Glass Wall Systems (India) Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹172–182
- Lot size
- 82 shares
- Issue amount
- ₹427.89 cr
- Total subscription
- 81.65×
- Opens
- 8 Sept 2026
- Closes
- 10 Sept 2026
- Allotment
- 11 Sept 2026
- Listing
- 16 Sept 2026
Offer at a glance
Issue overview
- Issue size
- 2,35,10,425 shares
- Face value
- ₹2 Per Share
- Minimum investment
- ₹14,104
- Fresh issue
- ₹60 cr
- Offer for sale
- ₹367.89 cr
- Registrar
- Link Intime India Private Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,924
- Issue type
- Bookbuilding IPO
- Shares before issue
- 8,46,38,550
- Shares after issue
- 8,79,35,253
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 82 | ₹14,924 |
| sHNI | 14 | 1,148 | ₹2,08,936 |
| bHNI | 68 | 5,576 | ₹10,14,832 |
Share reservation
Subscription & GMP
Subscription by category
Reported 10 Sept 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 1,00,349 | 29,65,089 |
| HNIs(10L +) | 2,048 | 30,718 |
| HNIs (2-10L) | 1,024 | 90,589 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 85.58 | 14,370.87 |
| RETAIL | 149.76 | 4,968.69 |
| HNIs 2+ | 21.39 | 1,954.08 |
| HNIs 10+ | 42.79 | 3,162.2 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| EPS | 9.9 | 6.21 | 1.81 |
| ROE | 38.62 | 39 | 18.28 |
| ROCE | 43.01 | 43.39 | 27.96 |
| RONW | 0 | 0 | 0 |
| PRE IPO(PE) | 18.38 | 0 | 0 |
| POST IPO(PE) | 19.1 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Glass Wall Systems (India) Limited | 18.38 | 182.00 | 2.00 | 30.91 | 32.03 | 9.90 |
| Innovator Façade Systems Limited | 16.54 | 118.90 | 10.00 | 83.15 | 8.65 | 7.19 |
Company information
Company profile
Glass Wall Systems (India) Limited, incorporated in 2010, is a façade engineering and fenestration solutions provider operating in India and international markets such as the United States and Australia. The company specializes in end-to-end façade services including design, engineering, fabrication, supply, installation, and EPC execution for large real estate and infrastructure projects, along with international supply of façade products and premium fenestration solutions like windows, doors, skylights, and partitions. Through its subsidiary Yes Systems Private Limited (brand ORIA), it also caters to the luxury segment and collaborates with global partners in advanced window systems. With over 150 completed projects across commercial, residential, and institutional segments, the company serves leading developers, contractors, and corporates both in India and abroad, supported by a skilled workforce of 289 employees as of March 2025.
Strengths
- Market Leadership & Diversified Presence: The company is one of India’s leading façade solution providers and the largest façade exporter by revenue in 2024. Its innovative and sustainable solutions make it a preferred partner for commercial real estate developers.
- Strong Client Base & Execution Track Record: With over 20 years of promoter experience, the company has successfully completed projects for reputed real estate developers and contractors, helping build strong customer relationships and industry reputation.
- Strong Design, Engineering & Manufacturing Capabilities: The company has in-house design and engineering expertise to develop customised and high-quality façade solutions that meet safety and performance standards. Its large manufacturing facility also supports quality control and project-specific requirements.
Risk factors
- Raw Material Supply & Price Volatility: The company depends on a limited number of suppliers for key materials such as aluminium, silicone and performance glass. Price increases, shortages or supply disruptions could affect costs, profitability and cash flow.
- Risk in Managing Acquisitions: The company acquired Yes Systems to enter the high-end domestic fenestration market. Difficulties in integrating or managing the acquired business could affect profitability and growth plans.
- Dependence on a Single Manufacturing Facility: The company relies entirely on its manufacturing facility in Vile Bhagad, Maharashtra. Any natural disaster, accident, equipment failure or other disruption could delay production and increase costs.
Promoters
Jawahar Hariram Hemrajani
Eshan Jawahar Hemrajani
Registrar & documents
Lead manager
IIFL Capital Services Limited, Motilal Oswal Investment Advisors Limited
Registrar & contacts
Link Intime India Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
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
[email protected]Company website ↗Understanding GLASSWALL IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.