• IPO Details: Glass Wall Systems is launching a ₹428 crore IPO with a price band of ₹172 to ₹182, consisting of a ₹60 crore fresh issue and a ₹368 crore offer for sale.
• Backward Integration Strategy: The primary raise will fund an in-house glass processing plant for captive consumption, lowering costs and improving bottom-line margins where glass accounts for 12% to 15% of revenue.
• Order Book Breakdown: The company holds an unexecuted net order book of ₹981.55 crore—comprising ₹626 crore domestic, ₹186 crore export, and ₹169 crore fenestration—with an execution turnaround of 18 to 24 months.
• Capacity and Capex: Following a recent 35% capacity expansion per shift, the company expects no material incremental capex over the next 3 to 4 years to support its growth trajectory.
• Related-Party Transaction Reduction: Business with promoter-owned MJ Coaters currently accounts for 10% to 14% of revenue, which management intends to minimize by setting up an internal coating plant.