Glass Wall Systems IPO
Market Sentiment
The overall score is a weighted average of the parts below, so one weak part can sit inside a strong overall reading.
IPO Details
Day-wise Subscription (times subscribed)
| Category | Day 1 | Day 2 | Day 3 |
|---|---|---|---|
| QIB | 0.01x | 0.30x | 167.93x |
| NII | 3.02x | 12.41x | 79.70x |
| bNII > ₹10L | 2.05x | 9.16x | 73.90x |
| sNII 2-10L | 4.97x | 18.90x | 91.31x |
| Retail | 3.75x | 10.96x | 33.13x |
| Total | 2.52x | 8.22x | 81.62x |
Market Lot Size
IPO Reservation
Financial Analysis
Financial Data
Financial Performance
| Metric | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 310.26 | 288.14 | 471.43 |
| Expense | 262.72 | 212.53 | 360.33 |
| Profit (PAT) | 20.25 | 57.51 | 83.79 |
| Total Assets | 281.76 | 316.63 | 468.38 |
Peer Comparison
| Company | EPS | P/E | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Glass Wall Systems This IPO | 9.90 | - | 32.03 | 30.91 | - |
| Innovator Façade Systems Limited | 7.19 | 16.54 | 8.65 | 83.15 | 227.52 Cr |
Strengths & Risks
- Heavily oversubscribed — 81.6x overall (so far).
- Strong institutional (QIB) demand — 167.9x.
- Revenue grew 64% in the latest reported year.
- Solid profit margin — 17.8%.
- Strong return on equity — 39%.
- Largely an offer for sale — most proceeds go to selling shareholders, not the company.
Compiled from this issue's live GMP, subscription, valuation and financial data, and updated as those figures change. Informational only — not investment advice. Always read the RHP before applying.
Company Information
About Glass Wall Systems
Glass Wall Systems (India), founded in 2010, is one of the leading Facade Solutions (exterior glass/wall systems) and fenestration providers (windows/doors) across India and the international market in the United States and Australia. The firm has over 20 years of industry experience and has completed more than 158 projects so far. The company runs 3 main businesses: Domestic Façade Solutions: Designs, makes, supplies, and installs building exteriors for Indian clients. International Façade Products: supplies eco-friendly façade products overseas. Fenestration solutions: Makes premium windows, doors, skylights, and partitions for high-end customers in India. The firm serves its products to various clients, including real estate developers, contractors, hospitals, airport authorities, and corporations in commercial, residential, and institutional projects.
Company Contact Information
Glass Wall Systems (India) Ltd., 503-504, 5th Floor, A Wing, Marathon Futurex, Mafatlal Mills Compound, N.M. Joshi Marg, Lower Parel (East), Mumbai, Maharashtra, 400013
Objects of the Issue
| Purpose | Amount (Cr) |
|---|---|
| Funding 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; | 60.00 |
| Purposes | - |
Resources & Documents
Anchor Investors
Glass Wall Systems IPO - Quick Take
Glass Wall Systems has set a price band of Rs 172–Rs 182 per share for an issue size of Rs 428 crore. The stock listed with a 4.45% gain versus its issue price on September 16, 2026.
The issue is promoted by Jawahar Hariram Hemrajani and Eshan Jawahar Hemrajani with IIFL Capital Services Ltd., Motilal Oswal Investment Advisors Ltd. acting as lead manager. Net proceeds will primarily be used towards funding capital expenditure requirement for setting up of a glass processing unit (“GPU Project”) as part of planned bac… (Rs 60 crore) and purposes.
On fundamentals, the company is posting revenue growth of 63.6%, a profit margin of 17.8%, return on equity of 38.6% in its most recent reported period. Listed peers in this segment include Innovator Façade Systems Limited (P/E 16.54x) — useful reference points when evaluating the issue's pricing relative to where the broader sector is trading.
On our data-signal score, the combined signals for this issue currently read very strong — GMP, subscription demand and fundamentals are all reading positively. This is a summary of public data, not a recommendation to apply or skip. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Frequently Asked Questions
Glass Wall Systems IPO GMP — What It Means
GMP stops mattering once the shares trade — it only ever estimated the listing price. The summary at the top of this page compares the last pre-listing GMP with how the shares actually listed. Its last GMP before listing was 22.5%. Of the 24 Mainboard IPOs we have tracked with a final GMP between 10% and 25%, 22 listed above, 1 flat and 1 below the issue price; Glass Wall Systems listed 4.5% above its issue price.
See the full Glass Wall Systems GMP history and trend, or learn how grey market premium works and how reliable it is.
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