Glass Wall Systems IPO has entered its last day of bidding on Thursday, 10 September. Investors who wish to participate can place their bids today.
The ₹428 crore IPO opened for subscription on 8 September and will close on 10 September.
The has fixed its price band at ₹172– ₹182 per equity share, with a face value of ₹2. The IPO lot size is 82 shares, and investors can bid in multiples of 82 shares thereafter.
Glass Wall Systems IPO GMP today
GMP today, or grey market premium, stands at ₹66. Based on the upper end of the IPO price band and the prevailing grey market premium, the estimated listing price is ₹248 per share. This implies a potential listing gain of 36.26% over the IPO price of ₹182 per share.
According to grey market trends over the past six sessions, the IPO’s GMP has risen today, indicating a positive outlook for its listing. During this period, the GMP ranged between ₹20 and ₹66.
Glass Wall Systems IPO subscription status
The Glass Wall Systems IPO continued to attract strong investor interest on Day 2, with the issue subscribed 8.22 times overall against 1.64 crore shares available for subscription, according to NSE data.
The retail investor portion was subscribed 10.96 times, compared with 82.28 lakh shares on offer. The NII segment saw 12.41 times subscription against 35.26 lakh shares reserved for the category. Meanwhile, the QIB portion was subscribed 30%, with 47.02 lakh shares allocated to qualified institutional buyers.
Glass Wall Systems IPO review
Swastika Investmart has recommended subscribing to the , highlighting the company’s strong growth, healthy profitability, solid order book and attractive valuation.
According to the brokerage, the company’s revenue surged 64% to ₹457 crore in FY26, while profit after tax (PAT) stood at ₹83.8 crore. Its EBITDA margin remained healthy at 23%, with ROCE and ROE at 43% and 38.6%, respectively.
The brokerage also pointed to the company’s ₹846 crore order book, which offers strong revenue visibility going forward. At a P/E multiple of 17.4–18.4x, Swastika Investmart believes the IPO is reasonably valued compared with its listed peer.
“Strong growth, healthy returns and a debt-light balance sheet are positives,” the brokerage said, while cautioning investors to monitor real-estate demand and execution risks. Overall, Swastika Investmart has given the issue a ‘Subscribe’ rating.
SBI Securities has recommended a “Subscribe for Long Term” rating for the Glass Wall Systems IPO, citing the company’s established market position, technical expertise, robust earnings growth and strong order-book visibility.
The brokerage said Glass Wall Systems (India) is a premium provider of façade and fenestration solutions, with over two decades of industry experience. The company has integrated capabilities across design, engineering, manufacturing and project execution.
At the upper end of the price band of ₹182 per share, Glass Wall Systems is valued at a post-issue FY26 P/E multiple of 19.1x, according to SBI Securities. Given its strong market position, technical capabilities, healthy earnings growth, visible order book and backward integration, the brokerage has maintained its “Subscribe for Long Term” recommendation.
Glass Wall Systems IPO details
The mainboard IPO includes a fresh issue of equity shares worth up to ₹60 crore and an offer-for-sale (OFS) of 2.02 crore shares by promoters Jawahar Hariram Hemrajani and Eshan Jawahar Hemrajani, as well as investor shareholder India Business Excellence Fund IIA.
Of the fresh issue proceeds, ₹50 crore will be used to establish a glass-processing unit at the company’s Vile Bhagad facility in Maharashtra, supporting its backward-integration strategy. The remaining funds will be allocated towards general corporate purposes.
Motilal Oswal Investment Advisors and IIFL Capital are the book-running lead managers for the IPO, while MUFG Intime India has been appointed as the registrar.
The allotment status for the Glass Wall Systems IPO is expected to be finalised on September 11, 2026. The company’s shares are likely to be listed on both NSE and BSE on September 16, 2026.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.