Glass Wall Systems (India) IPO
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Glass Wall Systems (India) IPO details
Schedule of Glass Wall Systems (India)
| Issue open date | 08 Sep 2026 |
| Issue close date | 10 Sep 2026 |
| UPI mandate deadline | 10 Sep 2026 (5 PM) |
| Allotment finalization | 11 Sep 2026 |
| Refund initiation | 15 Sep 2026 |
| Share credit | 15 Sep 2026 |
| Listing date | 16 Sep 2026 |
| Mandate end date | 25 Sep 2026 |
| Lock-in end date for anchor investors (50%) | 10 Oct 2026 |
| Lock-in end date for anchor investors (remaining) | 09 Dec 2026 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Glass Wall Systems (India)
Glass Wall Systems India provides comprehensive engineering, manufacturing, and installation solutions for façade systems across domestic and international markets. The company operates through three primary segments: domestic façade solutions, which involve engineering, procurement, and construction activities; international façade products supply, catering to global markets like the USA and Australia; and fenestration solutions, introduced following the acquisition of Yes Systems to serve the premium and luxury residential sectors. Core products include performance glass units, aluminium extrusions, and specialized curtain walls. Operating from its manufacturing facility in Vile Bhagad, Maharashtra, the business generates revenue through project-specific contracts awarded via competitive bidding and export sales. By integrating design capabilities with manufacturing and execution, the company manages complex project life cycles for real estate developers, general contractors, and corporate clients while maintaining a structured focus on capacity expansion and backward integration.
Financials of Glass Wall Systems (India)
Issue size
| Funds Raised in the IPO | Amount (₹ crores) |
| Total issue size | 427.89 |
| Fresh Issue – Proceeds go to the company | 60 |
| Offer for sale – Proceeds go to the existing investors | 367.89 |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Funding capital expenditure for setting up a GPU Project at Vile Bhagad | 50 (83.33%) |
| General Corporate Purposes | 10 (16.67%) |
Strengths
- Proven track record in executing complex façade engineering projects.
- Diversified revenue across domestic, global, and luxury fenestration markets.
- Fully integrated in-house manufacturing and execution capabilities.
- Strategic backward integration to optimize costs and supply chain control.
- High repeat order rate from major domestic and international developers.
Risks
- Top ten clients account for a massive 86.40% of total revenue.
- Complete reliance on a single manufacturing facility in Maharashtra.
- High vulnerability to raw material price volatility without long-term contracts.
- Outstanding tax demands and contingent liabilities totaling ₹33.41 crores.
- Financial performance is highly sensitive to real estate market cycles.