Glass Wall Systems IPO: dates, price band, lot size and GMP
Glass Wall Systems IPO listed on 16 Sep at ₹194 (NSE, BSE). Issue dates 8 – 10 Sep 2026, price band ₹172 – ₹182, lot 82 shares. The shares now trade on the exchange; any pre-IPO price on this site is historical.
Listing: Glass Wall Systems listed on 16 Sep 2026 on NSE, BSE at ₹194, +₹12 (+6.6%) against the ₹182 upper band. Glass Wall Systems IPO listing date, price and gain · Recently listed IPOs
Updated 17 Oct 2026, 22:10 IST. Unofficial grey-market figures, dated.
BuyUnlistedShares tracks 208 IPOs on its calendar; the Glass Wall Systems IPO has a price band of ₹172 – ₹182, a lot of 82 shares and no grey-market premium reported yet as of 17 Oct 2026.
Key details
| Board | Mainboard |
|---|---|
| Issue dates | 8 – 10 Sep 2026 |
| Price band | ₹172 – ₹182 |
| Lot size | 82 shares |
| Issue size | ₹427.89 Cr |
| Fresh issue | ₹60 Cr |
| Offer for sale | ₹367.89 Cr |
| Subscription | 81.65x |
| Registrar | MUFG Intime India Pvt.Ltd. |
| Lead managers | IIFL Capital Services Ltd., Motilal Oswal Investment Advisors Ltd. |
| Status | Listed |
Timeline
- Issue opens: 8 Sep
- Issue closes: 10 Sep
- Allotment: 11 Sep
- Refunds: 15 Sep
- Demat credit: 15 Sep
- Listing: 16 Sep
Live subscription
| Category | Subscribed |
|---|---|
| QIB | 167.93x |
| NII | 79.71x |
| sNII | 91.34x |
| bNII | 73.9x |
| Retail | 33.18x |
| Total | 81.65x |
Last updated 10 Sep 2026, 6:55 PM IST.
Issue details
| Face value | ₹2 |
|---|---|
| Issue type | Book Build Issue |
| Listing at | NSE, BSE |
| Market cap at the upper band | ₹1,600.42 Cr |
| P/E (pre-issue) | 18.38x |
| P/E (post-issue) | 19.1x |
| Fresh issue (shares) | 32,96,703 |
| Offer for sale (shares) | 2,02,13,722 |
| Total shares offered | 2,35,10,425 |
| Promoter holding pre-issue | 61.52% |
| Promoter holding post-issue | 53.22% |
| Promoters | Jawahar Hariram Hemrajani, Eshan Jawahar Hemrajani |
| Lead managers | IIFL Capital Services Ltd., Motilal Oswal Investment Advisors Ltd. |
| Registrar phone | 022-49186000 |
| Registrar email | glasswallsystems.ipo@in.mpms.mufg.com |
| Company website | glasswallsystems.in |
| Anchor bid date | 7 Sep 2026 |
| Anchor lock-in ends (50%) | 11 Oct 2026 |
| Anchor lock-in ends (remaining) | 10 Dec 2026 |
Lot sizes by investor category
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 1 | 82 | ₹14,924 |
| Retail (maximum) | 14 | 1,148 | ₹2,08,936 |
| sNII (minimum) | 14 | 1,148 | ₹2,08,936 |
| bNII (minimum) | 68 | 5,576 | ₹10,14,832 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| Anchor Investor | 30% | 70,53,127 | |
| QIB | 20% | 47,02,085 | Not more than 50% of the Offer |
| NII (HNI) | 15% | 35,26,564 | Not less than 15% of the Offer |
| sNII | 5% | 11,75,521 | |
| bNII | 10% | 23,51,043 | |
| Retail | 35% | 82,28,649 | Not less than 35% of the Offer |
Subscription by day
| Day | QIB | NII | sHNI | bHNI | Retail | Total |
|---|---|---|---|---|---|---|
| Day 1 · 8 Sep | 0.01x | 3.03x | 5.00x | 2.05x | 3.82x | 2.56x |
| Day 2 · 9 Sep | 0.30x | 12.41x | 18.91x | 9.16x | 10.96x | 8.23x |
| Day 3 · 10 Sep | 167.93x | 79.71x | 91.34x | 73.90x | 33.18x | 81.65x |
Key ratios as of 31 Mar 2025
| EPS (pre-issue) | ₹9.9 |
|---|---|
| EPS (post-issue) | ₹9.53 |
| P/E (pre-issue) | 18.38x |
| P/E (post-issue) | 19.1x |
| RoNW | 32.72% |
| RoCE | 43.39% |
| RoE | 39% |
| PAT margin | 20.66% |
| EBITDA margin | 26.23% |
| Price / book | 9x |
| NAV per share | ₹20.22 |
| Debt / equity | 0.05 |
| Market cap (upper band) | ₹1,600.42 Cr |
Financials (₹ Cr)
| Metric | FY26 | FY25 | FY24 | FY26 vs FY25 |
|---|---|---|---|---|
| Assets | 468.38 | 316.63 | 281.76 | +47.9% |
| Total Income | 471.43 | 288.14 | 310.26 | +63.6% |
| Profit After Tax | 83.79 | 57.51 | 20.25 | +45.7% |
| EBITDA | 105.2 | 73.01 | 54.7 | +44.1% |
| NET Worth | 261.58 | 175.75 | 122.6 | +48.8% |
| Reserves and Surplus | 242.96 | 158.88 | 101.47 | +52.9% |
| Total Borrowing | 6.68 | 8.46 | 24.85 | −21% |
About Glass Wall Systems
Incorporated in 2010, Glass Wall Systems (India) Limited 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, 2025, has completed more than 150 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. The company's client base includes real estate developers, contractors, hospitals, airport authorities, and corporations in commercial, residential, and institutional projects.
Notable projects include The Capital, Kohinoor Square, Bagmane Rio, Lodha World One in India, and international assignments such as Jackson Avenue, 1400 South Wabash, Spark GTIC, Harper Court in the U.S. and Project Dove in Australia. As of March 31, 2025, the company employed 289 permanent staff.
Objects of the issue
- 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 — ₹50 Cr
- General Corporate Purposes — ₹4.63 Cr
- Issue Expenses — ₹38.64 Cr
Net proceeds: ₹93.27 Cr
Peer comparison
| Company | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Glass Wall Systems (India) Ltd. (issuer) | 9.9 | 9.9 | 30.91 | — | 32.03% | — | Consolidated |
| Innovator Façade Systems | 7.19 | — | 83.15 | 16.54x | 8.65% | 1.42 | Consolidated |
Notes: Basic and diluted EPS for the listed peer is sourced from the Audited financial results for the relevant year. P/E Ratio has been computed based on the closing market price of equity shares on BSE SME on August 13, 2026, divided by the Basic EPS. For listed peer, RoNW is computed as net profit attributable to equity shareholders divided by total equity attributable to owners of the company on March 31, 2026.
Offer documents: DRHP (PDF) · RHP (PDF)
Track this issue
- Glass Wall Systems IPO listing day: listed at ₹194 (+6.6% vs the upper band), 16 Sep 2026
- Glass Wall Systems IPO GMP today and trend
- Glass Wall Systems IPO subscription status, day by day
- Glass Wall Systems IPO allotment status and how to check
Frequently asked questions
When does the Glass Wall Systems IPO open and close?
The issue is scheduled for 8 – 10 Sep 2026.
What is the Glass Wall Systems IPO price band?
The price band is ₹172 – ₹182 per share with a lot size of 82 shares.
How big is the Glass Wall Systems IPO?
The total issue size is ₹427.89 Cr, of which ₹60 Cr is a fresh issue and ₹367.89 Cr an offer for sale.
When will Glass Wall Systems list?
The tentative listing date is 16 Sep on the main board.
How do I apply for the Glass Wall Systems IPO?
Apply through your broker or bank using ASBA or UPI within the issue window; the amount stays blocked in your account until allotment. BuyUnlistedShares does not take applications; it tracks the issue and the unlisted price before it.
Sources
- Draft red herring prospectus (DRHP), Glass Wall Systems · as filed with SEBI · bseindia.com
- Red herring prospectus (RHP), Glass Wall Systems · as filed · sebi.gov.in
- Registrar allotment page, MUFG Intime India Pvt.Ltd. · allotment 11 Sep · in.mpms.mufg.com
- NSE public issues page · listing 16 Sep · nseindia.com
- BSE public issues page · listing 16 Sep · bseindia.com
- Glass Wall Systems company website · glasswallsystems.in
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · GMP as of 16 Sep, 04:06 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “Glass Wall Systems IPO”, https://buyunlistedshares.com/ipo/glass-wall-systems-ipo, as of 17 Oct 2026.
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Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk, run by Gayatri Financial Synergy LLP. In the market since 2002. Data as of 17 Oct 2026.
Guides for IPO applicants and pre-IPO holders
- The risks of buying unlisted and pre-IPO shares in India
- Unlisted Shares Lock-In Period: What Every Investor Must Know (2026)
- What Happens to Your Unlisted Shares After the IPO? Lock-In Periods Explained
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