- Issue price
- ₹182per share
- Issue size
- ₹427.89 Cr2,35,10,425 shares
- Face value
- ₹2per equity share
- Lot size
- 82 sharesMin. ₹14,924 at the upper price
- Anchor biddingMon, 2026
- OpensTue, 2026
- ClosesThu, 2026
- AllotmentFri, 2026
- ListingWed, 2026
Dates marked in the offer document as tentative. Times in IST.
Information only, not investment advice. This page provides information compiled from official offer documents for information purposes only. It is not investment advice or a recommendation to apply for, buy or sell any security. We are not a SEBI-registered investment adviser or research analyst. Investments in IPOs are subject to market risks; read the offer document carefully before investing.
Issue details
- Issue type
- Book built, fresh issue and offer for sale
- Fresh issue
- 32,96,703 shares (₹60 Cr)
- Offer for sale
- 2,02,13,722 shares (₹367.89 Cr)
- Total issue
- 2,35,10,425 shares (₹427.89 Cr)
- Face value
- ₹2
- Listing at
- NSE, BSE
- Promoter holding
- 43.94% → 36.29%
Source: ProspectusUpdated
Reservation
Share of the total issue- Retail35.0%
- Anchor30.0%
- QIB ex-anchor20.0%
- NII15.0%
| Category | Shares | Of net offer | Stated in RHP |
|---|---|---|---|
| Retail individual investors | 82,28,649 | 35.00% | — |
| Non-institutional investors (NII) | 35,26,564 | 15.00% | — |
| QIB, excluding anchor | 47,02,085 | 20.00% | — |
| Anchor investors | 70,53,127 | 30.00% | — |
Source: ProspectusUpdated
Lot size
Amounts at ₹182 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail individual investors | 1 | 82 | ₹14,924 |
Source: ProspectusUpdated
Subscription
Category-wise subscription is published by the exchanges while the issue is open. It appears here once the figures are added.
Valuation
FY 2025-26- EPS (basic)
- ₹9.9
- P/E (FY 2025-26 at Cap Price)
- 18.38×
- NAV per share (At Cap Price)
- ₹36.57
- RoNW
- 32.03%
Source: ProspectusUpdated
Financials
Consolidated, restated · ₹ crore| Period ended | 31 Mar 2026FY 2025-26 | 31 Mar 2025FY 2024-25 | 31 Mar 2024FY 2023-24 |
|---|---|---|---|
| Revenue from operations | 456.97 | 278.33 | 304.34 |
| Total income | 471.43 | 288.14 | 310.26 |
| EBITDA | 105.20 | 73.01 | 54.70 |
| Profit after tax | 83.79 | 57.51 | 20.25 |
| Net worth | 259.88 | 174.06 | 120.91 |
| Reserves and surplus | 242.96 | 158.88 | 101.47 |
| Total assets | 468.38 | 316.63 | 281.76 |
| Total borrowing | 6.68 | 8.46 | 20.25 |
FY 2025-26 vs FY 2024-25: revenue +64.2%, profit after tax +45.7%.
Source: ProspectusUpdated
About the company
The company designs, engineers, fabricates and installs façade and curtain wall systems, and supplies façade products internationally. It also offers premium fenestration products through its subsidiary Yes Systems Private Limited. Its main manufacturing facility is at Vile Bhagad in Maharashtra.
- Incorporated
- 2010
- Industry
- Façade Engineering
- CIN
- U74999MH2010PLC207187
- Website
- glasswallsystems.in
Source: ProspectusUpdated
Promoters and shareholders
| Name | Type | Before issue | After issue | Shares offered |
|---|---|---|---|---|
| Eshan Jawahar Hemrajani | Promoter | 7.89% | 4.47% | 27,40,431 |
| Jawahar Hariram Hemrajani | Promoter group | 36.05% | 31.82% | 25,30,243 |
| India Business Excellence Fund IIA | Selling shareholder | — | — | 1,49,43,048 |
Source: ProspectusUpdated
Objects of the issue
₹ crore| Purpose | Amount |
|---|---|
| Capital expenditure for a glass processing unit at the Vile Bhagad facility (backward integration) | 50.00 |
| General corporate purposes | 4.63 |
Source: ProspectusUpdated
Peer comparison
As listed in the offer document| Company | EPS | P/E | RoNW | NAV per share |
|---|---|---|---|---|
| Innovator Façade Systems Limited | ₹7.19 | 16.54× | 8.65% | ₹83.15 |
| Glass Wall Systems (India) LimitedIssuer | ₹9.9 | — | 32.03% | ₹30.91 |
Source: ProspectusUpdated
Strengths and risks
Our summary of what the offer document statesStrengths
- Claims to be the second largest façade solutions provider in India by revenue in Fiscals 2024 and 2025, per the Ken Report.
- Long-standing relationships with key clients spanning several years.
- Vertically integrated design, engineering and manufacturing capabilities at a large facility.
- Experienced promoters with long industry tenure.
- Growing revenue and profit over recent fiscal years.
Risks
- Dependence on a small number of key clients, with top ten clients contributing a large share of revenue.
- Reliance on a limited set of raw material suppliers without long-term contracts, exposing it to price volatility.
- Exposure to fluctuations in raw material costs, particularly aluminium, glass and silicone.
- Planned glass processing unit depends on objects of the issue not being appraised by any external agency and on timely execution.
- Revenue concentration in domestic façade business.
Source: ProspectusUpdated
Documents
Contacts
Source: ProspectusUpdated
Allotment status
Check whether shares were allotted on the official pages below, using your PAN, application number or DP/client ID. Results appear once the basis of allotment is finalised.
- Allotment
- Refunds
- Demat credit
- Listing
Source: ProspectusUpdated
After listing
Listing price, day-one high and low, and the change from the issue price (₹182) appear here after the shares list on NSE and BSE.
Work out the gain or loss on allotted shares after charges and tax →
Frequently asked questions
When does the Glass Wall Systems (India) IPO open and close?
According to the Prospectus, the issue opens on Tuesday, 8 September 2026 and closes on Thursday, 10 September 2026.
What is the Glass Wall Systems (India) IPO price band?
The final issue price is ₹182 per share.
What is the lot size of the Glass Wall Systems (India) IPO?
One lot is 82 shares, which is ₹14,924 at ₹182 per share.
Where will Glass Wall Systems (India) shares list?
On NSE and BSE. The tentative listing date is Wednesday, 16 September 2026.
Who is the registrar of the issue?
MUFG Intime India Private Limited (SEBI registration INR000004058). Allotment status is checked on the registrar's website.
How do I check the Glass Wall Systems (India) IPO allotment status?
The basis of allotment is expected to be finalised on Friday, 11 September 2026. After that, search by PAN, application number or DP/client ID on the registrar's website (MUFG Intime India Private Limited), the NSE website or the BSE website. Shares that are allotted are credited to your demat account; for an application that is not allotted, the blocked amount is released.
How will the money raised be used?
₹50 Cr for capital expenditure for a glass processing unit at the Vile Bhagad facility (backward integration), ₹4.63 Cr for general corporate purposes.
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Spotted something wrong?
Our data comes from official offer documents, but mistakes can slip through. Report an error and tell us which figure looks wrong and where you saw the correct one (the offer-document page number helps). For anything else, see Contact.