Glass Wall Systems (India) Ltd
Complete IPO details, including price band, financials, subscription status, and key insights.
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IPO Snapshot
Key metrics and details at a glance.
Price Band
₹172 - ₹182
Per ShareLot Size
82 Shares
Minimum Investment
₹14,104
Issue Size
₹427.89 Cr
Face Value
₹2
Per ShareIPO Type
Book Building
Retail Quota
35%
QIB Quota
50%
NII Quota
15%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Glass Wall Systems (India) Ltd
Business model, operations, and market positioning.
Promoter Holding (Pre-Issue)
64.38%
Promoter Holding (Post-Issue)
55.98%
Issue Type
Book Building
ISIN
INE644Q01039
About the Company
We are a premium façade solutions and fenestration provider in India and across markets in the USA and Australia. We are the second largest provider of façade solutions in India in terms of revenue in Fiscal 2025 and Fiscal 2024. We are also India's largest façade exporter in 2024 in terms of revenue. With over two decades of experience in the façade solutions industry, we have successfully completed 158 projects, as of March 31, 2026, showcasing our expertise in delivering innovative solutions.
Industry Overview
The façade and fenestration segment serves as the critical interface between a building's interior and its external environment, combining advanced materials, precision engineering and architectural design to deliver both form and function. The total addressable market in India is estimated at Rs.250 billion in Fiscal 2025, and is projected to reach Rs.453 billion by Fiscal 2030, supported by strong demand across commercial, residential, and institutional segments. In recent years, India's façade and fenestration sector has matured from a peripheral niche into a strategic cornerstone of the construction ecosystem.
Company History
Prior to our conversion as a private limited company under the applicable provisions of the Companies Act, 1956, our business was carried out in the name of `Glass Wall Systems', the erstwhile partnership firm, originally formed pursuant to a deed of partnership dated July 19, 2002, with Jawahar Hariram Hemrajani and Kamlesh Arjun Choudhary as partners. This partnership firm was registered with the Registrar of Firms on March 5, 2003. This partnership firm which was reconstituted several times. The first reconstitution was on April 1, 2004 with Jawahar Hariram Hemrajani, Kamlesh Arjun Choudhary and Kailash Rewashankar Dave as partners. Thereafter, with the retirement of Kailash Rewashankar Dave from the partnership it was further reconstituted on March 31, 2008. Pursuant to this re-constitution, Kailash Rewashankar Dave ceased to hold any management control or board representation in the partnership firm. On January 31, 2010, the partnership was reconstituted with Jawahar Hariram Hemrajani, Kamlesh Arjun Choudhary, Vinne Jawahar Hemrajani, Sunita Kamlesh Choudhary, Eshan Jawahar Hemrajani, Duru Hariram Hemrajani, and Hariram Himathsingh Hemrajani, as partners. Our Company was incorporated as `Glass Wall Systems (India) Private Limited' at Mumbai, Maharashtra, pursuant to a certificate of incorporation dated August 27, 2010 issued by the Registrar of Companies, Maharashtra at Mumbai, upon conversion of `Glass Wall Systems', the partnership firm into a private limited company, in accordance with the provisions of Part IX of the Companies Act, 1956. Thereafter, our Company was converted from a private limited company to a public limited company, pursuant to resolutions passed in the board meeting and the extraordinary general meeting of our Shareholders held on March 5, 2025 and April 3, 2025, respectively and the name of our Company was changed to `Glass Wall Systems (India) Limited', and a fresh certificate of incorporation dated April 28, 2025 was issued to our Company by the Registrar of Companies, Central Processing Centre.
Growth Strategy
- Strategically expand global reach.
- Continue to enhance leadership in domestic markets.
- Focus on expanding luxury fenestration business through integration of Yes Systems.
- Drive growth and improve profitability through capacity expansion, backward integration and technological advancement to enhance operational efficiency and market competitiveness.
Financial Performance
Revenue, profit after tax and total assets across the last 3 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a standalone basis, as reported for FY23 to FY25.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Initial public offering of up to 23,510,425 equity shares of face value of Rs. 2 each ("Equity Shares") of the company for cash at a price of Rs. 182 per equity share (including a share premium of Rs. 180 per equity share) ("Offer Price") aggregating up to Rs. 427.89 Crores ("Offer"). The offer comprises a fresh issue of up to 3,296,703 equity shares (of face value of Rs. 2 each) aggregating up to Rs. 60.00 Crores by the company ("Fresh Issue") and an offer for sale of up to 20,213,722 equity shares of face value of Rs. 2 each ("Offered Shares") aggregating up to Rs. 367.89 Crores by the selling shareholders, consisting of up to 2,530,243 equity shares (of face value of Rs. 2 each) aggregating up to Rs. 46.05 Crores by Jawahar Hariram Hemrajani, up to 2,740,431 equity shares (of face value of Rs. 2 each) aggregating up to Rs. 49.88 Crores by Eshan Jawahar Hemrajani, up to 14,943,048 equity shares (of face value of Rs. 2 each) aggregating up to Rs. 271.96 Crores by India business excellence fund IIA (Such Offer For Sale of Equity Shares by the Selling Shareholders, the "Offer for Sale"). Price Band: Rs. 172 to Rs. 182 per equity share of face value of Rs. 2 each. The floor price is 86 times the face value of the equity shares and the cap price is 91 times the face value of the equity shares. Bids can made for a minimum of 82 equity shares of face value of Rs. 2 each and in multiples of 82 equity shares of face value of Rs. 2 each. thereafter.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- Market leadership supported by a diversified business model and strong foothold in domestic and international markets.
- Marquee client base with proven track record of successful project execution.
- Expertise in design and engineering and strategically located manufacturing facility with large capacity and advanced infrastructure.
- Focused on creating environmentally sustainable high-performance solutions.
- Experienced Promoters and management team.
- The company's business is dependent on certain key clients, and its top 10 clients contributed 86.40%, 78.13% and 88.56% of the company's revenue from operations in Fiscals 2026, 2025 and 2024, respectively. The loss of one or more of these clients could have an adverse effect on its business prospects, results of operations, financial condition and cash flows.
- The company depends on a limited number of suppliers and the company does not have long term agreements with its suppliers for the company's raw materials and volatility in raw material prices and shortages or disruption in their supply could adversely affect its business, results of operations, financial condition and cash flows.
- The company derived 45.20%, 41.21%, and 43.38% of its revenue from operations from overseas operations, based on the criteria set out in Ind AS 108 - Operating Segments, in Fiscals 2026, 2025 and 2024, respectively. Any adverse events in these jurisdictions could have an adverse impact on the company's business, results of operations, financial condition and cash flows.
- If the company fails to integrate or manage acquired companies or businesses efficiently, its overall profitability and growth plans could be adversely affected.
- The company derives a portion of its revenue from the company's domestic façade business, which accounted for 48.88%, 46.64%, and 49.34% of its revenue from operations in Fiscals 2026, 2025 and 2024, respectively. Any decline in demand for the company's domestic façade services could have an adverse impact on its business, results of operations, financial condition and cash flows.