Glass Wall Systems IPO: GMP, Price Band, Dates, Allotment, Financials and Key Details

7 Sep 2026 , 02:26 PM

Glass Wall Systems (India) Ltd. is set to launch its initial public offering (IPO) tomorrow, on September 8, 2026. The ₹427.89 crore public issue will remain open for subscription until September 10.

The Glass Wall Systems IPO is a combination of a fresh issue and an offer for sale (OFS). The company will raise ₹60 crore through the fresh issue, while shares worth around ₹367.89 crore will be offered for sale by existing shareholders.

The IPO will be listed on both the NSE and BSE. The tentative listing date is September 16, 2026.

Glass Wall Systems IPO: Key Details

Particulars	Details
IPO Open Date	09/08/26
IPO Close Date	09/10/26
IPO Size	₹427.89 crore
Price Band	₹172 to ₹182 per share
Face Value	₹2 per share
Lot Size	82 shares
Minimum Retail Investment	₹14,924
Issue Type	Bookbuilding
Fresh Issue	32,96,703 shares
Fresh Issue Value	₹60 crore
Offer for Sale	2,02,13,722 shares
OFS Value	₹367.89 crore
Listing	BSE, NSE
Allotment Date	09/11/26
Refund Date	09/15/26
Share Credit Date	09/15/26
Tentative Listing Date	09/16/26
Book Running Lead Manager	IIFL Capital Services Ltd.
Registrar	MUFG Intime India Pvt. Ltd.

Glass Wall Systems IPO GMP Today

The grey market premium (GMP) for Glass Wall Systems IPO is currently trading at ₹38 per share on as of September 7, 2026. At the upper end of the IPO price band of ₹182, the latest GMP indicates an estimated listing price of around ₹220 per share, giving an approximate returns of 20.88%.

The grey market premium, however, is unofficial and can change quickly depending on market conditions, investor sentiment and demand for the IPO. It should not be treated as a guaranteed listing gain.

Glass Wall Systems IPO GMP Trend

GMP Date	IPO Price	GMP	Estimated Listing Price	Estimated Premium
09/07/26	₹182	₹38	₹220	20.88%
09/06/26	₹182	₹35	₹217	19.23%
09/05/26	₹182	₹50	₹232	27.47%
09/04/26	₹182	₹65	₹247	35.71%
09/03/26	₹182	₹20	₹202	10.99%

The GMP has remained positive in recent sessions, although it has moved considerably from ₹65 on September 4 to ₹38 on September 7.

Glass Wall Systems IPO Price Band and Lot Size

The company has fixed the IPO price band at ₹172 to ₹182 per share. Investors can bid for a minimum of 82 shares for one IPO lot.

At the upper price of ₹182 per share, investor has to invest a minimum of ₹14,924 for one lot of the IPO. Retail investors wishing to apply for additional lots will need to bid in multiples of 82 shares.

The final issue price will be determined through the bookbuilding process within the announced price band.

Glass Wall Systems IPO Issue Size

The total issue comprises 2,35,10,425 shares, aggregating to approximately ₹427.89 crore at the upper end of the price band.

Of the total issue:

• Fresh issue: 32,96,703 shares worth ₹60 crore
• Offer for Sale: 2,02,13,722 shares worth approximately ₹367.89 crore

The fresh capital raised through the IPO will go to the company, while proceeds from the OFS will be received by the selling shareholders.

What Will Glass Wall Systems Do With IPO Funds?

Glass Wall Systems plans to use the ₹60 crore raised through the fresh issue primarily for capital expenditure.

The company plans on setting up a glass processing unit as part of its planned backward integration at its Vile Bhagad facility.

The proposed glass processing unit is expected to support the company’s manufacturing and façade operations by bringing part of the processing requirement in-house.

The remaining portion of the proceeds will be used for general corporate purposes.

About Glass Wall Systems (India) Ltd.

Glass Wall Systems (India) Ltd. operates in façade solutions and fenestration. The company provides services and products to customers in India as well as international markets, including the United States and Australia.

Its operations are divided into three major verticals.

Domestic Façade Solutions

This segment covers the design, engineering, fabrication, supply and installation of façade systems. The company also undertakes EPC-related work for real estate developers, contractors and corporate customers.

International Façade Products Supply

The company supplies façade products to overseas contractors and façade companies. This business focuses on providing products designed for international customers.

Fenestration Solutions

Glass Wall Systems also operates in the premium fenestration segment, offering customised windows, doors, skylights and partition systems.

The company entered this segment through its subsidiary Yes Systems Private Ltd., which it acquired in August 2025. Yes Systems operates under the ORIA brand and has collaborations with international window and façade system partners.

As of March 31, 2026, Glass Wall Systems had 370 permanent employees.

Glass Wall Systems Projects and Clients

The company has completed more than 158 projects as of March 31, 2026.

Its clientele includes real estate developers, contractors, hospitals, airport authorities and corporate customers across commercial, residential and institutional projects.

Some of the projects associated with the company include The Capital, Kohinoor Square, Bagmane Rio and Lodha World One in India.

Its international assignments include Jackson Avenue, 1400 South Wabash, Spark GTIC and Harper Court in the United States, along with Project Dove in Australia.

Glass Wall Systems Financial Performance

Glass Wall Systems recorded a sharp improvement in revenue and profitability during FY2026.

The company’s total income increased to ₹471.43 crore in FY2026 from ₹288.14 crore in FY2025. Profit after tax rose to ₹83.79 crore from ₹57.51 crore during the same period.

EBITDA also increased from ₹73.01 crore in FY2025 to ₹105.20 crore in FY2026.

Particulars	FY2026	FY2025	FY2024
Assets	₹468.38 Cr	₹316.63 Cr	₹281.76 Cr
Total Income	₹471.43 Cr	₹288.14 Cr	₹310.26 Cr
Profit After Tax	₹83.79 Cr	₹57.51 Cr	₹20.25 Cr
EBITDA	₹105.20 Cr	₹73.01 Cr	₹54.70 Cr
Net Worth	₹261.58 Cr	₹175.75 Cr	₹122.60 Cr
Total Borrowings	₹6.68 Cr	₹8.46 Cr	₹24.85 Cr

The company’s total borrowing declined over the three-year period, falling from ₹24.85 crore in FY2024 to ₹6.68 crore in FY2026.

Glass Wall Systems IPO Key Performance Indicators

The company reported a return on equity (ROE) of 38.62% in FY2026, compared with 39% in FY2025. ROCE stood at 43.01% against 43.39% in the previous financial year.

Its debt-to-equity ratio remained low at 0.03 in FY2026, compared with 0.05 in FY2025.

At the same time, margins moderated. PAT margin declined from 20.66% to 18.34%, while EBITDA margin fell from 26.23% to 23.02%.

KPI	FY2026	FY2025
ROE	38.62%	39.00%
ROCE	43.01%	43.39%
Debt/Equity	0.03	0.05
RoNW	32.03%	32.72%
PAT Margin	18.34%	20.66%
EBITDA Margin	23.02%	26.23%
NAV	₹30.91	₹20.22

Glass Wall Systems IPO Valuation

At the upper end of the IPO price band, the company’s post-issue valuation works out to around ₹1,600.42 crore.

The post-issue EPS is estimated at ₹9.53, resulting in a P/E multiple of approximately 19.1 times.

The company had a pre-IPO EPS of ₹9.90 and a pre-IPO P/E multiple of 18.38 times.

Valuation Metric	Pre-IPO	Post-IPO
EPS	₹9.90	₹9.53
P/E	18.38x	19.10x
Market Capitalisation	₹1,540 Cr	₹1,600.42 Cr

Glass Wall Systems IPO Allotment and Listing Date

The allotment for the Glass Wall Systems IPO is expected to be finalised on September 11, 2026.

Investors who receive an allotment are expected to see their shares credited to their demat accounts on September 15. Refunds for unsuccessful applicants are also scheduled for September 15.

The shares are proposed to list on both the NSE and BSE on September 16, 2026.

Glass Wall Systems IPO Important Dates

The complete IPO timeline is as follows:

• IPO opens: September 8, 2026
• IPO closes: September 10, 2026
• Allotment: September 11, 2026
• Refund initiation: September 15, 2026
• Shares credited to demat accounts: September 15, 2026
• Listing: September 16, 2026

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