Glass Wall Systems (India) IPO GMP today is Rs 41. Investors can use this GMP along with price band and subscription status for a better IPO review.
Listed
Mainboard IPO
GLASSWALL
Glass Wall Systems (India) IPO GMP & Allotment
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.
- IPO Price Band
- ₹172.00 - ₹182.00
- Lot Size
- 82 Shares
- Bidding Closes
- 10 Sept 2026
- Listing Date
- 16 Sept 2026
Current GMP Status
₹41
+22.53% vs upper band
Est. Listing Gain
+4.45%
Last Trend
16 Sept 2026
Listing Price
₹190.10
Retail Entry
₹14,924
IPO Details
Complete IPO information
| IPO Open Date | 08 Sept 2026 |
|---|---|
| IPO Close Date | 10 Sept 2026 |
| IPO Price Band | ₹172.00 - ₹182.00 |
| Lot Size | 82 Shares |
| Current GMP | ₹41 |
| Estimated Listing Gain | +4.45% |
| Issue Size | Approx ₹427.89 Cr |
| Fresh Issue | Approx ₹60 Cr |
| Issue Type | Mainboard |
| IPO Listing | BSE, NSE |
| Retail Quota | TBA |
| Registrar | MUFG Intime India Pvt. Ltd. |
| Overall Subscription | 81.65x |
| Minimum Investment | ₹14,924 |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus |
Demand Tracker
Subscription Status
| Category | Shares Reserved | Shares Applied | Subscription (x) |
|---|---|---|---|
| QIB | 47.02 | 7896.08 | 167.93x |
| NII | 35.27 | 2811.15 | 79.71x |
| Retail | 82.28 | 2730.05 | 33.18x |
| Overall Subscription | 164.57 | 13437.27 | 81.65x |
Analysis
IPO Snapshot & Investor Takeaways
At the upper end of its price band, Glass Wall Systems (India) is priced at ₹182 per share. With a minimum lot size of 82 shares, a retail investor applying for one lot would need approximately ₹14,924 to participate in this Mainboard issue.
The latest recorded Grey Market Premium for Glass Wall Systems (India) stands at ₹41, implying an estimated listing gain of around 22.53% over the issue price if it holds until listing. This is down ₹25 from its previously recorded level. GMP reflects informal grey-market sentiment rather than a guaranteed outcome, and can change at any point until the day of listing.
As of the latest update, Glass Wall Systems (India)'s IPO was subscribed 81.65x overall, with a category-wise breakdown of Retail 33.18x, QIB 167.93x, NII 79.71x.
Among the strengths highlighted in Glass Wall Systems (India)'s IPO documents: Proven track record in executing complex façade engineering projects.; Diversified revenue across domestic, global, and luxury fenestration markets..
Investors should also weigh the risk factors Glass Wall Systems (India) has disclosed, including: Top ten clients account for a massive 86.40% of total revenue..
Mainboard IPOs list on the main platform of BSE/NSE, typically involve larger issue sizes, and draw participation across retail, HNI and institutional (QIB) investor categories.
Timeline
IPO roadmap at a glance
✓
Bidding Opens
08 Sept 2026
✓
Bidding Closes
10 Sept 2026
✓
Allotment
11 Sept 2026
✓
Listing
16 Sept 2026
Grey Market Premium
Daily GMP status
| Date | GMP | Change | Gain |
|---|---|---|---|
| 16 Sept 2026 | ₹41.00 | -₹25.00 | 22.53% |
| 10 Sept 2026 | ₹66.00 | +₹11.00 | 36.26% |
| 09 Sept 2026 | ₹55.00 | +₹5.00 | 30.22% |
| 08 Sept 2026 | ₹50.00 | +₹15.00 | 27.47% |
| 07 Sept 2026 | ₹35.00 | -₹30.00 | 19.23% |
| 06 Sept 2026 | ₹65.00 | - | 35.71% |
Swipe to see more →
Market Lot
Application size breakdown
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 Lot | 82 | ₹14,924 |
| Retail Maximum | 13 Lot | 1,066 | ₹1,94,012 |
| S-HNI Minimum | 14 Lot | 1,148 | ₹2,08,936 |
| S-HNI Maximum | 67 Lot | 5,494 | ₹9,99,908 |
| B-HNI Minimum | 68 Lot | 5,576 | ₹10,14,832 |
Swipe to see more →
Fund Utilization
Objects of the Issue & Official Documents
Issue Notes
Important takeaways before applying
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.
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.
Analysis
Glass Wall Systems IPO Reservation
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% |
Note: The reservation percentages are based on the provided Glass Wall Systems IPO issue details.
Analysis
Glass Wall Systems IPO Glass Wall Systems 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 |
Note: Anchor Investors are subject to the applicable lock-in requirements. The anchor allocation details are based on the provided IPO information and may be updated according to the final exchange filing.
Analysis
Glass Wall Systems (India) IPO 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 Glass Wall Systems (India) IPO is tentative and subject to change.
Analysis
Glass Wall Systems IPO Promoters and Holding 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% |
Note: The post-IPO shareholding represents the expected ownership structure after completion of the issue.
Analysis
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 Glass Wall Systems (India).
Analysis
Glass Wall Systems About 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.
Analysis
Glass Wall Systems (India) Company Financials
| 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 Glass Wall Systems (India) are in ₹ Crores unless stated otherwise.
Analysis
Glass Wall Systems (India) Company Valuation – FY2026
| 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 Glass Wall Systems (India) are computed for FY2026.
Analysis
Glass Wall Systems (India) IPO 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 Glass Wall Systems (India) are sourced from DRHP filings.
Analysis
Glass Wall Systems IPO Lead Managers aka Merchant Bankers
- IIFL Capital Services Ltd.
- Motilal Oswal Investment Advisors Ltd.
Comparison
Compare Glass Wall Systems (India) IPO with similar IPOs
FAQ
Glass Wall Systems (India) IPO FAQs
Glass Wall Systems (India) IPO price band is Rs 172.00 to Rs 182.00. Check the latest issue price, lot size and GMP together before applying.
Glass Wall Systems (India) IPO open date is 08 Sept 2026, close date is 10 Sept 2026, and listing date is 16 Sept 2026.
Glass Wall Systems (India) IPO lot size is 82 shares. The minimum retail investment is Rs 14,924.
Glass Wall Systems (India) is classified as a Mainboard IPO. This helps investors quickly understand the issue category and exchange segment.
Glass Wall Systems (India) IPO subscription status currently shows Retail 33.18x, QIB 167.93x, NII 79.71x, Overall 81.65x.
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.
Glass Wall Systems (India) IPO issue size is 427.89 and the expected allotment date is 11 Sept 2026.
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