHIM) to approve the mandate.
Visit Angel One IPO Application Process Review for more detail.

The Glass Wall Systems IPO opens on Tue, Sep 8, 2026 and closes on Thu, Sep 10, 2026.

Glass Wall Systems IPO lot size is 82, and the minimum amount required for application is ₹14,924.

You can apply in Glass Wall Systems IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don’t offer banking services. Read more detail about applying IPO online through Angel One , Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.

The finalization of Basis of Allotment for Glass Wall Systems IPO will be done on Friday, September 11, 2026, and the allotted shares will be credited to your demat account by Tue, Sep 15, 2026. Check the Glass Wall Systems IPO allotment status.

The Glass Wall Systems IPO listing date is not yet announced. The tentative date of listing is Wed, Sep 16, 2026.

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