Glass Wall Systems (India) IPO
Bookbuilding IPO | ₹428.00 Cr | Listing at BSE, NSE
IPO Open
Tue, Sep 08, 2026
IPO Close
Thu, Sep 10, 2026
Price Band
₹172.00 to ₹182.00
Market Cap (Pre-IPO)
₹1,600.42 Cr
IPO Details
| IPO Date | Sep 08, 2026 to Sep 10, 2026 |
| Listing Date | Tentative: Sep 16, 2026 |
| Face Value | ₹2.00 per share |
| Price Band | ₹172.00 to ₹182.00 |
| Lot Size | 82 Shares (Minimum: ₹14,924.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹428.00 Crores |
| Total Shares Offered | 23,510,425 shares |
| Fresh Issue | 3,296,703 shares |
| Offer For Sale | 20,213,722 shares |
Glass Wall Systems (India) IPO Reservation
| 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 |
Glass Wall Systems (India) IPO Lot Size
Investors can bid for a minimum of 82 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 82 | ₹14,924 |
| Retail (Max) | 13 | 1,066 | ₹194,012 |
| S-HNI (Min) | 14 | 1,148 | ₹208,936 |
| S-HNI (Max) | 67 | 5,494 | ₹999,908 |
| B-HNI (Min) | 68 | 5,576 | ₹1,014,832 |
Glass Wall Systems (India) Financial Information (Restated Consolidated)
Glass Wall Systems (India) Ltd.'s revenue increased by 64% and profit after tax (PAT) rose by 46% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 468.38 | 316.63 | 281.76 |
| Total Income | 471.43 | 288.14 | 310.26 |
| Profit After Tax | 83.79 | 57.51 | 20.25 |
| EBITDA | 105.20 | 73.01 | 54.70 |
| NET Worth | 261.58 | 175.75 | 122.60 |
| Reserves and Surplus | 242.96 | 158.88 | 101.47 |
| Total Borrowing | 6.68 | 8.46 | 24.85 |
Amount in ₹ Cr
Key Performance Indicators
As of Tuesday, March 31, 2026| KPI | Values |
|---|---|
| ROE (Return on Equity) | 38.62% |
| ROCE (Return on Capital Employed) | 43.01% |
| Debt/Equity | 0.03 |
| RoNW (Return on Net Worth) | 32.03% |
| PAT Margin (Profit After Tax Margin) | 18.34% |
| EBITDA Margin | 23.02% |
| Price to Book Value | 5.89 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 9.90 | 9.53 |
| P/E (x) | 18.38 | 19.10 |
Company Overview
Glass Wall Systems (India) Limited – Company Overview
- Glass Wall Systems (India) Limited was incorporated in 2010 and is a façade solutions and fenestration provider with operations in India and international markets, including the United States and Australia.
- The company has over two decades of industry experience and has completed more than 158 projects as of March 31, 2026.
- Yes Systems operates in the premium fenestration segment under the ORIA brand and collaborates with international partners, including Swiss window systems brand LIBART and OIKAS.
- The company serves real estate developers, contractors, hospitals, airport authorities, and corporate clients across commercial, residential, and institutional projects.
- Notable Indian projects include The Capital, Kohinoor Square, Bagmane Rio, and Lodha World One.
- Its international projects include Jackson Avenue, 1400 South Wabash, Spark GTIC, and Harper Court in the United States, along with Project Dove in Australia.
- As of March 31, 2026, the company had 370 permanent employees.
Use of Proceeds
| 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 Vile Bhagad Facility | 60.00 |
| 2) | General Corporate Purposes | |
| Total | 60.00 |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Glass Wall Systems (India) IPO Peer Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Glass Wall Systems (India) Ltd. | 9.90 | 9.90 | 30.91 | - | 32.03 | - | Consolidated |
| Innovator Façade Systems | 7.19 | - | 83.15 | 16.54 | 8.65 | 1.42 | Consolidated |
Quick Info
| Sector | civil construction and façade solutions / building materials |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹1,600.42 Cr |
Important Dates
| IPO Open | Sep 08, 2026 |
| IPO Close | Sep 10, 2026 |
| Allotment Date | Sep 11, 2026 |
| Credit to Demat | Sep 15, 2026 |
| Listing Date | Tentative: Sep 16, 2026 |
Lead Manager(s)
IIFL Capital Services Ltd.
Registrar
Description
- IPO Type: Book build issue aggregating to ₹427.89 crores.
- Issue Structure: The issue is a combination of a fresh issue of 32.97 lakh shares aggregating to ₹60.00 crores and an offer for sale of 2.02 crore shares aggregating to ₹367.89 crores.
- IPO Dates: The issue opens for subscription on September 8, 2026 and closes on September 10, 2026.
- Allotment Date: The allotment is expected to be finalized on September 11, 2026.
- Listing Details: The shares are proposed to be listed on NSE and BSE on September 16, 2026.
- Retail Investment Requirement: Minimum 1 lot (82 shares) amounting to approximately ₹14,924 at the upper price band.
- Issue Price Band: ₹172 to ₹182 per equity share.
- Lot Size: 82 shares per lot.
This IPO offers investors an opportunity to participate in the company through a combination of a fresh issue of shares and an offer for sale by existing shareholders.