GLASS WALL SYSTEMS (INDIA) LTD IPO: Company Review, Subscription and Allotment Updates
2026-09-07 — Company overview and issue details GLASS WALL SYSTEMS (INDIA) LTD IPO (ABOUT THE COMPANY) GLASS WALL SYSTEMS (INDIA) LTD – COMPANY BACKGROUND Glass Wall Systems (India) Ltd was incorporated in the year 2010. The company…
2026-09-07 — Company overview and issue details
GLASS WALL SYSTEMS (INDIA) LTD IPO (ABOUT THE COMPANY)
GLASS WALL SYSTEMS (INDIA) LTD – COMPANY BACKGROUND
Glass Wall Systems (India) Ltd was incorporated in the year 2010. The company provides façade solutions and fenestration, both in India and abroad. Its client base includes real estate developers, contractors, hospitals, airport authorities; as well as other commercial and residential projects. Its global operations extend to the US and Australia. In the domestic market, the company provides design, engineering, fabrication, supply, installation, and EPC services to realty developers. Fenestrations are more customized. For the global market, the company is into the supply of sustainable façade products.
The promoters of Glass Wall Systems (India) Ltd are Jawahar Hemrajani and Eshan Jawahar Hemrajani. The IPO will be a combination of a fresh issue of shares and an offer for sale (OFS) component. The fresh issue funds will be used for capex for setting up a glass processing unit (GPU) and for general corporate purposes. The OFS shares are being offered by the promoter shareholders and investor shareholders of the company. The issue is being lead-managed by IIFL Capital Services and Motilal Oswal Investment Advisors; while MUFG Intime India Private Ltd is the IPO registrar.
HIGHLIGHTS OF THE IPO ISSUE OF GLASS WALL SYSTEMS (INDIA) LTD
Here are the key highlights of the public issue of Glass Wall Systems (India) Ltd.
The IPO is open from September 08th, 2026 to September 10th, 2026. It has a face value of ₹2 per share and the IPO price band has been fixed in the range of ₹172 to ₹182 per share.
The IPO of Glass Wall Systems (India) Ltd will be a combination of a fresh issue of shares and an offer for sale of shares by the investor shareholders.
The Fresh Issue portion of the IPO comprises the issue of 32,96,703 shares (32.97 lakh shares), which at the upper price band of ₹182 per share, translates into a fresh issue size of ₹60.00 crore.
The offer for sale (OFS) portion of the IPO comprises the sale of 2,02,13,722 shares (202.14 lakh shares), which at the upper price band of ₹182 per share, translates into an OFS size of ₹367.89 crore.
Therefore, the overall IPO will comprise of the fresh issue portion and offer for sale (OFS) portion comprising of 2,35,10,425 shares (235.10 lakh shares), which at the upper price band of ₹182 per share translates into overall issue size of ₹427.89 crore.
Due to dilutive impact of the fresh issue and the offer for sale (OFS) by promoters, the promoter stake in the company will reduce from 64.39% pre-IPO to 55.98% post-IPO.
The IPO of Glass Wall Systems (India) Ltd will be listed on the NSE and the BSE on the IPO mainboard. The anchor allocation happened on September 07, 2026.
KEY DATES, INVESTOR ALLOCATION, AND LOT SIZES
Here are the key dates pertaining to the IPO of Glass Wall Systems (India) Ltd
| Event | Tentative Date |
|---|---|
| IPO Open Date | Tuesday, 8 September, 2026 |
| IPO Close Date | Thursday, 10 September, 2026 |
| Basis of Allotment | Friday, 11 September, 2026 |
| Initiation of Refunds to non-allottees | Tuesday, 15 September, 2026 |
| Credit of Shares to Demat | Tuesday, 15 September, 2026 |
| Listing Date on NSE and BSE | Wednesday, 16 September, 2026 |
Data Source: Company RHP
Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).
The table below captures the gist of the allocation to various categories.
| Investor Category | Share Allocation | % Share |
|---|---|---|
| Reservation for Employees | Nil shares | Not Applicable |
| Anchor Allocation | 70,53,127 shares | 30.00% of total IPO size |
| QIB Shares Offered | 47,02,085 shares | 20.00% of total IPO size |
| NII (HNI) Shares Offered | 35,26,564 shares | 15.00% of total IPO size |
| Retail Shares Offered | 82,28,649 shares | 35.00% of total IPO size |
| Total Shares Offered | 2,35,10,425 shares | 100.00% of Total IPO size |
Data Source: Security Parameters Filing (NSE)
The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement.
Here is a quick look at the lot sizes applicable for the IPO of Glass Wall Systems (India) Ltd for various categories of investors.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 82 | ₹ 14,924 |
| Retail (Max) | 13 | 1,066 | ₹ 1,94,012 |
| S-HNI (Min) | 14 | 1,148 | ₹ 2,08,936 |
| S-HNI (Max) | 67 | 5,494 | ₹ 9,99,908 |
| B-HNI (Min) | 68 | 5,576 | ₹ 10,14,832 |
It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 82 shares)
FINANCIAL HIGHLIGHTS OF GLASS WALL SYSTEMS (INDIA) LTD
The table captures the key financials of Glass Wall Systems (India) Ltd for last 3 financial years.
| Particulars | FY26 | FY25 | FY24 |
|---|---|---|---|
| Net Revenues (₹ in crore) | 459.97 | 278.33 | 304.34 |
| Sales Growth (%) | 65.26% | -8.55% | |
| Profit after Tax (₹ in crore) | 83.79 | 57.51 | 20.25 |
| PAT Margins (%) | 18.22% | 20.66% | 6.65% |
| Total Equity (₹ in crore) | 259.88 | 174.06 | 120.91 |
| Total Assets (₹ in crore) | 468.38 | 316.63 | 281.76 |
| Return on Equity (%) | 32.24% | 33.04% | 16.75% |
| Return on Assets (%) | 17.89% | 18.16% | 7.19% |
| Asset Turnover Ratio (X) | 0.98 | 0.88 | 1.08 |
| Earnings per share (₹) | 9.90 | 6.21 | 1.81 |
| EBITDA (₹ in Crore) | 105.20 | 73.01 | 54.70 |
| EBITDA Margins (%) | 22.87% | 26.23% | 17.97% |
Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)
The net margins and the EBITDA margins of the company have improved in FY26 compared to FY24. In fact, the net margins have grown 3-fold over the last 2 years. At the same, the ROE has also nearly doubled to 32.24% in the latest year. The global franchise of the business will be a necessary de-risking of its model.
VALUATION METRICS OF GLASS WALL SYSTEMS (INDIA) LTD IPO
At the IPO price of ₹182 (upper band), the stock gets discounted at a P/E ratio of 18.4X, based on the latest FY26 EPS of ₹9.90. The company has only one company in the peer group and while Glass Wall Systems (India) may be slightly higher on valuations, it also brings to the table much higher ROE.
Apart from the financial numbers, there are also some other areas where Glass Wall Systems (India) Ltd has an edge. It has a marquee client base and a proven track record in execution of projects. Its environmentally sustainable products is what the businesses are moving towards globally. Investors can take comfort from the consistent growth and look at the IPO from a longer-term perspective.
2026-09-07 — Anchor allocation
GLASS WALL SYSTEMS (INDIA) LTD IPO (ANCHOR ALLOCATION 30.00%)
BRIEF ON ANCHOR ALLOCATION OF GLASS WALL SYSTEMS (INDIA) LTD
The anchor issue of Glass Wall Systems (India) Ltd saw a strong response on 07th September 2026 with 30.00% of the IPO size absorbed by anchors. Out of 2,35,10,425 shares (235.10 lakh shares) on offer in the IPO; anchors picked up 70,53,127 shares (70.53 lakh shares) accounting for 30.00% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹182 per share. This includes the face value of ₹2 per share plus a share premium of ₹180 per share. The anchor bidding opened and closed on 07th September 2026.
KEY POINTS TO NOTE IN THE ANCHOR ALLOCATION PROCESS
Here are the key details pertaining to the anchor bidding of Glass Wall Systems (India) Ltd
| Bid Date | September 07, 2026 |
|---|---|
| Shares Offered | 70,53,127 shares |
| Anchor Portion Size (₹ in crore) | ₹128.37 crore |
| Anchor lock-in period end date for 50% shares (30 Days) | Oct 12, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Dec 11, 2026 |
An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.
MAJOR ANCHOR ALLOCATION INVESTORS IN GLASS WALL SYSTEMS (INDIA) LTD
On 07th September 2026, Glass Wall Systems (India) Ltd allotted 70,53,127 shares to a total of 15 anchor investors. The allocation was done at the upper IPO price band of ₹182 per share which resulted in overall anchor allocation of ₹128.37 crore. The anchors have already absorbed 30.00% of the total issue size of ₹427.89 crore, after factoring in the employee discount offered in the IPO, if any.
Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹102.36 crores, or, 79.74% of the overall anchor allocation of shares, one trading day ahead of the IPO of Glass Wall Systems (India) Ltd. The individual anchor allocation of top-10 investors is indexed descending on the number of shares allotted.
| Anchor Investors | No. of Shares | % of Anchor Portion | Value Allocated | |
|---|---|---|---|---|
| 01 | HDFC Business Cycle Fund | 10,98,882 | 15.58% | ₹ 20.00 |
| 02 | IKIGAI Emerging Equity Fund | 6,04,422 | 8.57% | ₹ 11.00 |
| 03 | Pinebridge India Equity Fund | 6,04,422 | 8.57% | ₹ 11.00 |
| 04 | HDFC Infrastructure Fund | 5,49,482 | 7.79% | ₹ 10.00 |
| 05 | Bengal Finance and Investments | 5,31,852 | 7.54% | ₹ 9.68 |
| 06 | Abakkus Growth Fund | 4,94,542 | 7.01% | ₹ 9.00 |
| 07 | Kotak Mahindra Life Insurance | 4,71,992 | 6.69% | ₹ 8.59 |
| 08 | Integrated Core Strategies Asia | 4,71,992 | 6.69% | ₹ 8.59 |
| 09 | Subhkam Ventures Private Ltd | 4,12,132 | 5.84% | ₹ 7.50 |
| 10 | BOI Manufacturing & Infra Fund | 3,84,632 | 5.45% | ₹ 7.00 |
| Grand Total | 56,24,350 | 79.74% | ₹ 102.36 |
Data Source: BSE Filings (Value Allocated is ₹ in Crore)
The detailed and comprehensive report on the anchor allocation, with the mutual fund portion segregated, can be accessed on BSE by clicking on the link below.
Out of the 70,53,127 shares allocated to the anchors in the IPO, there was an allocation of 23,62,666 shares made to mutual funds regulated by SEBI. This anchor allocation to mutual funds was spread across 4 MF schemes of 2 asset management companies (AMC). Mutual funds accounted for 33.50% of the overall anchor allocation.
Out of the 70,53,127 shares allocated to the anchors in the IPO, there was an allocation of 7,46,769 shares made to 2 life insurance companies regulated by IRDAI, representing 10.59% of the total anchor allocation. The remaining anchor allocation was spread across FPIs, NBFCs, SIFs, and alternate investment funds (AIFs).
NEXT STEPS IN GLASS WALL SYSTEMS (INDIA) LTD IPO
Post the closure of the IPO subscription on 10th September 2026, the basis of allotment will be finalized on 11th September 2026 and the refunds will be initiated on 15th September 2026. In addition, the demat credits are expected to also happen on 15th September 2026 and the stock will list on 16th September 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 15th September 2026 under ISIN (INE644Q01039).
2026-09-11 — Day-3 subscription update
Glass Wall Systems (India) Ltd (Day-3 Final Subscription at 81.65 times)
GLASS WALL SYSTEMS (INDIA) LTD - IPO SUBSCRIPTION STATUS ON DAY-3
As of 7.10 pm on 10th September 2026, out of the 164.57 lakh shares on offer in the IPO (excluding anchor portion), Glass Wall Systems (India) Ltd saw bids for 13,437.29 lakh shares. This implies an overall subscription of 81.65X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of Glass Wall Systems (India) Ltd was as under:
| Employees (N.A.) | QIBs (167.93X) | HNI / NII (79.71X) | Retail (33.18X) |
|---|
The subscriptions were led by the QIB Investors followed by the HNI / NII investors and the Retail investors in that order. QIB bids and NII bids typically gather most of the momentum only on the last day. That was the case in this IPO too. Both, the QIB portion and the HNI / NII portion saw bulk of the institutional, corporate and funded subscriptions come in on the last day of the IPO. The company saw steady anchor participation a day ahead of the IPO opening with 30.00% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (₹ in Crore) |
|---|---|---|---|---|
| Anchor Investors | 1.00 | 70,53,127 | 70,53,127 | 128.37 |
| Employee Quota | N.A. | 0 | 0 | 0.00 |
| QIB Investors | 167.93 | 47,02,085 | 78,96,08,094 | 14,370.87 |
| HNIs / NIIs | 79.71 | 35,26,564 | 28,11,15,762 | 5,116.31 |
| Retail Investors | 33.18 | 82,28,649 | 27,30,04,732 | 4,968.69 |
| Total | 81.65 | 1,64,57,298 | 1,34,37,28,588 | 24,455.86 |
Data Source: NSE / BSE (as of close of Day-3 of the IPO)
The IPO of Glass Wall Systems (India) Ltd was open up to September 10, 2026, and has closed for subscription as of the close of trading hours on September 10, 2026. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. The final subscription ratio excludes anchor portion. Total bids as of the close (including anchor allocation) stood at ₹24,584.23 crore.
NEXT STEPS IN THE GLASS WALL SYSTEMS (INDIA) LTD IPO
Post the closure of the IPO subscription on 10th September 2026, the basis of allotment will be finalized on 11th September 2026 and the refunds will be initiated on 15th September 2026. In addition, the demat credits are expected to also happen on 15th September 2026 and the stock will list on 16th September 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 15th September 2026 under ISIN (INE644Q01039).
2026-09-11 — Allotment guidance and next steps
Glass Wall Systems (India) Ltd IPO (How to check allotment status)
ABOUT THE GLASS WALL SYSTEMS (INDIA) LTD IPO
The IPO of Glass Wall Systems (India) Ltd opened on September 08th, 2026 and closed on September 10th, 2026. The overall IPO comprised of a fresh issue and an offer for sale (OFS) of 2,35,10,425 shares (235.10 lakh shares) worth ₹427.89 crore at the upper price band of ₹182 per share. The allotment status will be finalized by end of day (EOD) of September 11, 2026. Here is how to check your allotment status for the IPO of Glass Wall Systems (India) Ltd. You can check IPO status on the BSE website or on the NSE website or on the IPO Registrar website (MUFG Intime India Private Ltd).
CHECKING THE ALLOTMENT STATUS OF GLASS WALL SYSTEMS (INDIA) LTD IPO ON BSE WEBSITE
This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. Visit the BSE link for the IPO allotment by clicking on the link below.
https://www.bseindia.com/investors/appli_check.aspx
Once you reach the page, here are the steps to follow.
Under Issue Type – Select Equity Option
Under Issue Name – Select Glass Wall Systems (India) Ltd from the drop-down box
Enter the Application Number / CAF exactly as in the acknowledgement slip OR
Enter your PAN (10-digit alphanumeric) number
Once this is done, you need to click on the Captcha to verify you are not a robot
Finally click on the Search Button
You can use either of the parameters to query; Application / CAF number or Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of Glass Wall Systems (India) Ltd allotted into your demat account. You can save a screenshot of the allotment status output for subsequently verifying with the demat account credits.
CHECKING ALLOTMENT STATUS OF GLASS WALL SYSTEMS (INDIA) LTD IPO ON NSE WEBSITE
This is a common link for all IPOs. Click on NSE link for IPO allotment as below.
https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids
Once you reach the page, here are the steps to follow.
Under Issue Type – Select Equity & SME IPO Details Option
Under SELECT SYMBOL – Select GLASSWALL from the dropdown box
Enter the Application Number / CAF exactly as in the acknowledgement slip AND
Enter your PAN (10-digit alphanumeric) number
Once both are entered, click on the Submit Button
You must input the Application / CAF number and the Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of Glass Wall Systems (India) Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.
CHECKING ALLOTMENT STATUS OF GLASS WALL SYSTEMS (INDIA) LTD ON MUFG INTIME INDIA PRIVATE LIMITED (REGISTRAR TO THE IPO)
Here are the steps to follow. Visit the Link Intime registrar website for IPO status by clicking on the link below:
https://in.mpms.mufg.com/Initial_Offer/public-issues.html
There are 4 options available to you to access the allotment status, and you can use any of these options to query.
You can use PAN access. Enter the 10-character alphanumeric income tax permanent account number (PAN). Make it a point to verify your PAN before entering.
The second option is to use Application Number / CAF to query the allotment status in the IPO. The application / CAF number is available on the acknowledgement slip.
You can use DPID-Client ID combination. For NSDL combination is alphanumeric, while for CDSL, combination is numeric. This is available in your demat statement.
You can also query by the combination of your bank account number and IFSC number provided as the IPO mandate bank. It is available on your cheque book.
Finally, click on the SUBMIT button.
In case, you have any issues with the output, register an investor query with Link Intime India Private Ltd. You can either send an email with all requisite details and problem to ipo.helpdesk@in.mpms.mufg.com or you can call on (0)-81081-14949 for voice call.
NEXT STEPS IN THE GLASS WALL SYSTEMS (INDIA) LTD IPO
Post the closure of the IPO subscription on 10th September 2026, the basis of allotment will be finalized on 11th September 2026 and the refunds will be initiated on 15th September 2026. In addition, the demat credits are expected to also happen on 15th September 2026 and the stock will list on 16th September 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 15th September 2026 under ISIN (INE644Q01039).
Interested in applying for this IPO?
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