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IPO ·
NSE, BSE
Glass Wall Systems (India) Ltd
Listed
Building façade and fenestration solutions provider operating in India, the US and Australia.
Issue details
Price band
₹172 – ₹182
Face value
₹2
Lot size
82 shares
Minimum investment
₹14,924
Issue size
₹427.89 Cr
Fresh issue
₹60 Cr
Offer for sale
₹367.89 Cr
Issue type
Book Built
Exchange
NSE, BSE
Key dates
Opens
8 Sep 2026
Closes
10 Sep 2026
UPI mandate cut-off
5:00 PM on 10 Sep 2026
Allotment
11 Sep 2026
Refunds
15 Sep 2026
Shares in demat
15 Sep 2026
Listing
16 Sep 2026
Subscription and listing
Subscription
56.97x
Listing price
₹194
Registrar
MUFG Intime India Pvt Ltd
Lead manager
IIFL Capital Services, Motilal Oswal Investment Advisors
Subscription by category
Total
56.97x
Total applications
30,70,302
Anchor investors
Amount raised
₹128.37 Cr
Bid date
7 Sep 2026
50% lock-in ends
10 Oct 2026
Rest lock-in ends
9 Dec 2026
Listing day
Issue price
₹182
Open
₹194.00
High
₹229.00
Low
₹185.20
Day close
₹214.85
Listing gain at open
+6.59%
Issue structure
Shares reserved per category and share of the total issue
QIB
1,17,55,212
50.00%
Anchor Investor
70,53,127
30.00%
QIB (Ex. Anchor)
47,02,085
20.00%
NII
35,26,564
15.00%
bNII > ₹10L
23,51,043
10.00%
sNII < ₹10L
11,75,521
5.00%
Retail
82,28,649
35.00%
Total
2,35,10,425
100.00%
Finaccle’s quick read
Avoid
Strong numbers (income up 64%, PAT up 46%, ROE 38.6%, D/E 0.03, P/E 19.1x) but about 86% of the ₹428 Cr issue is OFS and income was erratic, falling in FY25.
A rules-based screen of growth, margins, debt and valuation, built from the offer document and data on Chittorgarh.com. It is for information only and is not investment advice or a recommendation to buy or sell. Read the RHP and speak to a SEBI-registered adviser before you apply.
About the company
Glass Wall Systems (India), incorporated in 2010, designs and installs building facades and fenestration for projects in India, and supplies facade products to the US and Australia. It acquired Yes Systems in August 2025 for its windows and doors business. It had completed more than 158 projects and employed 370 people as of March 2026, with FY26 income of about ₹471 Cr.
Founded
Promoters
Products and segments
Promoter holding
Financial performance
Period
PAT
ROE
38.62%
ROCE
43.01%
Debt / equity
0.03
PAT margin
18.34%
P/E post issue
19.1
Market cap
₹1,600.42 Cr
Use of IPO money
Capex for glass processing unit at Vile Bhagad facility
₹50.00 Cr
General corporate purposes
₹4.63 Cr
Issue expenses
₹38.64 Cr
Strengths
✓
High ROE of 38.6% and ROCE of 43%
✓
Practically debt-free
✓
Strong PAT margin of about 18%
✓
Reasonable post-issue P/E of 19.1x
✓
Export presence in US and Australia
Risks to watch
!
OFS of ₹368 Cr is about 86% of the issue
!
Income fell in FY25 before jumping 64% in FY26
!
FY26 growth helped by the Yes Systems acquisition
!
Project-based, lumpy facade revenue
!
Exposure to real estate construction cycle
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Last updated:
Information is compiled from exchange notices and the company’s offer document. It is for general information only and is not investment advice or a recommendation to apply. Read the prospectus before investing.