GMP IPO Watch
Glass Wall Systems (India) IPO
Glass Wall Systems (India) IPO details, live grey market premium (GMP), dates, price band, lot size, subscription & review.
Glass Wall Systems (India) IPO Details
Key facts at a glance| IPO Open Date | 7 September 2026 | IPO Close Date | 9 September 2026 |
|---|---|---|---|
| Basis of Allotment | 10 September 2026 | Listing Date | 15 September 2026 |
| Price Band | ₹172 - ₹182 per share | Face Value | ₹10 per share |
| Market Lot Size | 82 Shares | Min Investment (Retail) | ₹14,924 |
| Total Issue Size | ₹427.89 Cr | Issue Type | Book Built Issue IPO |
| Fresh Issue | ₹60 Cr | Offer for Sale (OFS) | ₹367.89 Cr |
| Listing At | BSE, NSE | Issue Category | Mainboard Issue |
| Registrar | MUFG Intime India Pvt. Ltd. | ||
Glass Wall Systems (India) IPO Timetable (Tentative Dates)
| Event | Tentative Date | Status |
|---|---|---|
| IPO Open Date | 7 September 2026 | Confirmed |
| IPO Close Date | 9 September 2026 | Confirmed |
| Basis of Allotment | 10 September 2026 | Tentative |
| Initiation of Refunds | 15 September 2026 | Tentative |
| Credit of Shares to Demat | 15 September 2026 | Tentative |
| IPO Listing Date | 15 September 2026 | Tentative |
| Cut-off time for UPI Mandate Confirmation | 10 September 2026 (5:00 PM) | Deadline |
* Note: Timelines are tentative and subject to regulatory confirmation. UPI mandate approvals must be completed by 5:00 PM on the IPO closing day.
Glass Wall Systems (India) IPO Lot Size & Investment Details
Application limits for Retail and HNI investors| Application Category | Lots | Shares | Amount (at Cut-off) |
|---|---|---|---|
| Retail (Min) | 1 Lot | 82 Shares | ₹14,924 |
| Retail (Max) | 13 Lots | 1,066 Shares | ₹1,94,012 |
| S-HNI (Min) | 14 Lots | 1,148 Shares | ₹2,08,936 |
| S-HNI (Max) | 67 Lots | 5,494 Shares | ₹9,99,908 |
| B-HNI (Min) | 68 Lots | 5,576 Shares | ₹10,14,832 |
Glass Wall Systems (India) IPO Live GMP & Movement History
Daily unofficial grey market trends₹41 +22.5%
| Date | IPO GMP (₹) | Estimated Listing Price | Estimated Listing Gain (%) |
|---|---|---|---|
| 16 Sept 2026 | ₹41 | ₹223.00 | +22.53% |
| 10 Sept 2026 | ₹66 | ₹248.00 | +36.26% |
| 9 Sept 2026 | ₹55 | ₹237.00 | +30.22% |
| 8 Sept 2026 | ₹50 | ₹232.00 | +27.47% |
| 7 Sept 2026 | ₹35 | ₹217.00 | +19.23% |
| 6 Sept 2026 | ₹65 | ₹247.00 | +35.71% |
Glass Wall Systems (India) IPO Subscription Status
Demand breakdown by investor categoryGlass Wall Systems (India) Company Financials
Restated figures (₹ in Crores)| Period | Total Assets | Total Revenue | Total Expenses | Profit After Tax (PAT) |
|---|---|---|---|---|
| 2024 | 281.76 Cr. | 310.26 Cr. | 262.72 Cr. | 20.25 Cr. |
| 2025 | 316.63 Cr. | 288.14 Cr. | 212.53 Cr. | 57.51 Cr. |
| 2026 | 468.38 Cr. | 471.43 Cr. | 360.33 Cr. | 83.79 Cr. |
* Amounts reported in ₹ Crores as sourced from company regulatory filings (RHP/DRHP).
Glass Wall Systems (India) IPO Valuation & KPIs
Key metrics pre-issueGlass Wall Systems (India) Peer Group Comparison
Listed industry peers| Company Name | P/E | EPS (₹) | RoNW (%) | NAV (₹) | Total Income |
|---|---|---|---|---|---|
| Innovator Façade Systems Limited | 16.54 | 7.19 | 8.65% | 83.15 | 227.52 Cr. |
About Glass Wall Systems (India)
Glass Wall Systems India provides comprehensive engineering, manufacturing, and installation solutions for façade systems across domestic and international markets. The company operates through three primary segments: domestic façade solutions, which involve engineering, procurement, and construction activities; international façade products supply, catering to global markets like the USA and Australia; and fenestration solutions, introduced following the acquisition of Yes Systems to serve the premium and luxury residential sectors. Core products include performance glass units, aluminium extrusions, and specialized curtain walls. Operating from its manufacturing facility in Vile Bhagad, Maharashtra, the business generates revenue through project-specific contracts awarded via competitive bidding and export sales. By integrating design capabilities with manufacturing and execution, the company manages complex project life cycles for real estate developers, general contractors, and corporate clients while maintaining a structured focus on capacity expansion and backward integration.
Key Strengths
- Proven track record in executing complex façade engineering projects.
- Diversified revenue across domestic, global, and luxury fenestration markets.
- Fully integrated in-house manufacturing and execution capabilities.
- Strategic backward integration to optimize costs and supply chain control.
- High repeat order rate from major domestic and international developers.
Key Risks
- Top ten clients account for a massive 86.40% of total revenue.
- Complete reliance on a single manufacturing facility in Maharashtra.
- High vulnerability to raw material price volatility without long-term contracts.
- Outstanding tax demands and contingent liabilities totaling ₹33.41 crores.
- Financial performance is highly sensitive to real estate market cycles.
Glass Wall Systems (India) IPO Reservation & Share Quotas
The Glass Wall Systems IPO share reservation is divided among Anchor Investors, Qualified Institutional Buyers (QIB), Non-Institutional Investors (NII), and Retail Investors. The allocation provides different investor categories with their respective portions of the issue.
| Investor Category | Share Offered | % Shares |
|---|---|---|
| Anchor Investor | 70,53,127 Shares | 30% |
| QIB (Ex. Anchor) | 47,02,085 Shares | 20% |
| NII Shares Offered | 35,26,564 Shares | 15% |
| Retail Shares Offered | 82,28,649 Shares | 35% |
Glass Wall Systems (India) IPO Anchor Investors
The Glass Wall Systems IPO anchor bidding will take place on September 7, 2026, one day before the public issue opens. The company has reserved 70,53,127 equity shares for Anchor Investors, representing 30% of the applicable issue allocation.
| Particular | Details |
|---|---|
| Anchor Bidding Date | September 7, 2026 |
| Anchor Investors List | |
| Shares Offered | 70,53,127 Shares |
| Anchor Size | ₹128.37 Cr. |
| Lock-in Period End Date – 50% Shares (30 Days) | October 11, 2026 |
| Lock-in Period End Date – 50% Shares (90 Days) | December 10, 2026 |
Glass Wall Systems (India) IPO Important Dates
| Particular | Dates |
|---|---|
| IPO Open Date | 08 Sept 2026 |
| IPO Close Date | 10 Sept 2026 |
| Basis of Allotment | 11 Sept 2026 |
| Refunds | 15 Sept 2026 |
| Credit to Demat Account | 15 Sept 2026 |
| IPO Listing Date | 16 Sept 2026 |
Note: The timeline for ग्लास वॉल सिस्टम्स (भारत) IPO is tentative and subject to change.
Glass Wall Systems (India) Promoters and Shareholding Pattern
The promoters of Glass Wall Systems are Jawahar Hariram Hemrajani and Eshan Jawahar Hemrajani. The following table shows the shareholding pattern of the promoters and other shareholders before and after the IPO.
| Particular | Pre IPO Shares | Pre IPO % Shares | Post IPO Shares | Post IPO % Shares |
|---|---|---|---|---|
| Promoter and Promoter Group | 54,494,876 | 64.38% | 34,281,154 | 38.98% |
| Others* | 30,143,674 | 35.62% | 53,654,099 | 61.02% |
| Total | 8,46,38,550 | 100% | 87,935,253 | 100% |
Glass Wall Systems (India) Objects of the Issue & Utilisation of Proceeds
| Purpose | Crores |
|---|---|
| Purpose | INR crores (%) |
| Funding capital expenditure for setting up a GPU Project at Vile Bhagad | 50 (83.33%) |
| General Corporate Purposes | 10 (16.67%) |
Note: Objectives are as specified in the DRHP/RHP documents of ग्लास वॉल सिस्टम्स (भारत).
Glass Wall Systems (India) About the IPO
Glass Wall Systems (India), founded in 2010, is one of the leading Facade Solutions (exterior glass/wall systems) and fenestration providers (windows/doors) across India and the international market in the United States and Australia. The firm has over 20 years of industry experience and has completed more than 158 projects so far.
The company runs 3 main businesses: Domestic Façade Solutions: Designs, makes, supplies, and installs building exteriors for Indian clients. International Façade Products: supplies eco-friendly façade products overseas. Fenestration solutions: Makes premium windows, doors, skylights, and partitions for high-end customers in India. The firm serves its products to various clients, including real estate developers, contractors, hospitals, airport authorities, and corporations in commercial, residential, and institutional projects.
Glass Wall Systems (India) Company Financial Report
| Period | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | 310.26 Cr. | 262.72 Cr. | 20.25 Cr. | 281.76 Cr. |
| 2025 | 288.14 Cr. | 212.53 Cr. | 57.51 Cr. | 316.63 Cr. |
| 2026 | 471.43 Cr. | 360.33 Cr. | 83.79 Cr. | 468.38 Cr. |
Note: Financial numbers for ग्लास वॉल सिस्टम्स (भारत) are in ₹ Crores unless stated otherwise.
Glass Wall Systems (India) Company Valuation & Key Performance Indicators
| KPI | Values |
|---|---|
| ROE | 38.62% |
| ROCE | 43.01% |
| EBITDA Margin | 23.02% |
| PAT Margin | 18.34% |
| Debt to Equity Ratio | 0.03 |
| Earning Per Share (EPS) | 9.90 (Basic) |
| Price/Earning P/E Ratio | - |
| Return on Net Worth (RoNW) | 32.03% |
| Net Asset Value (NAV) | 30.91 |
Note: Valuation KPIs for ग्लास वॉल सिस्टम्स (भारत) are computed for FY2026.
Glass Wall Systems (India) Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Innovator Façade Systems Limited | 7.19 | 16.54 | 8.65% | 83.15 | 227.52 Cr. |
Note: Peer group comparisons for ग्लास वॉल सिस्टम्स (भारत) are sourced from DRHP filings.
Glass Wall Systems (India) Lead Managers & Merchant Bankers
- IIFL Capital Services Ltd.
- Motilal Oswal Investment Advisors Ltd.
Glass Wall Systems (India) IPO FAQs
Glass Wall Systems (India) IPO opens for subscription on 7 September 2026 and closes on 9 September 2026.
The price band for Glass Wall Systems (India) IPO is set at ₹172.00 to ₹182.00 per share.
The minimum market lot size is 82 shares. A retail investor can apply for a minimum of 1 lot requiring an investment of 82 Shares (₹14,924).
The latest Grey Market Premium (GMP) for Glass Wall Systems (India) IPO is ₹41. GMP represents the unofficial premium at which shares trade prior to listing.
The basis of allotment for Glass Wall Systems (India) IPO is tentatively scheduled for 10 September 2026, and shares are expected to list on the stock exchanges on 15 September 2026.
MUFG Intime India Pvt. Ltd. is the official registrar for Glass Wall Systems (India) IPO. Investors can check their IPO allotment status directly on the registrar's portal once finalized.