Glass Wall Systems (India) Limited IPO
ListedMainboardConstruction
81.65×
Subscribed
Price band
₹172 – ₹182
Lot size
82
1 lot = ₹14,924
Issue size
₹427.89 Cr
Open – close
08 Sept 2026
to 10 Sept 2026
Listing
16 Sept 2026
Listing gain
+6.59%
What the filing actually says
Our read of the offer document and the exchange data — not the issuer's summary of itself
Mixed7 of 7 dimensions read
A mixed but reasonable offering — 4 positive against 2 negative signals
Strength59/100
- Undemanding valuation18.4× earnings at the upper band, with no peer set published to compare against
- Steady revenue growthRevenue compounding at 22.5%
- Profit growth outpaces salesPAT up 103.4% a year against revenue at 22.5% — check whether that is operating leverage or a one-off before extrapolating it
- High return on equityROE of 32.2%
- Conservative balance sheetDebt/equity of 0.02×
- Majority offer for sale86.0% of the issue is existing shareholders selling down
- 1 high-severity disclosure86% of the offer is an Offer for Sale, so most proceeds go to selling shareholders, not the company.
- Institutions bid heavilyQIB portion subscribed 167.93×
Every line above is arithmetic on a figure shown elsewhere on this page - no model, no opinion. It describes the quality of the offering as disclosed. It is not a prediction of the listing price, and it is not advice to apply.
Dates
The issuer's tentative timetable — a date passing is not confirmation the step completed
- Opens08 Sept 2026
- Closes10 Sept 2026
- Allotment11 Sept 2026
- Listing16 Sept 2026
Demand and your odds
How the book filled, and what that means for an application
Subscription by category
Qualified institutionalQIB167.93x
Non-institutionalNII / HNI79.71x
Big NIIabove ₹10L73.90x
Small NII₹2L – ₹10L91.34x
Retail individualRII33.18x
31,01,708 applications received — how many people bid, as opposed to how much money did. Exchange figures as of 10 Sept 2026.
Chance of allotment
Retail33.18× subscribed
~1 in 33.2
Minimum 1 lot · 82 shares · ₹14,924 blocked
Retail is 33.18× subscribed. Allotment is a lottery on a single lot, so roughly 1 in 33.2 applications gets one lot. Bidding for extra lots does not improve these odds.
HNI / NII79.71× subscribed
~1 in 79.7
Minimum 14 lots · 1,148 shares · ₹2,08,936 blocked
HNI is 79.71× subscribed. This category is allotted proportionately, so a bid receives roughly 1/79.7 of the shares applied for, subject to the minimum-lot draw.
Derived from SEBI's allotment mechanics and the subscription figures beside it. Retail allotment is a lottery on a single lot, so applying for more lots does not improve your chance of getting something.
Grey market premium
Unofficial dealer quotes — not published by NSE, BSE, SEBI or the company
₹66+36.3%
over the upper band · last seen 20 Sept 2026 · flat since 07 Sept 2026
What this number is not. Grey-market premium is an unregulated, thinly-traded quote from private dealers. It is not a forecast of the listing price, it is not verifiable, and it can be moved by the same people who benefit from it looking high. We publish it because you will look it up anyway — and we deliberately do not convert it into an expected listing gain, because that arithmetic implies a reliability the number has never earned. For what actually happened to comparable issues, see recent outcomes below.
The offering
Terms, structure and who is selling
Terms
Price band₹172 – ₹182
Face value₹2
Lot size82shares
Minimum application₹14,924at cut-off
Total issue size₹427.89 Cr
Fresh issue₹60 Cr
Offer for sale₹367.89 Cr
Listing atMainboard
Anchor investorsAllotted
Company & valuation
P/E at upper band18.38×
EPS₹7.32pre-issue
NAV per share₹30.91
Return on equity32.24%
Debt / equity0.02×
ROCE43.01%
RoNW32.03%
PAT Margin18.34%
EBITDA Margin23.02%
NAV30.91
Price to Book Value5.89
ISININE644Q01039
RegistrarLINK
Lead managersIIFL Capital Services Limited, Motilal Oswal Investment Advisors Limited
86.0% of this issue is an offer for sale. That money goes to existing shareholders selling their stake, not into the company. The business receives only the fresh-issue portion.
Who gets what
How the issue is split between investor categories, and what each may bid.
| Category | Shares | % of issue |
|---|---|---|
| QIB | 1,17,55,212 | — |
| Anchor Investor | 70,53,127 | — |
| QIB (Ex. Anchor) | 47,02,085 | — |
| NII (HNI) | 35,26,564 | — |
| bNII > ₹10L | 23,51,043 | 2047.00% |
| sNII < ₹10L | 11,75,521 | 1023.00% |
| Retail | 82,28,649 | 100349.00% |
Total issue 2,35,10,425 shares. Indented rows sit inside the category above them and are not added to it.
What each category may bid
Retail (Min)₹14,9241 lot · 82 sh
Retail (Max)₹1,94,01213 lots · 1,066 sh
S-HNI (Min)₹2,08,93614 lots · 1,148 sh
S-HNI (Max)₹9,99,90867 lots · 5,494 sh
B-HNI (Min)₹10,14,83268 lots · 5,576 sh
Lot size alone does not answer "how much do I need" — an S-HNI minimum is several lots, not one.
Anchor book
Shares allotted70,53,127
Anchor portion₹128.37 Cr
Bid date07 Sept 2026
Lock-in ends (50%)11 Oct 2026
Lock-in ends (rest)10 Dec 2026
Anchors are institutional money placed a day before bidding opens, against a lock-in. Those two dates are when that stock can first be sold — a supply event worth knowing if you still hold.
What the money is for
Stated use of the net proceeds
- 01Funding capital expenditure requirement for setting up of a glass processing unit (“GPU Project”) as part of planned backward integration of the Company at our Vile Bhagad Facility₹50 Cr
- 02General corporate purposes₹4.63 Cr
Financials
Restated figures as reported in the offer document, ₹ crore
| Period | Revenue | EBITDA | PAT | Net worth | Debt |
|---|---|---|---|---|---|
| 2024 | 304.342 | — | 20.251 | 120.906 | — |
| 2025 | 278.327 | — | 57.51 | 174.059 | — |
| 2026 | 456.971 | — | 83.789 | 259.884 | — |
Revenue CAGR 22.5%PAT CAGR 103.4%
How the issuer compares
The listed companies the offer document itself names as comparable.
| Company | EPS | P/E | NAV | RoNW |
|---|---|---|---|---|
| Industry Peers | — | 16.54 | — | — |
Blank cells are figures the offer document does not publish. An unlisted issuer has no market price, so it has no price-based multiple until it lists — which is exactly why the comparison is against companies that already trade. The peer set is the issuer's own selection, so read it as the flattering-est comparison available rather than a neutral one.
Risks worth reading
Ranked by our severity assessment, not by the order the prospectus prints them
Mostly an exithigh
86% of the offer is an Offer for Sale, so most proceeds go to selling shareholders, not the company.
mediumOur business is highly dependent on a limited number of key clients, with top 10 clients contributing 86.40%, 78.13% and 88.56% of revenue from operations in Fiscals 2026, 2025 and 2024, respectively. The loss of one or more of these clients could have an adverse effect on our business prospects, re
mediumWe depend on a limited number of suppliers for our raw materials and do not have long-term agreements with them. Volatility in raw material prices and shortages or disruption in their supply could adversely affect our business, results of operations, financial condition and cash flows.
mediumThe cost of our product offerings is dependent on our ability to source raw materials, including aluminium extrusions, silicone and performance glass units, at acceptable prices and maintain a stable and sufficient supply.
mediumThe price and availability of raw materials are subject to volatility and unavailability caused by various external conditions, including supply and demand dynamics, logistics and processing costs, inflation, governmental regulations and policies, overall economic conditions, production levels, mark
Positives the filing discloses (3)
Low leverage
Debt-to-equity of 0.02x.
Strong revenue growth
Restated revenue CAGR of 22.5%.
Healthy return on equity
ROE of 32.2%.
What happened to comparable issues
The last 8 issues to list with a recorded opening price, most comparable first
Median listing gain
+6.1%
Listed up
6 of 8
Best
+65.4%
Orient Cables (India) Limited
Worst
-2.3%
Vishal Nirmiti Limited
Fusion CX Limitedsame segment
4.5× sub+5.5%
HD Fire Protect Limitedsame segment
131.7× sub+23.6%
Nityas Gems and Jewellery Limitedsame segment
2.3× sub+6.7%
Vishal Nirmiti Limitedsame segment
1.7× sub-2.3%
Shah Investor's Home Limitedsame segment
38.1× sub+2.4%
Srit India Limitedsame segment
125.2× sub+13.8%
Runwal Enterprises Limitedsame segment
2.5× sub+0.0%
Orient Cables (India) Limitedsame segment
92.3× sub+65.4%
Past issues are context, not a forecast — this issue is a different company at a different price. We show it because "how have issues like this one actually opened" is a question with a real answer, and grey-market premium is not that answer.
About Glass Wall Systems (India) Limited
Glass Wall Systems (India) Limited is engaged in providing façade and fenestration solutions in India and international markets, including the United States and Australia. The company offers curtain wall façades, storefront systems, unitised and semi-unitised façades, frameless façades, windows, doors, skylights, and partition systems. Its operations are divided into domestic façade solutions, international façade product supply, and fenestration solutions. The company provides services across design, engineering, fabrication, manufacturing, supply, and installation. Glass Wall Systems operates its primary manufacturing facility at Vile Bhagad, Maharashtra, with a developed area of 32,415.45 square metres and a production capacity of 130 panels per day. The facility operates under ISO 9001:2015 and ISO 45001:2018 certifications.
Founded 2002MD Mr Eshan Jawahar HemrajaniSector Construction
Offer documents
The primary sources everything above is drawn from
Common questions
What is the Glass Wall Systems (India) Limited IPO GMP today?
The most recent grey-market premium recorded for Glass Wall Systems (India) Limited is ₹66 per share — about 36.3% over the ₹182 upper band. Grey-market premium is an unofficial, unregulated quote from private dealers. It is not published by NSE, BSE, SEBI or the company, and it is not a forecast of the listing price.
How many times is the Glass Wall Systems (India) Limited IPO subscribed?
Glass Wall Systems (India) Limited is subscribed 81.65× overall (QIB 167.93×, NII 79.71×, retail 33.18×). Subscription keeps changing until the issue closes; the final basis of allotment is published by the registrar, LINK.
What is the minimum investment in the Glass Wall Systems (India) Limited IPO?
One lot is 82 shares, so a retail application at the ₹182 cut-off price blocks ₹14,924. Retail applications are capped at ₹2,00,000; above that you bid in the HNI category, where allotment is proportionate rather than by lottery.
What are the chances of allotment in the Glass Wall Systems (India) Limited IPO?
The retail portion is subscribed 33.18×, so allotment is by lottery and the odds of receiving at least one lot are roughly 1 in 33. Applying for more lots does not improve the chance of getting something — every retail applicant competes for the same single minimum lot.
When is the Glass Wall Systems (India) Limited IPO allotment date?
Allotment is scheduled for 2026-09-11, with listing on 2026-09-16. These dates are the issuer's tentative timetable — a date passing is not confirmation that the step completed. Allotment status is published by the registrar, LINK.
Disclaimer. Figures are compiled from the issuer's offer document and exchange-published bidding data. Subscription changes until the issue closes, and the final basis of allotment is published by the registrar. Grey-market premium is unofficial and is not a forecast. Nothing here is investment advice or a recommendation — read the offer document and consult a SEBI-registered adviser before applying.