Glass Wall Systems (India) Limited IPO — the disclosed details
Opening soon
Glass Wall Systems (India) Limited's IPO opens 8 September 2026 and closes 10 September 2026, bidding at Rs 172-182 per share; the Red Herring Prospectus is dated 1 September 2026.
This page restates what Glass Wall Systems (India) Limited has filed for its initial public offering — the Red Herring Prospectus dated 1 September 2026 — as filed, with no added opinion. If the vocabulary is new — DRHP, price band, buckets, allotment — read how an Indian IPO actually works first.
What the company does
Glass Wall Systems (India) Limited (CIN U74999MH2010PLC207187) describes itself in the RHP as a premium façade solutions and fenestration provider operating in India and across the USA and Australia. Citing a Ken Research report the Company commissioned and paid for, the RHP states Glass Wall was the second-largest provider of façade solutions in India by revenue in Fiscal 2025 and Fiscal 2024, and India’s largest façade exporter by revenue in 2024. It operates two lines: Domestic Façade Solutions (design, engineering and fabrication of façade and curtain wall systems for Indian real estate, hospitals and airport authorities) and International Façade Products Supply for overseas clients, including collaborations on US projects such as Jackson Avenue, 1400 South Wabash and Harper Court, and Project Dove in Australia.
The Company acquired 100% of Yes Systems Private Limited, a premium fenestration solutions provider, effective 21 August 2025, which became its Subsidiary. Its Registered and Corporate Office is at Marathon Futurex, N.M. Joshi Marg, Lower Parel, Mumbai, and its manufacturing facility is at Vile Bhagad, Maharashtra. The Promoters are Jawahar Hariram Hemrajani and Eshan Jawahar Hemrajani.
What the money is for
The Fresh Issue — up to Rs 600.00 million (~Rs 60 Cr) — is proceeds to the Company. The Offer for Sale is a fixed count of up to 2,02,13,722 Equity Shares by three selling shareholders; that money goes to those shareholders, not to the Company.
| Object of the fresh issue | Amount, as filed |
|---|---|
| Capital expenditure for a glass processing unit (“GPU Project”) at the Vile Bhagad Facility, part of the Company’s planned backward integration | Rs 500.00 million |
| General corporate purposes | Balance of Net Proceeds, not exceeding 25% of Gross Proceeds |
| Selling shareholder | Category | Equity Shares offered | Weighted average acquisition cost |
|---|---|---|---|
| Jawahar Hariram Hemrajani | Promoter Selling Shareholder | Up to 25,30,243 | Rs 3.57 |
| Eshan Jawahar Hemrajani | Promoter Selling Shareholder | Up to 27,40,431 | Rs 62.77 |
| India Business Excellence Fund IIA | Investor Selling Shareholder | Up to 1,49,43,048 | Rs 24.69 |
Acquisition costs are per the RHP, certified by V. Singhi & Associates, Chartered Accountants, in a certificate dated 1 September 2026. A footnote to the OFS table records that Vistra ITCL (India) Limited, as trustee of Business Excellence Trust II, transferred 2,28,571 Equity Shares to Promoter Jawahar Hariram Hemrajani at Rs 35.00 per share on 1 September 2026, the RHP date itself, under a share purchase agreement dated 20 August 2026.
What the RHP flags as risks
The RHP lists these among the Company’s own risk factors, paraphrased here without added commentary:
- Heavy client concentration. The top 10 clients contributed 86.40% of revenue in one of the three fiscals reported (the RHP gives figures for FY2026, FY2025 and FY2024, with 86.40% being the highest of the three) — a level the RHP itself flags as a standalone risk.
- Single-facility manufacturing dependence. The Company is entirely dependent on its one manufacturing facility at Vile Bhagad, Maharashtra; any disruption there is flagged as a direct risk to operations.
- Overseas-revenue exposure. The Company derived 45.20%, 41.21% and 43.38% of revenue from operations from overseas operations across the three fiscals reported, exposing it to currency, geopolitical and foreign-market risk.
- Geographic concentration in Maharashtra on the domestic side, which the RHP states accounted for a significant portion of revenue.
- Acquisition-integration risk. The RHP flags that failure to integrate or manage the Yes Systems acquisition (and any future acquisitions) efficiently could adversely affect profitability and growth plans.
- Modified statutory auditor opinion. The RHP discloses that the Company’s Statutory Auditor included certain qualifications and modifications in their auditor report.
- Supplier dependence without long-term agreements, and a leasehold (not owned) manufacturing facility and certain branch premises, both flagged as standalone risks.
The numbers as filed
| Item | As filed |
|---|---|
| Face value | Rs 2 per Equity Share |
| Price band | Rs 172 (floor) – Rs 182 (cap) per share (as reported; not fixed in the RHP itself) |
| Fresh issue | Up to Rs 600.00 million (~Rs 60 Cr) |
| Offer for Sale | Up to 2,02,13,722 Equity Shares |
| Aggregate issue size | Up to ~Rs 428 Cr (as reported) |
| Lot size | 82 Equity Shares |
| Minimum retail investment | Rs 14,924 for 1 lot at the cap price |
The RHP itself leaves the Offer Price, the exact Fresh Issue share count and the aggregate Offer value as blanks, to be filled in once the Offer Price is fixed through the Book Building Process. The Rs 172–182 band is as reported by Chittorgarh, not stated as a number in the RHP itself. At the Rs 182 cap, the Fresh Issue works out to approximately 32,96,703 shares (Rs 600 million ÷ Rs 182), which combined with the fixed 2,02,13,722-share Offer for Sale gives a total offer of approximately 2,35,10,425 shares — matching the 2,35,10,425-share total issue size reported by trackers exactly.
Restated Consolidated financials, as filed in the RHP:
| Particulars (Rs million) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Revenue from operations | 4,569.71 | 2,783.27 | 3,043.42 |
| Profit for the year (PAT) | 837.89 | 575.10 | 202.51 |
In Rs crore (own conversion, 1 crore = 10 million): revenue ~456.97 / 278.33 / 304.34; PAT ~83.79 / 57.51 / 20.25, for FY2026 / FY2025 / FY2024 respectively. Note revenue dipped in FY2025 before rising sharply in FY2026 — the RHP’s MD&A section discusses the year-on-year drivers in full; this page states the restated figures only.
Who can actually sell on listing day
The RHP’s lock-in schedule determines who is free to sell Glass Wall Systems shares on the day the stock lists. This issue’s Minimum Promoters’ Contribution locks for three years, not the more commonly seen 18 months, and the Promoters’ holding above that minimum locks for one year, not the more commonly seen six months — the RHP states these periods explicitly under SEBI ICDR Regulation 16.
| Who | Locked for, per this RHP |
|---|---|
| Minimum Promoters’ Contribution (20% of post-Offer capital, excluding OFS shares) | 3 years from the date of Allotment |
| Promoters’ holding above the 20% minimum | 1 year from the date of Allotment |
| All other pre-Offer shareholders (non-promoter, non-OFS) | 6 months from the date of Allotment |
| Anchor Investors | 50% of shares allotted locked 90 days from Allotment; the remaining 50% locked 30 days from Allotment |
The figures below are computed from the RHP’s own share counts (8,46,38,550 shares pre-Offer, of which the Promoters hold 4,44,69,803; the OFS is fixed at 2,02,13,722 shares total, of which 52,70,674 comes from the two Promoters and 1,49,43,048 from India Business Excellence Fund IIA) combined with the as-reported Rs 182 cap price, since the RHP itself leaves the Fresh Issue share count and post-Offer capital as blanks pending the Offer Price:
| Step | Shares (computed at Rs 182 cap) | % of post-issue capital |
|---|---|---|
| Fresh issue (computed) | 32,96,703 | 3.75% |
| Offer for Sale (fixed) | 2,02,13,722 | 22.99% |
| Total offer | 2,35,10,425 | 26.74% |
| Locked or not offered — the rest of the register (promoter lock-ins + other pre-Offer holders) | 6,44,24,828 | 73.26% |
| Post-issue capital (computed) | 8,79,35,253 | 100.00% |
Anchor bidding is scheduled for Monday, 7 September 2026, one working day ahead of the 8 September open, and had not taken place as of this page’s publication. Up to 60% of the QIB Portion may be allocated to Anchor Investors on a discretionary basis, and QIBs get not more than 50% of the Offer, so anchor allocation could run from 0 up to roughly 70,50,000 shares (about 8% of post-issue capital), locked 30/90 days. That portion, once finalised, would come out of the 26.74% “Total offer” figure above, not add to it. The final split lands with the exchanges’ published anchor list.
A lock-in is not a forecast of anything — it is a restriction on selling; it says who may trade, not what the price will do.
This table reflects the RHP dated 1 September 2026, as of 3 September 2026, and the derived figures above are this page’s own arithmetic, not numbers stated as such in the RHP.
Dates and mechanics
| Event | Date |
|---|---|
| Anchor Investor bidding | Monday, 7 September 2026 |
| Bid/Offer opens | Tuesday, 8 September 2026 |
| Bid/Offer closes (UPI mandate confirmation by 5:00 p.m.) | Thursday, 10 September 2026 |
| Finalisation of Basis of Allotment with the Designated Stock Exchange | On or about Friday, 11 September 2026 |
| Listing on BSE and NSE | On or about Wednesday, 16 September 2026 |
| Bucket | Share of the Offer |
|---|---|
| Qualified Institutional Buyers (QIB) | Not more than 50% |
| — of which, Anchor Investor Portion (discretionary) | Up to 60% of the QIB Portion |
| — Net QIB Portion reserved for Mutual Funds | 5% of the Net QIB Portion |
| Non-Institutional Bidders (NII) | Not less than 15% |
| Retail Individual Bidders (RIB) | Not less than 35% |
Book Running Lead Manager: IIFL Capital Services Limited. Registrar: MUFG Intime India Private Limited.
How to read this page
Link back to the explainer: how an Indian IPO actually works covers the buckets, the allotment lottery, the T+3 timeline, and the general lock-in framework behind the listing-day-float section above.
Information as of 3 Sep 2026, taken from the RHP linked above. This is not an IPO review and no subscribe/avoid rating is given. Figures move through the issue lifecycle — check the filed documents before acting on any of them. Grey-market premium is an unofficial, unregulated price with no exchange record, and is not referenced here as information. Where the standing notice below refers to hypothetical figures, that covers the illustrative worked examples used in the options posts on this site — every number on this page is reproduced from the filed documents cited above.
This post is for educational purposes only and does not constitute investment advice or a recommendation to buy or sell any security or derivative contract. The author is not a SEBI-registered Research Analyst or Investment Adviser. Futures and options trading carries a high risk of loss and is not suitable for every investor — you can lose your entire premium, and more when selling naked. All figures and examples in this post, including the rupee premiums and price levels, are hypothetical and used only to illustrate the framework; they are not predictions, return promises, performance claims, or a recommendation to trade any specific instrument. Lot sizes and premiums change over time — always check current exchange data before trading. Please consult a SEBI-registered investment adviser before making any investment decisions.
Sources
- Red Herring Prospectus dated 1 Sep 2026 (hosted by IIFL Capital Services, book running lead manager) -- fetched and fully processed this session (pdftotext-equivalent full-text extraction, 36,432 lines) →
- Chittorgarh -- Glass Wall Systems (India) IPO page (as reported: price band, lot size, dates cross-check) →
Common questions
How does IPO allotment work?
Applications are matched against the minimum lot size within each investor category (retail, HNI, QIB). In the retail category every applicant is first considered for one minimum lot: when the retail portion has enough shares to give every retail applicant one lot, everyone gets at least one and the surplus goes proportionately to those who bid more. Only when there aren't enough shares for one lot each is a computerised draw of lots used to pick who gets that single lot — and then each successful applicant gets exactly one lot, however many they bid for. It is never first-come-first-served, so applying early doesn't improve the odds.
What does the anchor investor lock-in mean?
Anchor investors (institutions allotted shares a day before the issue opens) are locked in and can't sell for a fixed period — and the clock runs from the date of Allotment, not from listing. Under the SEBI ICDR Regulations, 50% of the anchor shares are locked for 90 days from Allotment and the remaining 50% for 30 days from Allotment. It restricts anchors only; it says nothing about how retail-held shares will trade.
When do I get my money back if I'm not allotted?
Under ASBA, your bank only blocks the funds in your account — it's never debited until allotment. If you get no shares (or only a partial allotment), the block is released without any separate refund step: SEBI requires your bank (the SCSB) to complete the unblock by the close of banking hours on the working day after the basis of allotment is finalised — under the T+3 timeline, the day before the shares list. If it takes longer than that, SEBI's compensation policy provides ₹100 per day or 15% per annum of the application amount, whichever is higher — but it is complaint-triggered, so you have to raise it with your bank or the issue's lead manager to claim it.
What is ASBA / the UPI mandate?
ASBA (Application Supported by Blocked Amount) blocks the bid amount in your bank account instead of debiting it upfront. Retail investors bidding through UPI approve a mandate request in their UPI app, which blocks the funds — the money leaves your account only if shares are actually allotted.
The rest of the site
This page is a record of what was filed and published, and it stops there. The rest of the site is about the part that comes after you own something — how much of it to own, how to write the decision down, and how to grade it later.
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