Glass Wall Systems IPO Day 2: The Rs 427.89 crore initial public offering (IPO) of Glass Wall Systems (India) will enter its second day of bidding on Wednesday, September 9, and remain open until tomorrow, September 10.
The IPO comprises a fresh issue and an offer for sale (OFS), with the company looking to raise funds as it expands its glass processing and façade solutions business.
The price band for the IPO has been fixed at Rs 172-182 per share. Retail investors can bid for a minimum of 82 shares, requiring an investment of Rs 14,924 at the upper end of the price band.
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Glass Wall Systems IPO Subscription Status
The Glass Wall Systems IPO received 2.52 times subscription by 5 p.m. on Day 1 (Tuesday), according to cumulative demand data on BSE.
Qualified Institutional Buyers (QIBs): 0.01 times
Non-Institutional Investors (NIIS): 3.02 times
Retail Individual Investors: 3.75 times
Glass Wall Systems IPO Issue Details
Glass Wall Systems is looking to raise Rs 427.89 crore through the IPO. The issue comprises a fresh issue of 32.97 lakh shares aggregating to Rs 60 crore and an OFS of 2.02 crore shares worth Rs 367.89 crore.
The fresh issue proceeds will primarily be used to fund capital expenditure for setting up a glass processing unit, or GPU Project, at the company's Vile Bhagad facility as part of its planned backward integration. The company has earmarked Rs 60 crore for this purpose and general corporate purposes.
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The OFS will see promoters Jawahar Hariram Hemrajani and Eshan Jawahar Hemrajani, along with India Business Excellence Fund IIA, sell shares worth a combined Rs 367.89 crore.
Following the issue, promoter and promoter group holding is expected to decline from 64.11% to 55.72%, while public shareholding will increase from 35.89% to 44.28%.
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