Strong response to Glass Wall Systems (India) Limited's IPO - subscribed 2.52 times on Day 1 of IPO

• Retail portion subscribed 3.75 times on Day 1
• Issue closes on Thursday, September 10, 2026, for bidding

8 September, Mumbai: The Initial Public Offering of Glass Wall Systems (India) Limited was subscribed 2.52 times on the first day of bidding, demonstrating strong demand from retail and non-institutional investors for this IPO.

The issue received bids of 4,15,50,220 equity shares against the offered 1,64,57,298 equity shares, according to data available on the stock exchanges.

Retail Portion and Non-institutional portion were subscribed 3.75 times and 3.02 times, respectively. Qualified Institutional Buyers (QIB) was subscribed 0.01 times.

The issue kicked off for subscription on Tuesday, September 08, 2026, and will close for subscription on Thursday, September 10, 2026.

A day before the opening of the issue, Glass Wall Systems (India) Limited had raised nearly Rs 128.4 crore from anchor investors.

Brokerage houses recommend Glass Wall Systems (India) Limited

Leading brokerage firms like Anand Rathi, Arihant Capital, BP Wealth, SBI Securities and Ventura Securities have given their “Subscribe” recommendation to Glass Wall Systems, which is a premium façade solutions and fenestration provider in India and across markets in the USA and Australia

Anand Rathi highlights the company is a premium façade solutions and fenestration provider serving the Indian market as well as international markets including the USA and Australia.

On the valuation front, at the upper price band, the company is valued at a P/E of 19.1 times based on its FY26 earnings and EV/EBITDA of 14.47 times. Recommend “Subscribe - Long Term”.

SBI Securities highlights the company provides integrated façade solutions covering design, engineering, procurement, manufacturing, assembly, testing, supply and installation for commercial, residential and institutional projects, while its international business primarily supplies customized façade products to overseas façade contractors.

On the valuation front, at the upper price band of Rs 182, the company is valued at a post-issue FY26 P/E of 19.1 times. Considering its market position, technical expertise, strong earnings growth, order-book visibility and backward integration, recommend “Subscribe - Long Term”.

IPO Details

Glass Wall Systems (India) Limited has fixed the price band of Rs 172 to Rs 182 per Equity Share of face value Rs. 2/- each for its maiden initial public offer.

The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Tuesday, September 08, 2026, for subscription and close on Thursday, September 10, 2026.

Investors can bid for a minimum of 82 Equity Shares and in multiples of 82 Equity Shares thereafter.

The offer, with a face value of Rs 2 per equity share, comprises a fresh issue of up to Rs 60 crore and an offer-for-sale for up to 20,213,722 equity shares by promoters - Jawahar Hariram Hemrajani and Eshan Jawahar Hemrajani.

Investor selling shares - India Business Excellence Fund IIA.

The proceeds from its fresh issuance worth Rs 50 crore will be utilized for funding capital expenditure requirement for setting up of GPU project as part of planned backward integration of the company’s Vile Bhagad, Maharashtra, facility, and general corporate purposes.

The Offer is being made through the book-building process, in compliance with SEBI ICDR Regulations, wherein not more than 50% of the net offer will be available for allocation to qualified institutional buyers (QIBs), not less than 15% to non-institutional bidders (NIIs), and not less than 35% to retail individual bidders (RIIs).

Company Information

Incorporated in 2002, the company is a premium façade solutions and fenestration provider in India and across markets in the USA and Australia. It is the second-largest provider of façade solutions in India in terms of revenue in Fiscal 2025 and Fiscal 2024 (Source: Ken Report).

The company is also India’s largest façade exporter in 2024 in terms of revenue (Source: Ken Report). With over two decades of experience in the façade solutions industry, the company has successfully completed 158 projects, as of March 31, 2026, showcasing its expertise in delivering innovative solutions.