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InvestmentsIPOGlass Wall Systems IPO

Glass Wall Systems IPO

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Open Date

8 Sep 2026

Close Date

10 Sep 2026

Min Investment

₹ 14,924

Lot Size

82

Issue Size

₹ 427.89 Cr

Price Range

₹ 172 - ₹ 182

Subscribed

1.9 x
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status

IPO Open Now.

IPO Timeline
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IPO Offer Start
8 Sep 2026
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IPO Offer Ends
10 Sep 2026
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Allotment Finalisation
11 Sep 2026
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Refund Initialisation
15 Sep 2026
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Non-Institutional Buyers (sHNI)
15 Sep 2026
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Listing of Shares
16 Sep 2026
IPO Subscription Details as on 8 Sep 2026, 03:08 PM
Qualified Instituational Buyers (QiB)
0.01 x
Retail
2.94 x
Total
1.9 x
Non-Institutional Buyer (bHNI)
1.22 x
Non-Institutional Buyer (sHNI)
3.45 x
Note: This information is provided for general guidance only. Dates may be subject to change.
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About the Company
Glass Wall Systems (India) Limited is a premium fa?ade solutions and fenestration provider in India and across markets in the USA and Australia. The company is the second largest provider of fa?ade solutions in India in terms of revenue in Fiscal 2025 and Fiscal 2024, and India's largest fa?ade exporter in 2024. With over two decades of experience, the company has successfully completed 158 projects as of March 31, 2026, operating through three main verticals: Domestic Fa?ade Solutions, International Fa?ade Products Supply, and Fenestration Solutions.
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Founded In

2010

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CEO

Jawahar Hariram Hemrajani

Financials of Glass Wall Systems (india) IPO

Income Statement
Balance Sheet
Cash Flows
Total Income
Total Expenses
Total Profit
Key Performance IndicatorsMar 2024Mar 2025Mar 2026
Operating Revenue304.34278.33456.97
Other Income5.929.8114.45
Total Income
310.26288.14471.43
Total Expenses
262.72212.53360.33
Profit Before Tax31.3575.60111.10
Total Profit
20.2557.5183.79

All figures are in crores (₹)

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Utilisation of Proceeds

All figures are in crores (₹)

PurposeAmount
The company intends to establish an in-house GPU where raw glass will be purchased from manufacturers and processed internally to convert them into toughened and performance glass suitable for facades. This backward integration will reduce procurement of processed glass from other vendors and eliminate leakage of margin to third-party suppliers, resulting in direct reduction in unit cost of production.50
The company proposes to utilize funds towards general corporate purposes including meeting ongoing corporate contingencies, expenses incurred in ordinary course of business, funding growth opportunities including marketing expenses, funding strategic initiatives, and other purposes as approved by the Board from time to time.-
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  • Market leadership supported by a diversified business model and strong foothold in domestic and international markets: The company is the second largest provider of fa?ade solutions in India in terms of revenue in Fiscal 2025 and Fiscal 2024, and India's largest fa?ade exporter in 2024. The company has strategically structured operations across domestic fa?ade solutions, global fa?ade products supply, and fenestration solutions businesses.
  • Marquee client base with proven track record of successful project execution: The company has established long-term associations with key real estate players, with relationships spanning over eight years and extending up to 12 years in certain cases. The company has successfully completed over 158 projects since inception as of March 31, 2026.
  • Expertise in design and engineering and strategically located manufacturing facility with large capacity and advanced infrastructure: The company operates a team of over 46 dedicated designers as of March 31, 2026, utilizing advanced software such as AutoCAD?, STAAD? and HiCAD. The Vile Bhagad Facility has a post-expansion production capacity of 130 panels per day and is strategically located approximately 100 kilometers from the Nhava Sheva port.
  • Focused on creating environmentally sustainable high-performance solutions: The company has entered into an exclusive agreement with Dow Corning for the supply of high-quality low-carbon silicone and carbon neutral silicone. The company follows a zero-waste program, ensuring that all waste materials are recycled or disposed of responsibly, including 100% recycling of aluminium scrap.
  • Experienced Promoters and management team: The company is guided by Promoters with approximately 34 and 12 years of experience in the fa?ade solutions industry respectively. The company has received support from MO Alternate Investment Advisors Private Limited through equity investment, providing both financial resources and strategic guidance since 2014.

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SEBI Stock Broker Registration No: INZ000006031 | Depository Participant (CDSL) ID: IN-DP-289-2016 | SEBI Research Analyst Registration No: INH000023357
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