The Glasswall Systems IPO has seen a big jump in investor demand on the second day of bidding.
As of September 10, the issue was subscribed 10.67 times, with bids received for 1.64 crore shares. The non-institutional investor (NII) portion has attracted particularly strong interest, while the retail quota is also well oversubscribed.
The grey market remains positive too.
The Glasswall Systems IPO GMP stood at ₹65 on September 10 at 10:31 AM. With the IPO price fixed at ₹182, the current premium points to an estimated listing price of ₹247 per share.
That would be a premium of about 35.71% over the issue price, if the GMP holds until listing.
The latest GMP for Glasswall Systems is ₹65.
Interestingly, the premium has moved only slightly despite the sharp rise in subscription. GMP was ₹66 on September 9 and ₹56 on September 8.
The highest GMP in the period shown was ₹66 on September 9. Before that, the premium had touched ₹65 on September 4.
The trend has therefore been quite volatile.
| Date | IPO Price | GMP | Estimated Listing Price | Indicative Gain |
|---|---|---|---|---|
| September 10 | ₹182 | ₹65 ▼ | ₹247 | 35.71% |
| September 9 | ₹182 | ₹66 ▲ | ₹248 | 36.26% |
| September 8 | ₹182 | ₹56 ▲ | ₹238 | 30.77% |
| September 7 | ₹182 | ₹51 ▲ | ₹233 | 28.02% |
| September 6 | ₹182 | ₹35 ▼ | ₹217 | 19.23% |
| September 5 | ₹182 | ₹50 ▼ | ₹232 | 27.47% |
| September 4 | ₹182 | ₹65 ▲ | ₹247 | 35.71% |
| September 3 | ₹182 | ₹20 | ₹202 | 10.99% |
At the current GMP of ₹65, the estimated listing price comes to ₹247.
In percentage terms, that is an indicative premium of 35.71%.
These calculations are based on the upper IPO price of ₹182. The actual listing price can be higher or lower. GMP is an unofficial market indicator and can change before the stock lists.
The subscription figures have changed dramatically within a day.
The issue was subscribed 4.57 times on September 9. By 10:31 AM on September 10, that figure had climbed to 10.67 times.
In other words, bids received were more than ten times the number of shares on offer.
The total number of shares bid stood at 1,64,57,298, representing 2,00,699 lots.
The strongest demand has come from the NII category.
| Category | Subscription | Shares Bid | Lots |
|---|---|---|---|
| QIB | 0.53x | 47,02,085 | 57,343 |
| NII | 18.37x | 35,26,564 | 43,007 |
| S-NII | 26.29x | 11,75,521 | 14,336 |
| B-NII | 14.41x | 23,51,043 | 28,671 |
| RII | 13.17x | 82,28,649 | 1,00,349 |
| Overall | 10.67x | 1,64,57,298 | 2,00,699 |
The numbers show a clear difference between the investor categories.
The NII portion is subscribed 18.37 times. Within this category, the S-NII segment has received bids worth 26.29 times the shares reserved, while B-NII has reached 14.41 times.
Retail investors have also participated heavily. The RII portion is subscribed 13.17 times.
The QIB portion, however, remains at 0.53 times in the latest update.
Retail participation has been one of the biggest features of the Glasswall Systems IPO so far.
The RII category has received bids for 82,28,649 shares, translating into a subscription of 13.17 times.
That is a substantial change from the early stages of the issue.
The retail segment accounts for 50% of the total issue allocation in the subscription data provided. At the latest update, more than one lakh lots had been bid for in this category.
The NII response is even stronger.
The overall NII category has crossed 18 times subscription, with the S-NII segment leading at 26.29 times.
While subscription has moved sharply higher, the GMP has followed a less predictable path.
The premium was ₹20 on September 3. It jumped to ₹65 the next day.
It then eased to ₹50 and ₹35 over the following two sessions.
From September 7, the trend changed again. GMP moved to ₹51, then ₹56 and ₹66. It now stands at ₹65.
So, the latest GMP is almost unchanged from the previous day’s figure.
| Date | GMP | Movement |
|---|---|---|
| Sep 3 | ₹20 | — |
| Sep 4 | ₹65 | ▲ ₹45 |
| Sep 5 | ₹50 | ▼ ₹15 |
| Sep 6 | ₹35 | ▼ ₹15 |
| Sep 7 | ₹51 | ▲ ₹16 |
| Sep 8 | ₹56 | ▲ ₹5 |
| Sep 9 | ₹66 | ▲ ₹10 |
| Sep 10 | ₹65 | ▼ ₹1 |
The current premium is still well above the ₹35 recorded on September 6.
It is also only ₹1 below the latest high of ₹66.
With the IPO priced at ₹182 and the latest GMP at ₹65, the estimated listing price is ₹247.
That gives an indicative gain of ₹65 per share.
In percentage terms:
₹65 ÷ ₹182 × 100 = 35.71%
At the previous day’s GMP of ₹66, the estimated listing price was ₹248, representing a 36.26% premium.
The difference is small, but it highlights an important point. GMP can move even when the underlying IPO subscription story is changing rapidly.
The overall subscription figure is now firmly in double digits.
More importantly, demand is not coming from just one category. Retail investors have subscribed 13.17 times, while the NII segment has reached 18.37 times.
That makes the QIB figure of 0.53 times the outlier in the current data.
It will be worth watching whether institutional demand picks up as the IPO progresses. A stronger QIB response could push the overall subscription figure even higher.
The current numbers, however, already point to substantial demand from retail and non-institutional investors.
The two indicators are sending broadly positive signals, although they measure different things.
The GMP of ₹65 suggests an unofficial expectation of a sizeable premium over the ₹182 issue price.
The subscription figure tells a different but equally important part of the story: actual bidding demand during the IPO period has been strong, particularly among retail and NII investors.
Neither figure should be viewed in isolation.
A high GMP does not guarantee a strong listing. Similarly, heavy subscription does not automatically translate into the same level of listing gains.
Investors should also consider the company’s financial performance, valuation, business outlook and the risks mentioned in the IPO documents.
As the IPO moves through its subscription period, the main numbers are now fairly clear.
Disclaimer – The stock/s and indices mentioned in this article are discussed solely for informational and educational purposes. It should not be construed as investment advice or a recommendation to buy or sell any securities. Investors should conduct their own research or consult a financial advisor before making any investment decisions. Investments in securities markets are subject to market risks. Read all the related documents carefully before investing.
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