Glass Wall Systems' (India) Rs 427.89-crore IPO opened for subscription on Sept. 8 and closes on Sept. 10. Ahead of the issue, the latest grey market premium (GMP) indicates an estimated listing gain of just over 28%, if the premium holds until listing.
Note: Grey market premiums are unofficial and may not accurately reflect the stock's actual listing performance.
Investors considering the Glass Wall Systems IPO should keep these key details in mind before subscribing.
Glass Wall Systems IPO GMP Today
The IPO is commanding a GMP of Rs 51 as of 10:00 a.m. on Sept. 8. At the upper price band of Rs 182, the estimated listing price is Rs 233, implying a potential listing gain of 28.02%.
The IPO has been subscribed 0.47 times as of 10:50 a.m. on Tuesday.
Glass Wall Systems IPO: Key Details
The IPO of Glass Wall Systems (India) is a book build issue of Rs 427.89 crore. The issue comprises fresh issue of 32.97 lakh shares aggregating to Rs 60 crore and offer for sale of 2.02 crore shares worth Rs 367.89 crore.
The price band for the IPO is set between Rs 172 and Rs 182 per share.
To participate in the IPO, retail investors must bid for at least a single lot of 82 shares. This means a minimum amount of investment required by an individual investor (retail) is Rs 14,924 (based on upper price).
IIFL Capital Services Ltd. is the book running lead manager and MUFG Intime India Pvt. Ltd. is the registrar of the issue.
For more details on the IPO, check the red herring prospectus here: Glass Wall Systems RHP.
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Glass Wall Systems IPO Key Dates:
- Bidding window opens: Sept. 8
- Bidding window closes: Sept. 10
- Allotment finalisation: Sept. 11
- Refund initiation: Sept. 15
- Credit of Shares to Demat accounts: Sept. 15
- Listing date: Sept. 16
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Use Of Proceeds
The company will use the net proceeds for funding capital expenditure requirement for setting up of a glass processing unit (GPU Project) as part of planned backward integration of the company at Vile Bhagad Facility (Rs 60 crore).
The remaining funds will be used for general corporate purposes.
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Company Financials
The revenue of Glass Wall Systems (India) increased by 64% and profit after tax (PAT) rose by 46% between the financial year ending with March 31, 2026 and March 31, 2025.
For FY26, Glass Wall Systems reported:
- Total income: Rs 471.43 crore, compared with Rs 288.14 crore in FY25
- Profit after tax (PAT): Rs 83.79 crore, up from Rs 57.51 crore in the previous financial year
- EBITDA: Rs 105.20 crore versus Rs 73.01 crore a year earlier
About Glass Wall Systems Ltd.
Incorporated in 2010, Glass Wall Systems (India) Ltd. is a façade solutions and fenestration provider with operations in India as well as international markets, including the United States and Australia. The company has over two decades of industry experience and, as of March 31, 2026, has completed more than 158 projects.
Its business is structured across three verticals:
Domestic Façade Solutions- Design, engineering, fabrication, supply, installation, and EPC services for real estate developers, contractors, and corporate clients.
International Façade Products Supply- Supply of sustainable façade products, tailored to contractors and façade companies overseas.
Fenestration Solutions- Custom luxury windows, doors, skylights, and partition systems, catering to the high-end domestic market, primarily through its subsidiary Yes Systems Private Limited (acquired in August 2025). Yes Systems operates in the premium fenestration space under the brand ORIA and collaborates with international partners such as a Swiss window systems brand, LIBART, and OIKAS.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.
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