Glass Wall Systems India Limited

Glass Wall Systems India (NEW IPO): GMP , Price, Review, Profit

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Glass Wall Systems India Limited is a premium facade and fenestration solutions provider designing, engineering, manufacturing and installing curtain walls, glass façades, luxury windows, doors and skylights in India and international markets. It serves real estate, commercial and institutional clients with customised architectural glass systems

Glass Wall Systems India Limited has completed over 150+ projects across India, the US and Australia. It has a strong international footprint and order book, ranking as the second-largest facade solutions provider in India by revenue and the largest facade exporter in 2024.

Glass Wall Systems India Limited was incorporated on 2002 & currently Mr. Eshan Jawahar Hemrajani serves as the Managing Director & CEO of the company.

Glass Wall Systems India Limited has filed its Draft Red Herring Prospectus (DRHP) with SEBI to launch the proposed IPO of ₹ 60 Cr + 8,810,887 Equity Shares comprising a Fresh Issue of up to ₹ 60 Cr and an Offer for Sale (OFS) of 8,810,887 Equity Shares.

Subscription date to apply for the IPO is yet to be announced. Price band for the IPO is also pending to be declared.

Check DRHP
Check IPO Allotment
Visit Official Website
Issue Size:₹ 60 Cr + 8,810,887 Equity Shares
Fresh Issue:~₹ 60 Cr
Offer for Sale:8,810,887 Equity Shares
Price Range:TBA
Lot Size:TBA
GMPPending

Glass Wall Systems India Limited important data points

Revenue, PAT, EBITDA

YearFiscal 2025
Networth₹ 153.50 Cr
Revenue:₹ 244.76 Cr
EBITDA₹ 58.08 Cr
PAT₹ 43.81 Cr
EBITDA Margin:~23.73%
PAT Margin~17.90%
Face Value:₹ 2

IPO important dates

Open Date:TBA
Close Date:TBA
Anchor Investor BiddingTBA
Allotment Date:TBA
Refunds & Demat CreditTBA
Tentative Listing Date:TBA

Use of Proceeds

PurposeAmount
Setting new Glass Processing Unit~ ₹ 50 Cr
Setting Up New Stores~ ₹00 Cr
Borrowing prepayment~ ₹ 00 Cr
General Corporate PurposeBalance

Glass Wall Systems India Limited Financial Data

202320242025
Revenue (₹ Cr)₹ 240.51₹ 282.17₹ 244.76
PAT (₹ Cr)₹ 16.1₹ 12.0₹ 43.8
Asset (₹ Cr)₹ 303.9₹ 258.3₹ 289.6
Net Worth (₹ Cr)₹ 102.2₹ 114.0₹ 153.5

Glass Wall Systems India Limited IPO Grey Market Premium

DateIPO PriceIPO GMPProfit per lot
21-Mar₹ –₹ –₹ –
20-Mar₹ –₹ –₹ –
19-Mar₹ –₹ –₹ –
18-Mar₹ –₹ –₹ –
17-Mar₹ –₹ –₹ –
Glass Wall Systems India Limited

Glass Wall Systems India Limited Pro’s & Con’s

STRENGTHS:

  • Strong expertise in premium facade and curtain wall systems with export presence.
  • Diversified portfolio across commercial, residential and institutional projects.
  • Growing demand for architectural glass and high-rise facade solutions in India.
  • Established track record with 20+ years of industry experience.
  • IPO proceeds aimed at expansion and strengthening manufacturing capabilities.

RISKS:

  • Revenue dependent on real estate and construction cycles.
  • Project-based business leads to uneven cash flows.
  • High working capital requirements and raw material cost volatility.
  • Competitive industry with both organized and regional players.
  • Significant reliance on key customers and large contracts.

Glass Wall Systems India Limited Promoters – Pre offer equity (Approx)

Promoters%Shares
Jawahar Hariram Hemrajani~ 37.15 %
Eshan Jawahar Hemrajani~ 9.37 %
Dikshita Eshan Hemrajani~ 5.74 %
–
–
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Glass Wall Systems India Limited Lot Size details

Application TypeLot SizeNo. of LotNo. of SharesInvestment Amount
Retail (Min)–1–₹ –
Retail (Max)–13–₹ –
HNI (Min)–14–₹ –
HNI (Max)–66–₹ –
Big HNI (Min)–67–₹ –

Lead Managers / Registrars of Glass Wall Systems India Limited

Lead / Book Running Lead ManagersIIFL Capital Services Limited
Motilal Oswal Investment Advisors Limited
Registrar (RTA)MUFG Intime India Private Limited

FAQ’s of Glass Wall Systems India Limited

  • It is a premium facade and fenestration solutions provider designing, engineering and supplying curtain walls, glass facades, windows and doors in India, the US and Australia.

  • Gass Wall Systems is raising funds via IPO to set up a GPU glass processing unit for backward integration and support general corporate purposes.

  • The issue size of the IPO consists of a Fresh Issue worth ₹ 60 Cr + OFS of ~4.02 Cr equity shares. It will be listed on BSE and NSE platforms.

  • Key risks include dependence on large clients, raw material price volatility, project delays and real estate demand fluctuations affecting revenue.

  • Upsides include strong international footprint, over 150 completed projects, growing facade demand, and industry leadership in exports.

  • Investors can apply for the IPO through ASBA via net banking or using UPI through registered stock brokers once the IPO opens for subscription.

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