Glass Wall Systems (India) Limited proposes to open the initial public offering (“Offer”) of its equity shares of face value ₹ 2 each and has fixed the price band of ₹172 to ₹182 per Equity Share of face value ₹2 each for its maiden initial public offering. The Company’s Initial Public Offering will open on Tuesday, September 8, 2026, for subscription and close on Thursday, September 10, 2026. Investors can bid for a minimum of 82 Equity Shares and in multiples of 82 Equity Shares thereafter.
- Issue Opens: September 8, 2026
- Issue Closes: September 10, 2026
- Face Value: Rs 2
- Price Band: Rs 172 – 182 per share
- Minimum Bid Lot: 82 Equity Shares
- Listing: BSE & NSE
The issued, subscribed and paid-up Equity Share capital of the Company is ₹169,277,100 divided into 84,638,550 Equity Shares of ₹2 each. The Offer comprises a fresh issue of up to ₹600.00 million and an offer-for-sale of up to 20,213,722 equity shares by the promoter selling shareholders, namely Jawahar Hariram Hemrajani and Eshan Jawahar Hemrajani, and the investor selling shareholder, India Business Excellence Fund IIA.
The proceeds from its fresh issuance of ₹500.00 million will be used to fund capital expenditure for setting up a glass processing unit as part of the Company’s planned backward integration at its Vile Bhagad, Maharashtra, facility.
Incorporated in 2002, the Company is a façade solutions and fenestration provider in India and across markets in the USA and Australia. It is the second-largest provider of façade solutions in India in terms of revenue in Fiscal 2025 and Fiscal 2024 (Source: Ken Report).
The Company is also India’s largest façade exporter in 2024 in terms of revenue (Source: Ken Report). With over two decades of experience in the façade solutions industry, the Company has successfully completed 158 projects, as of March 31, 2026, showcasing its expertise in delivering innovative solutions.
The Company provides a diverse array of innovative and customized products, including façade and curtain wall systems, bolted façades, skylights, canopies, space frames, louvers, rain screen cladding, diagrids, and aluminum doors and windows. Its products offer enhanced aesthetic appeal, improved energy efficiency, and superior structural performance. The Company provides its products and services to a range of real estate developers, hospitals, airport authorities, general contractors, and corporate clients involved in developing commercial, residential, and institutional properties across India, as well as façade contractor companies and general contractors in the USA and Australia. The Company is pursuing backward integration by establishing an in-house glass processing unit, which includes a capital expenditure of ₹500.00 million from the net proceeds.
The Company operates four dedicated production lines, and its facility is currently operated by a team of over 120 personnel as of March 31, 2026, at its Vile Bhagad Facility. As of July 31, 2026, its domestic façade solutions order book amounted to ₹6,260.91 million while it had outstanding orders of ₹1,861.91 million for supply of façade products internationally.
Further, as of July 31, 2026, the order book for its fenestration business under Yes Systems amounted to ₹1,692.64 million. Its revenue from operations was ₹4,569.71 million in FY26, up from ₹3,043.42 million in FY24. Its net profit was ₹837.89 million in FY26, up from ₹202.51 million in FY24.
