MUMBAI — Glass Wall Systems (India) Limited, one of the country’s leading providers of architectural façade and fenestration solutions, has fixed its Initial Public Offering (IPO) price band at ₹172 to ₹182 per equity share. The maiden public offering will open for bidding on Tuesday, September 8, 2026, and close on Thursday, September 10, 2026. Bidding for anchor investors is scheduled for Monday, September 7, 2026.
The Mumbai-based company seeks to raise approximately ₹428 crore through the market issuance. The equity shares have a face value of ₹2 each, and investors can bid for a minimum of 82 equity shares and in multiples of 82 shares thereafter. At the upper price band, the minimum application size for retail investors stands at ₹14,924.
Offer Structure & Financial Growth
The offering comprises a dual-structure capital raise:
- Fresh Issue: Equity shares worth up to ₹60.00 crore.
- Offer for Sale (OFS): Up to 20,213,732 equity shares offloaded by promoter selling shareholders (Jawahar Hariram Hemrajani and Eshan Jawahar Hemrajani) and investor selling shareholder (India Business Excellence Fund IIA).
The public offer follows a book-building route, allocating not more than 50% of the net offer to Qualified Institutional Buyers (QIBs), not less than 35% to Retail Individual Investors (RIIs), and not less than 15% to Non-Institutional Investors (NIIs).
Financially, Glass Wall Systems demonstrated steady growth:
- Revenue: Operational revenue expanded to ₹4,569.71 million in FY25, climbing from ₹3,043.42 million in FY24.
- Profitability: Net profit rose to ₹637.89 million in FY26 compared to ₹202.51 million in FY24.
- Order Pipeline: As of July 31, 2026, the company maintained an order book of ₹5,260.91 million for domestic façade solutions and ₹1,692.64 million for fenestration projects.
Strategic Deployment & Operations
The company plans to deploy ₹50 crore from the fresh issue proceeds toward capital expenditure to establish a new glass processing unit. This initiative marks a key step in planned backward integration at its primary manufacturing facility in Vile Bhagad, Maharashtra. The remaining net proceeds will be utilized for general corporate purposes.
Spanning over 101,299 square meters, the Vile Bhagad plant operates four dedicated production lines with a post-expansion production capacity of 32,415.45 square meters.
Incorporated in 2002, Glass Wall Systems is India’s second-largest façade solutions provider by revenue for Fiscal 2024 and Fiscal 2025, as well as the nation’s top façade exporter in 2024 (Source: Ken Report). The company offers end-to-end solutions—including design, engineering, fabrication, and installation—across domestic façade contracts, international product supply (serving markets such as the USA and Australia), and high-end fenestration solutions.
The book-running lead managers for the issue are IIFL Capital Services Limited and Motilal Oswal Investment Advisors Limited, with Link Intime India Private Limited acting as registrar. The equity shares are proposed to be listed on both BSE Limited and the National Stock Exchange of India Limited (NSE).
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