Bookbuilding IPO | ₹[.] Cr | Listing at BSE, NSE |
SEBI has approved the Initial Public Offer (IPO) of Glass Wall Systems (India) Ltd. on December 29, 2025. The company will proceed with next steps to launch the Initial Public Offer (IPO) subject to market conditions and other approvals. The SEBI approval is valid for 12 months.
Glass Wall Systems (India) Ltd. IPO is a Book Build Issue consisting of fresh issue of ₹60.00 crores and an offer for sale (OFS) of upto 4.02 crore equity shares.
The equity shares are proposed to be listed on NSE and BSE. IIFL Capital Services Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue. Key details like IPO dates, IPO price bands and lot size are yet to be announced.
Refer to Glass Wall Systems IPO DRHP for more details.
| IPO Date | [.] |
| Listing Date | [.] |
| Face Value | ₹2 per share |
| Price Band | |
| Lot Size | |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Fresh Issue | [.] shares (agg. up to ₹60 Cr) |
| Offer for Sale | 4,02,34,552 shares of ₹2 (agg. up to ₹[.] Cr) |
| Share Holding Pre Issue | 8,46,38,550 shares |
| Description | Date |
|---|---|
| Filed with SEBI/Exchange | Fri, Sep 5, 2025 |
| SEBI/Exchange approval received | Mon, Dec 29, 2025 |
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Offer |
| Retail Shares Offered | Not less than 35% of the Offer |
| NII Shares Offered | Not less than 15% of the Offer |
Incorporated in 2010, Glass Wall Systems (India) Limited is a façade solutions and fenestration provider with operations in India as well as international markets, including the United States and Australia. The company has over two decades of industry experience and, as of March 31, 2025, has completed more than 150 projects.
Its business is structured across three verticals:
The company’s client base includes real estate developers, contractors, hospitals, airport authorities, and corporations in commercial, residential, and institutional projects. Notable projects include The Capital, Kohinoor Square, Bagmane Rio, Lodha World One in India, and international assignments such as Jackson Avenue, 1400 South Wabash, Spark GTIC, Harper Court in the U.S. and Project Dove in Australia.
As of March 31, 2025, the company employed 289 permanent staff.
Glass Wall Systems (India) Ltd.'s revenue decreased by 13% and profit after tax (PAT) rose by 267% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 289.57 | 258.34 | 303.93 |
| Total Income | 251.70 | 288.02 | 242.18 |
| Profit After Tax | 43.81 | 11.95 | 16.11 |
| EBITDA | 58.09 | 43.19 | 11.86 |
| NET Worth | 153.50 | 114.04 | 102.19 |
| Reserves and Surplus | 138.32 | 94.60 | 82.75 |
| Total Borrowing | 8.46 | 18.55 | 47.13 |
| Amount in ₹ Crore | |||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding capital expenditure requirement for setting up of a glass processing unit (“GPU Project”) as part of planned backward integration of the Company at our Vile Bhagad Facility; | 50.00 |
| 2 | General corporate purposes |
| KPI | Mar 31, 2025 |
|---|---|
| ROE | 32.75% |
| ROCE | 38.32% |
| Debt/Equity | 0.06 |
| RoNW | 28.54% |
| PAT Margin | 17.90% |
| EBITDA Margin | 23.73% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 5.18 | |
| Promoter Holding | 64.11% |
Lead Manager Reports
Glass Wall Systems IPO is a main-board IPO of 0 equity shares of the face value of ₹2 aggregating up to ₹[.] Crores. The issue is priced at To be declared. The minimum order quantity is .
The Glass Wall Systems IPO open and close dates are not available as of now.
MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Glass Wall Systems IPO using UPI as a payment gateway. Zerodha customers can apply in Glass Wall Systems IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Glass Wall Systems IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Glass Wall Systems IPO dates are not announced. Please check back again after some time.
Glass Wall Systems IPO lot size and the minimum order quantity is not available at this time. Please check again later.
You can apply in Glass Wall Systems IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Glass Wall Systems IPO will be done on [.], and the allotted shares will be credited to your demat account by . Check the Glass Wall Systems IPO allotment status.
The Glass Wall Systems IPO listing date is not yet announced. The tentative date of listing is .
