The Glass Wall Systems IPO will open for subscription on Tuesday, 8 September, and will close on Thursday, 10 September. The Glass Wall Systems IPO price band has been set at ₹172– ₹182 per equity share, with a face value of ₹2 per share. The Glass Wall Systems IPO lot size is 82 equity shares, and bids can be placed in multiples of 82 shares thereafter. Glass Wall Systems IPO subscription will open at 10:00 IST on Tuesday as part of the deals.
Glass Wall Systems IPO GMP today
Glass Wall Systems IPO GMP today, or grey market premium, is +51. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Glass Wall Systems share price was indicated at ₹233 apiece, which is 28.02% higher than the IPO price of ₹182.
According to grey market trends over the past six sessions, the IPO’s GMP is increasing today, suggesting a positive outlook for the listing. During this timeframe, the GMP fluctuated between ₹20 and ₹65, according to experts.
Under the reservation framework for the Glass Wall Systems IPO, up to 50% of the offering is designated for qualified institutional buyers (QIBs), while non-institutional investors (NIIs) are allocated a minimum of 15%. Additionally, retail investors have been allocated at least 35% of the total offer.
The Glass Wall Systems IPO allotment basis is expected to be finalised on Friday, 11 September. The company is likely to begin processing refunds on Tuesday, 15 September, while shares are expected to be credited to the demat accounts of successful allottees on the same day.
Glass Wall Systems share price is likely to be listed on both the BSE and NSE on Wednesday, 16 September.
Glass Wall Systems IPO review
Swastika Investmart has recommended subscribing to the Glass Wall Systems (India) IPO, citing the company’s strong growth, healthy profitability, robust order book and reasonable valuation.
The brokerage noted that the company’s revenue grew 64% to ₹457 crore in FY26, while profit after tax (PAT) stood at ₹83.8 crore. EBITDA margin was healthy at 23%, with return on capital employed (ROCE) and return on equity (ROE) at 43% and 38.6%, respectively.
Swastika Investmart highlighted that the company’s order book has grown to ₹846 crore, providing strong visibility for future revenue. At a price-to-earnings (P/E) multiple of 17.4–18.4x, the IPO appears reasonably valued compared with its listed peer, it said.
“Strong growth, healthy returns and a debt-light balance sheet are positives,” the brokerage said, while cautioning investors to monitor real-estate demand and execution risks. Overall, Swastika Investmart has given the issue a ‘Subscribe’ rating.
SBI Securities has also assigned a ‘Subscribe for Long Term’ rating to the Glass Wall Systems IPO, citing the company’s established market position, technical expertise, strong earnings growth and healthy order-book visibility.
The brokerage described Glass Wall Systems (India) as a premium façade and fenestration solutions provider with more than two decades of industry experience and integrated capabilities spanning design, engineering, manufacturing and project execution.
According to SBI Securities, the company delivered Revenue/EBITDA/PAT CAGR of 22.5%/38.7%/103.4%, respectively, between FY24 and FY26, reflecting strong operating growth and improving profitability. Its ₹981 crore order book as of July 2026, equivalent to 2.1 times FY26 operating revenue, provides healthy revenue visibility.
SBI Securities said the proposed glass-processing unit could support margins, strengthen supply-chain control and reduce the company’s dependence on third-party processors. It also noted that the acquisition of Yes Systems expands the company’s presence in the premium residential fenestration segment through the ORIA brand.
At the upper price band of ₹182, Glass Wall Systems is valued at a post-issue FY26 P/E multiple of 19.1x, SBI Securities said. Considering the company’s market position, technical expertise, strong earnings growth, order-book visibility and backward integration, the brokerage has recommended ‘Subscribe for Long Term’.
Glass Wall Systems IPO details
The mainboard IPO comprises a fresh issue of equity shares worth up to ₹60 crore and an offer-for-sale (OFS) of 2.02 crore equity shares by promoters Jawahar Hariram Hemrajani and Eshan Jawahar Hemrajani, along with investor shareholder India Business Excellence Fund IIA.
Of the proceeds from the fresh issue, ₹50 crore will be utilised to set up a glass-processing unit at the company’s Vile Bhagad facility in Maharashtra as part of its planned backward-integration strategy. The remaining proceeds will be used for general corporate purposes.
Motilal Oswal Investment Advisors and IIFL Capital are the book-running lead managers to the issue, while MUFG Intime India is acting as the registrar.
Ahead of the IPO, Glass Wall Systems raised ₹128.36 crore from anchor investors and allotted shares worth ₹128.37 crore to them. The anchor investors included HDFC Mutual Fund, Bank of India Mutual Fund, Kotak Mahindra Life Insurance Company, Abakkus Growth Fund, Integrated Core Strategies (Asia) Pte Ltd, PineBridge India Equity Fund, Bengal Finance and Investment, and Subhkam Ventures.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
