Glass Wall Systems (India) IPO
Construction • ₹428cr
Medium risk because:
- 5 material risk factors disclosed in DRHP
- Top ten clients account for a massive 86.40% of total revenue.
- Complete reliance on a single manufacturing facility in Maharashtra.
IPOFins risk score from DRHP risk factors, subscription demand & issue structure
Price Band
₹172-182
Lot Size
82 shares
Issue Size
₹428cr
Open
08 Sept 2026
Close
10 Sept 2026
Subscription
46.3×
GMP +₹48 → est. ₹230
IPO Schedule
| Issue Open Date | 08 Sept 2026 |
| Issue Close Date | 10 Sept 2026 |
| Allotment Date | 11 Sept 2026 |
| Listing Date | 16 Sept 2026 |
About Glass Wall Systems (India)
Glass Wall Systems (India) Limited is engaged in providing façade and fenestration solutions in India and international markets, including the United States and Australia. The company offers curtain wall façades, storefront systems, unitised and semi-unitised façades, frameless façades, windows, doors, skylights, and partition systems. Its operations are divided into domestic façade solutions, international façade product supply, and fenestration solutions. The company provides services across design, engineering, fabrication, manufacturing, supply, and installation. Glass Wall Systems operates its primary manufacturing facility at Vile Bhagad, Maharashtra, with a developed area of 32,415.45 square metres and a production capacity of 130 panels per day. The facility operates under ISO 9001:2015 and ISO 45001:2018 certifications.
Company Details
Founders / Promoters
Mr Eshan Jawahar Hemrajani
Founded
2002
Registrar
LINK
Documents
DRHP / RHP Document (PDF)
View official prospectus →
Grey Market Premium (GMP)
Issue Price
₹182
GMP
+₹48
Est. Listing
₹230
Est. Gain
+26.4%
GMP is unofficial grey market data — not regulated by SEBI. Use only as a sentiment indicator alongside subscription data. View all IPO GMP →
Investment Analysis
Glass Wall Systems (India) — IPOFins Verdict
QuantitativeDriven by QIB demand at 59.0x and moderate disclosed risk (4/10). The signals lean constructive — still confirm valuation against listed peers and read the DRHP before applying beyond one lot.
- 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.
Score breakdown — what drove this verdict
Moderate risk from DRHP → score +0.4
Institutional subscription → score +2.0
Strong retail interest → score +0.5
Base score: 5.0 · Final score = base + all factor adjustments, capped 1–10. Full methodology →
IPOFins Score is a quantitative signal from subscription demand, disclosed risk, and listing data — not investment advice. Not SEBI-registered.
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FAQ
What is the price band of Glass Wall Systems (India) IPO?
The price band is ₹172-182 per share with a lot size of 82 shares. Minimum investment: ₹14,924.
What does Glass Wall Systems (India) do?
Glass Wall Systems (India) Limited is engaged in providing façade and fenestration solutions in India and international markets, including the United States and Australia. The company offers curtain wall façades, storefront systems, unitised and semi-unitised façades, frameless façades, windows, doors, skylights, and partition systems. Its operations are divided into domestic façade solutions, international façade product supply, and fenestration solutions. The company provides services across design, engineering, fabrication, manufacturing, supply, and installation. Glass Wall Systems operates its primary manufacturing facility at Vile Bhagad, Maharashtra, with a developed area of 32,415.45 square metres and a production capacity of 130 panels per day. The facility operates under ISO 9001:2015 and ISO 45001:2018 certifications.
Should I apply for Glass Wall Systems (India) IPO?
Glass Wall Systems (India) is drawing strong interest at 46.3x overall subscription (QIB 59.0x, retail 28.2x) — high retail oversubscription usually means lower allotment odds per application. IPOFins Score 8/10: Driven by QIB demand at 59.0x and moderate disclosed risk (4/10). The signals lean constructive — still confirm valuation against listed peers and read the DRHP before applying beyond one lot.
Who founded Glass Wall Systems (India)?
Glass Wall Systems (India) was founded by Mr Eshan Jawahar Hemrajani in 2002.