Subscription & GMP
Subscription is live from NSE + BSE bid data. GMP is an unofficial market indicator.
Snapshot & Timeline
Verified against RHP, cross-checked on NSE & BSE.
| Issue Structure | |
|---|---|
| Type | Mainboard · Book Built |
| Face Value | ₹2 |
| Fresh Issue | ₹60 Cr |
| Offer for Sale | ₹367.89 Cr |
| Market Cap | ≈ ₹1,600.42 Cr |
| Reservation & Parties | |
|---|---|
| QIB (incl. anchor) | 50% |
| NII / HNI | 15% |
| Retail | 35% |
| Lead Managers | IIFL Capital, Motilal Oswal |
| Registrar | MUFG Intime India |
FY24–FY26 Trend (₹ Cr)
Restated consolidated figures from the RHP.
| Metric | FY24 | FY25 | FY26 | YoY |
|---|---|---|---|---|
| Total Income | 310.26 | 288.14 | 471.43 | +64% |
| EBITDA | 54.70 | 73.01 | 105.20 | +44% |
| PAT | 20.25 | 57.51 | 83.79 | +46% |
| PAT Margin | 6.5% | 20.0% | 17.8% | — |
Is the price fair?
From the RHP "Basis for Issue Price". Price (P/E) beside quality (ROE).
| Company | P/E | ROE | Net Margin |
|---|---|---|---|
| Glass Wall Systems (India) | 19.1x | 38.62% | 17.8% |
Who runs it & where the money goes
| Promoters | |
|---|---|
| Promoters | Jawahar Hariram Hemrajani, Eshan Jawahar Hemrajani |
| Pre-issue | 64.11% |
| Post-issue | 55.72% |
| Objects of Issue | |
|---|---|
| Backward-integration glass processing unit (Vile Bhagad) | ₹60.00 Cr |
| General corporate purposes | Balance |
Strengths & Risks
The part most sites skip — both sides, from the RHP.
- Strong FY26 growth — revenue +64% and profit +46%, with very high ROE (~38.6%).
- Almost debt-free — debt-to-equity ~0.03; healthy cash generation.
- Fair pricing for the quality — ~19x post-issue P/E, with a firm grey market (~₹46, ~25%) and a blockbuster book (~82x, QIB ~168x).
- Marquee bankers (IIFL Capital, Motilal Oswal) and an international footprint (US, Australia); 158+ projects completed.
- Fresh funds build an in-house glass processing unit (backward integration).
- Heavy offer-for-sale — ~86% of the ₹428 Cr issue (₹368 Cr) is existing shareholders selling; only ₹60 Cr is fresh capital for the company.
- Lumpy revenue — total income dipped in FY25 (₹310 → ₹288 Cr) before the FY26 jump; project-based earnings can swing year to year.
- Project & working-capital intensity — façade contracting ties up cash and carries execution and receivables risk.
- Cyclical, competitive construction end-market; overseas projects add currency and country risk.
- Valuation not cheap (~19x) for a project business; the book closed hugely oversubscribed (~82x), which can mean a small allotment and a volatile listing.
Did the signal hold up? Updates after Sep 16
We close the loop — issue vs listing price, listing-day gain, and whether the call was right.
Glass Wall Systems (India) IPO FAQs
Common questions about the Glass Wall Systems (India) IPO — GMP, price, dates, allotment and more.
What is Glass Wall Systems (India) IPO GMP today?
As of the latest update (Subscription: Sep 10, 5:09 PM IST (Day 3 close — final, IPOJI) · GMP: Sep 10, 4:30 PM IST (₹46, IPOJI, ~25%, eased from ₹52)), the grey market premium (GMP) for Glass Wall Systems (India) IPO is around ₹46, implying an estimated listing price of about ≈ ₹228. GMP is unofficial & indicative
What is Glass Wall Systems (India) IPO price band?
The price band is ₹172 – ₹182 per share (face value ₹2).
What is Glass Wall Systems (India) IPO lot size?
The lot size is 82 · min ₹14,924 per application.
When is Glass Wall Systems (India) IPO allotment?
The tentative basis-of-allotment date is Sep 11.
When will Glass Wall Systems (India) IPO be listed?
The tentative listing date is Sep 16, 2026 on BSE · NSE.
What is the expected listing price of Glass Wall Systems (India) IPO?
Based on the current grey market premium of ₹46, the estimated listing price is around ≈ ₹228 — this is unofficial and not a guarantee of the actual listing price.
Should I apply for Glass Wall Systems (India) IPO?
Our view: Apply · Subscribe
In simple terms, Glass Wall Systems designs and builds the glass fronts (façades) of large buildings in India and abroad, and it has grown fast with very high returns and almost no debt — the pricing is fair and the grey market points to a healthy gain of about 25%. Demand was very strong: the issue closed subscribed about 82 times overall, with the big institutions in about 168 times and wealthy investors about 80 times, so it was heavily spoken for. The main catch to keep in mind: most of this issue (about 86%) is existing owners selling their shares rather than fresh money for the company, and its sales have been lumpy from year to year in a cash-hungry project business. On balance the strong balance sheet, fair price and blockbuster demand made it look worth applying for — now watch the Sep 16 listing. This is IPOSignal's research view, not investment advice.
What is Glass Wall Systems (India) IPO subscription status?
As of Final · Sep 10, 5:09 PM (Day 3 close), the issue was subscribed 81.7× overall — QIB 167.9×, NII / HNI 79.7×, Retail 33.2×.
Who is the registrar of Glass Wall Systems (India) IPO?
The registrar is MUFG Intime India; the lead manager(s): IIFL Capital, Motilal Oswal.