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₹182 - 182Day cells show that day's addition; Now is the running total. Amounts at the upper price band.
Glass Wall Systems (India) Ltd
ConstructionIPO
₹182 - 182
We are a premium façade solutions and fenestration provider in India and across markets in the USA and Australia. We are the second largest provider of façade solutions in India in terms of revenue in Fiscal 2025 and Fiscal 2024. We are also India's largest façade exporter in 2024 in terms of revenue. With over two decades of experience in the façade solutions industry, we have successfully completed 158 projects, as of March 31, 2026, showcasing our expertise in delivering innovative solutions.
Lot82Min Invest₹14,924Face Value₹2Issue Size₹428 CrFresh Issue₹60 CrOffer for Sale₹368 CrListing Price₹194CMP₹214
Timeline
8 Sept
Bidding opens
10 Sept
Bidding closes
11 Sept
Allotment
15 Sept
Refund & demat credit
16 Sept
Listing
Subscription · As of 7:29 PM, 10 Sept
Demand by day
CategoryDay 1Day 2Day 3Now+0.01x+0.29x+167.62x167.9x+3.02x+9.39x+67.30x79.7x+3.75x+7.21x+22.22x33.2xOverall+2.52x+5.70x+73.43x81.7x
Shares & amount
CategorySubscriptionShares OfferedShares BidAmt ₹ CrQIB167.9x1.11 Cr186.56 Cr33,953.14NII79.7x33.33 L26.57 Cr4,835.19Retail33.2x77.77 L25.80 Cr4,695.67Total81.7x2.35 Cr191.96 Cr33,287.07
Reports
Offer Details
Terms
Issue Size₹428 Cr2.35 Cr shares
Fresh Issue₹60 Cr
Offer for Sale₹368 Cr
Face Value₹2
Lot Size82 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,9241-13 lots
sNII₹2,08,936from 14 lots
bNII₹10,14,832from 68 lots
Managers & Registrar
Lead ManagerIIFL Capital Services Limited
Co-ManagerMotilal Oswal Investment Advisors Limited
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrJawahar Hariram HemrajaniPRMTR25,30,24346.05Eshan Jawahar HemrajaniPRMTR27,40,43149.88India Business Excellence Fund IIAOTH1,49,43,048271.96Total2,02,13,722367.89
Shareholding
CategoryPre IPOPost IPOPromoter Group61.53%53.2%Public38.47%46.8%
Objects of the Issue
- Funding capital expenditure requirement for setting up of GPU Project as part of planned backward integration of the Company at the Vile Bhagad Facility
- General corporate purposes
Anchor Book
Bid Date07-Sep-2026Bid Price₹182Shares70,53,127Amount₹128 CrMutual Funds33.5% of the book30-day lock-in10-Oct-202690-day lock-in09-Dec-2026
Financials
Profit & Loss
| Financial Year | FY24 | FY25 | FY26 |
|---|---|---|---|
| RevenueCr | 304 | 278 | 457 |
| Operating ProfitCr | 55 | 73 | 105 |
| OPM% | 18.0 | 26.2 | 23.0 |
| PBTCr | 31 | 76 | 111 |
| PATCr | 20 | 58 | 84 |
| EPS | 2 | 6 | 10 |
Balance Sheet
| Financial Year | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity CapitalCr | 19 | 15 | 17 |
| ReservesCr | 101 | 159 | 243 |
| BorrowingsCr | 25 | 8 | 7 |
| Total AssetsCr | 282 | 317 | 468 |
Cash Flow
| Financial Year | FY24 | FY25 | FY26 |
|---|---|---|---|
| Operating Cash FlowCr | 43 | 73 | 73 |
| Investing Cash FlowCr | 9 | -53 | -39 |
| Financing Cash FlowCr | -44 | -26 | -5 |
| Net Cash FlowCr | 7 | -6 | 29 |
Strengths & Risks
Strengths · as stated in the DRHP
- Market leadership supported by a diversified business model and strong foothold in domestic and international markets.
- Marquee client base with proven track record of successful project execution.
- Expertise in design and engineering and strategically located manufacturing facility with large capacity and advanced infrastructure.
- Focused on creating environmentally sustainable high-performance solutions.
- Experienced Promoters and management team.
Strategies · as stated in the DRHP
- Strategically expand global reach.
- Continue to enhance leadership in domestic markets.
- Focus on expanding luxury fenestration business through integration of Yes Systems.
- Drive growth and improve profitability through capacity expansion, backward integration and technological advancement to enhance operational efficiency and market competitiveness.
Risks · as stated in the DRHP
- The company's business is dependent on certain key clients, and its top 10 clients contributed 86.40%, 78.13% and 88.56% of the company's revenue from operations in Fiscals 2026, 2025 and 2024, respectively. The loss of one or more of these clients could have an adverse effect on its business prospects, results of operations, financial condition and cash flows.
- The company depends on a limited number of suppliers and the company does not have long term agreements with its suppliers for the company's raw materials and volatility in raw material prices and shortages or disruption in their supply could adversely affect its business, results of operations, financial condition and cash flows.
- The company derived 45.20%, 41.21%, and 43.38% of its revenue from operations from overseas operations, based on the criteria set out in Ind AS 108 - Operating Segments, in Fiscals 2026, 2025 and 2024, respectively. Any adverse events in these jurisdictions could have an adverse impact on the company's business, results of operations, financial condition and cash flows.
- If the company fails to integrate or manage acquired companies or businesses efficiently, its overall profitability and growth plans could be adversely affected.
- The company derives a portion of its revenue from the company's domestic façade business, which accounted for 48.88%, 46.64%, and 49.34% of its revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Any decline in demand for the company's domestic façade services could have an adverse impact on its business, results of operations, financial condition and cash flows.
- The company is entirely dependent on its manufacturing facility located in Vile Bhagad, Maharashtra. Any adverse developments affecting this region or any slowdown, shutdown or unscheduled or prolonged disruption in the company manufacturing could have an adverse effect on its business, results of operations, financial condition and cash flows.