Glass Wall Systems (India) IPO
CLOSEDMAINBOARDSUBSCRIBEBidding Closed
Awaiting listing
Listing Date
16 Sep 2026
- Price Band
- ₹172 – ₹182
- Lot Size
- 82
- Lot Value
- ₹14,924
- Open Date
- 08 Sep 2026
- Close Date
- 10 Sep 2026
- Min Investment
- ₹14,924
About Glass Wall Systems (India)
Glass Wall Systems is a manufacturer and EPC service provider specializing in façade systems and fenestration solutions for the real estate sector. The company operates across domestic and international markets, with significant revenue from India, USA, and Australia.
Revenue generated through manufacturing and sale of façade systems, EPC (Engineering, Procurement, and Construction) activities for domestic projects, international façade product supply, and fenestration solutions to real estate developers, general contractors, and corporate clients.
Use of IPO Proceeds
Total allocation: ₹50.00 Cr (excludes issue expenses)
Promoters
Jawahar Hariram Hemrajani
Chairman and Whole-Time Director · age 63
Pre-issue: 37.42%
Eshan Jawahar Hemrajani
Managing Director · age 36
Pre-issue: 15.11%
Investment Analysis
Quick Analysis: 4 strengths · 6 risk factors· Exchange: BSE, NSE
Strengths (4)
- •Diversified revenue streams across domestic, international, and fenestration segments
- •Established international presence in USA and Australia markets
- •Strong geographic client concentration in key states Maharashtra and Karnataka
- •Advanced manufacturing facility with long-term lease security
Risk Factors (6)
- •First public offering with no established market for shares; no assurance of active trading or price sustainability post-listing.
- •Company receives no proceeds from Offer for Sale portion; selling shareholders retain OFS proceeds net of expenses.
- •Non-GAAP financial measures may vary from industry standards and limit comparability with peer company financial metrics.
- •Evolving regulatory environment including new labor, safety and social security codes may impose compliance requirements and operational costs.
- •Ind AS accounting principles differ significantly from US GAAP and IFRS; no reconciliation provided to alternative frameworks.
- •Acquired Yes Systems capacity calculations rely on management assumptions and estimates without independent verification of production metrics.
📊 Algorithmic Score
Computed from issue structure — GMP, fresh issue %, OFS %, issue size
Why do these differ? The Algorithmic Score measures issue quality (structure, size, promoter commitment). The Demand Analysis measures investor interest signals (subscription, GMP, risks). A high-quality issue can still have unconfirmed demand — especially before subscription opens.
✍️ Demand & Risk Analysis
Based on market demand signals — subscription, GMP trend, risk factors
IPO Market Analysis
“Strong investor demand with 57x subscription suggests positive listing momentum. GMP indicates market expects a listing premium.”
- ✅Oversubscribed 57x
- ✅Strong QIB demand 110x
- ✅Positive GMP +25%
- ✅4 business strengths identified
- ⚠️6 risk factors noted
- ✅Mainboard IPO (higher regulatory standards)
- ⚠️High OFS ratio — promoters selling shares
This is algorithmic analysis, not investment advice. Always read the DRHP before investing.
GMP Trend
Latest: ₹45 (+24.73%)Investor Quota
Approx. shares reserved per category
Estimated from total issue size; actual reserved lots are set in the RHP.
Application Lot Sizes
Retail caps at ₹2,00,000 (13 lots here). S-HNI is ₹2L–₹10L, B-HNI is above ₹10L.
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 82 | ₹14,924 |
| Retail (max) | 13 | 1,066 | ₹1,94,012 |
| S-HNI (min) | 14 | 1,148 | ₹2,08,936 |
| S-HNI (max) | 67 | 5,494 | ₹9,99,908 |
| B-HNI (min) | 68 | 5,576 | ₹10,14,832 |
Subscription Status
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.01x | 0.04x | 110.11x |
| sNII (S-HNI) | 3.70x | 14.02x | 69.25x |
| bNII (B-HNI) | 1.64x | 7.28x | 60.60x |
| Retail | 2.54x | 7.41x | 23.06x |
| Total | 1.77x | 5.76x | 56.59x |
Colour: red <1x · amber 1–10x · green ≥10x oversubscribed.
Allotment Statistics
Retail Individual Investors (RII)
Subscription
23.06x
Allotment Ratio
1 lot per 24 applicants
Allotment Probability
~4.3%
Non-Institutional Investors (NII / HNI)
Subscription
63.48x
Allotment Type
Proportionate allotment
Qualified Institutional Buyers (QIB)
Subscription
110.11x
Allotment Type
Discretionary allotment
Total Subscription
56.59x
Allotment probability is estimated based on subscription data and is not guaranteed. Actual allotment depends on the registrar's process.
IPO Timeline
Issue Opens
08 Sep 2026 · Tue
Issue Closes
10 Sep 2026 · Thu
Bidding Cut-off (UPI Mandate)
10 Sep 2026 · 5:00 PM IST
Allotment
11 Sep 2026 · Fri
Listing
16 Sep 2026 · Wed
Issue Opens
08 Sep 2026 · Tue
Issue Closes
10 Sep 2026 · Thu
Bidding Cut-off (UPI Mandate)
10 Sep 2026 · 5:00 PM IST
Allotment
11 Sep 2026 · Fri
Listing
16 Sep 2026 · Wed
IPO Details
| Registrar | MUFG Intime India Private Limited |
| Exchange | BSE, NSE |
| ISIN | — |
| Face Value | ₹2 |
| Issue Size | ₹427.89 Cr |
| Fresh Issue | ₹60.00 Cr |
| OFS Size | ₹367.89 Cr |
| Lead Managers | IIFL Capital Services Limited, Motilal Oswal Investment Advisors Limited, MUFG Intime India Private Limited |
3-Year Financial Summary
Revenue trend
↑ FY23→FY26
| Fiscal Year | Revenue (₹Cr) | PAT (₹Cr) | EPS | P/E | ROE |
|---|---|---|---|---|---|
| FY26 | 456.97 | 83.79 | 9.90 | 18.38 | — |
| FY25 | 278.33 | 57.51 | 6.79 | 26.79 | — |
| FY24 | 304.34 | 20.25 | 2.39 | 76.07 | — |
| FY23 | 304.34 | 20.25 | — | — | — |
Detailed Line Items (₹ Cr)
| Line Item | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| EBITDA | — | 54.7 | 73.01 | 105.2 |
From the company's offer document (DRHP/RHP); restated figures where available.
Valuation at Issue Price
Issue P/E
18.4x
Price ÷ EPS
EPS (FY26)
₹10
Earnings per share
RoNW
—
Return on net worth
ROCE
—
Not in abridged DRHP
EBITDA margin
23.0%
EBITDA ÷ revenue
Price/NAV
—
NAV not in abridged DRHP
Company Fundamentals
13 sections extracted from this filingCapital Structure
| Authorised Capital | — |
| Issued Capital | — |
| Paid-up Capital | — |
| Equity Shares (Pre-Issue) | 8,46,38,550 |
| Equity Shares (Post-Issue) | — |
Source: Glass Wall Systems (India) offer document (DRHP/RHP).
Shareholding Pattern
Pre-Issue
Pre-Issue not disclosed in this filing.Not separately disclosed in Glass Wall Systems (India)'s filing.
Post-Issue
Post-Issue not disclosed in this filing.Not separately disclosed in Glass Wall Systems (India)'s filing.
Source: Glass Wall Systems (India) offer document (DRHP/RHP).
Reservations & OFS
Investor Reservation
- QIB+50.00%
- NII / HNI+15.00%
- Retail+35.00%
OFS Selling Shareholders
- Jawahar Hariram Hemrajani25,30,243 sh
- Eshan Jawahar Hemrajani27,40,431 sh
- India Business Excellence Fund IIA1,49,43,048 sh
Source: Glass Wall Systems (India) offer document (DRHP/RHP).
Board & Management
Board of Directors (6)
- Jawahar Hariram Hemrajani
Chairman and Whole-Time Director
- Eshan Jawahar Hemrajani
Managing Director and Chief Executive Officer
- Prakash Bagla
Non-Executive Director
- Sunaina Primlani Gera
Non-Executive Independent Director
- Siddharth Nandkishore Bafna
Non-Executive Independent Director
- Nandita Khurana
Non-Executive Independent Director
Key Managerial Personnel (4)
- Sanjay Suresh Sawant₹0.57 Cr p.a.
Chief Financial Officer
bachelor's and master's degree in commerce from Mulund College of Commerce, University of Mumbai; associate member of the Institute of Chartered Accountants of India
approximately 20 years of experience in the financial sector
- Sagar Lambole
Company Secretary and Compliance Officer
bachelor's degree in Bachelor of Commerce from the Maharaja Sayajirao University of Baroda; associate member of the Institute of Company Secretaries of India
approximately 9 years of experience in the secretarial sector
- Rahul Miskeen₹0.78 Cr p.a.
Director – Export Management
bachelor's degree in architecture from Bhausaheb Hiray Smarnika Samiti Trust's College of Architecture, University of Mumbai; degree of master of science in façade engineering from the University of Bath
over 15 years of experience in the façade designing sector
- Ravindra Vitthal Pawar₹0.30 Cr p.a.
Vice President - Production
diploma in production engineering from the Maharashtra State Board of Technical Education
over 23 years of experience in the production engineering sector
Source: Glass Wall Systems (India) offer document (DRHP/RHP).
Industry & Market
Per Ken Research Private Limited, a report commissioned by the company (not independent).
Peer Comparison
| Company | P/E | EPS | RoNW % | NAV |
|---|---|---|---|---|
| Glass Wall Systems (India) Limited | — | 9.9 | 32.03 | 30.91 |
Material Litigation
| Type | Against | Matters | Amount (₹Cr) |
|---|---|---|---|
| Tax | Company | 3 | 33.407 |
VAT, CST, and income tax demands not acknowledged as debts
Registrar (RTA)
SEBI-registered Registrar & Transfer Agent — handles allotment and refunds.
Registrar:MUFG Intime India Private Limited→Lead Managers (BRLMs)
Click any merchant banker for their full IPO track record (positive listing rate, average gain, IPOs managed).
Documents
Frequently Asked Questions
When is the Glass Wall Systems (India) IPO opening?
The Glass Wall Systems (India) IPO opens on 08 Sep 2026 and closes on 10 Sep 2026. Check this page for the latest updates as we refresh every 30 minutes.
What is the price band of the Glass Wall Systems (India) IPO?
The price band for the Glass Wall Systems (India) IPO is ₹172 to ₹182. The final price is announced after the book-building process and is confirmed before listing.
What is the lot size and minimum investment for the Glass Wall Systems (India) IPO?
The minimum lot size is 82 shares with a minimum investment of ₹14,924. Retail investors can apply for up to the retail limit defined by SEBI.
What is the GMP of Glass Wall Systems (India) IPO today?
The latest Grey Market Premium for Glass Wall Systems (India) is ₹45 (+24.73%). GMP is unofficial data and is not a guarantee of listing price.
When will the Glass Wall Systems (India) IPO list on NSE and BSE?
The Glass Wall Systems (India) IPO is expected to list on 16 Sep 2026 on BSE, NSE. Actual listing day trading begins at the start of the normal market session.
How can I check the Glass Wall Systems (India) IPO allotment status?
The registrar for this IPO is MUFG Intime India Private Limited. You can check your allotment status on the registrar's portal using your PAN, application number, or DP ID. We link to the registrar directly on our allotment page after the allotment date.
Is the Glass Wall Systems (India) IPO a mainboard or SME issue?
Glass Wall Systems (India) is a mainboard IPO that will list on the main NSE and BSE boards. Mainboard IPOs are open to retail investors with a minimum application of one lot.
How do I apply for the Glass Wall Systems (India) IPO?
You can apply for the Glass Wall Systems (India) IPO through any SEBI-registered broker such as Zerodha, Upstox, or Angel One using UPI or ASBA. Use the Apply Now buttons on this page to go directly to the broker.
What is the expected listing price of Glass Wall Systems (India) IPO?
Based on the current GMP of ₹45, the expected listing price of Glass Wall Systems (India) is ₹227 (issue price ₹182 + GMP ₹45). Note that GMP is unofficial grey market data and actual listing price may differ.
What is the allotment ratio for Glass Wall Systems (India) IPO?
Based on the retail subscription of 23.06x, the estimated allotment ratio is 1 lot per 24 applicants (approximately 4.3% chance of allotment). This is an estimate and actual allotment may vary.
Should I subscribe to Glass Wall Systems (India) IPO?
Based on our algorithmic analysis, Glass Wall Systems (India) IPO is rated SUBSCRIBE with high confidence. Strong investor demand with 57x subscription suggests positive listing momentum. GMP indicates market expects a listing premium. This is not investment advice — please read the DRHP and consult a financial advisor before investing.
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