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HomeIPOGlass Wall Systems (India)

About Glass Wall Systems (India)

Glass Wall Systems (India) Limited was incorporated in the year 2010. It offers facade solutions and fenestration systems with offices not only in India but also abroad such as the USA and Australia. The company has more than 20 years of experience in the industry and, up to March 31, 2025, has been able to deliver more than 150 projects. The company had 289 permanent employees as of March 31, 2025.

Checklist Quality Analysis

Live IPOs

National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
Live IPO
Antala Industries logo

Antala Industries

SME
Open  Close29th Oct 2026 - 5th Nov 2026
Issue Size22.98 Cr
Min. Qty2000 Shares
Issue Price₹ 62.00
Live IPO
Companies NameOpen - CloseIssue SizeMin. QtyIssue PriceApply
National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
Antala Industries logo

Antala Industries

SME
29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
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Glass Wall Systems (India)

Glass Wall Systems (India)

Open Date

Sep 8, 2026

Close Date

Sep 10, 2026

listed

Min Investment

₹14,924

Lot Size

82 Shares

Issue Size

₹427.89 Cr

Price Range

₹172 - ₹172

Listing Date

Sep 16, 2026

IPO Doc

RHP PDF

Revenue Growth

Company Valuation

Earning Expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

₹39(+21.43%)GMP
21.43%Prediction Listing Gain

Grey Market Premium (GMP) Trend

Glass Wall Systems (India) IPO - Issue Objectives

₹50 crore will fund the glass processing unit project at Vile Bhagad. Part of the IPO proceeds will be used for general corporate purposes and issue expenses.

Capital expenditure

83.3%

General corporate purposes

16.6%

1

Capital expenditure

₹50 crore will fund the glass processing unit project at Vile Bhagad.

83.30%
2

General corporate purposes

Part of the IPO proceeds will be used for general corporate purposes and issue expenses.

16.60%

IPO Subscription Status

QIB
167.93x
NII
79.71x
Individual
33.18x
Total
81.65x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Glass Wall Systems (India)

In Cr.

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Dual market strategy with sector dominance

India’s second-largest company offering façade solutions (FY24 & FY25) and the largest exporter of façade solutions (2024) with a diversified revenue split of 54.8% domestic and 45.2% international in FY26, with export revenue growing at 25.08% CAGR from FY24 to FY26.

02

Client base consisting of established partnerships with top clients

The company serves 22 domestic and 5 international clients with established relations with a history of 8-12 years with developers such as Bagmane, K Raheja, and Prestige, along with important overseas partners such as RWW, Winpro, and SRG Global.

03

Innovative engineering-driven manufacturing

The design team of 46 members working on AutoCAD, STAAD™ and HiCAD is behind the innovative designs of the company supported by a facility of 32,415.45 sq. m at Vile Bhagad having a manufacturing capacity of 130 panels per day. Location near Nhava Sheva port, along with the “Designated Export Place” status, helps with efficient exporting.

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

Client risk

The total contribution of the top 10 clients of the firm was 86.40% in FY26; any loss of an anchor client (Winpro International, Bagmane Constructions, etc.) would severely affect the revenue of the firm. In FY25, the company also witnessed one contract termination worth ₹52.45 crore.

02

Supplier & raw material risk

The top 10 suppliers were responsible for 69.5% of the raw material cost of the firm in FY26, compared to 64.1% in FY24. Also, the raw material cost was 48.3% of the revenue in FY26.

03

Contact Details

Glass Wall Systems (India)

503-504, 5th Floor, A Wing, Marathon Futurex, Mafatlal Mills Compound, N.M. Joshi Marg, Lower Parel (East), Mumbai, Maharashtra, 400013

+912261033456
compliance@glasswallsystem.com
http://www.glasswallsystems.in/

Glass Wall Systems (India) IPO - FAQs

Glass Wall Systems (India) IPO is a Mainboard IPO. The issue is priced at 172-₹182. The minimum order quantity is 82 Shares. The IPO opens on 8 Sep, and closes on 10 Sep. TBA is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

IPO Timeline

  • Pre Apply2026-09-07
  • Bidding Starts2026-09-08
  • Bidding Ends2026-09-10
  • Allotment Finalisation2026-09-11
  • Release of Funds2026-09-15
  • Demat Transfer2026-09-15
  • Listing2026-09-16
04

Products with sustainability-based differentiation

The Pan India partnership with Dow Corning for the use of low-carbon silicone, the acquisition of low-carbon aluminium and EPD certification by a third party helps the company comply with LEED/IGBC certifications. The company also has a zero-waste recycling programme and rooftop solar facilities.

Revenue geographical concentration

The overseas revenue generation was 45.20% of the total revenue in FY26, and all of it came from the USA and Australia, where Winpro International alone generated 80.26% of the US revenue.

04

Risk related to acquisition (Yes Systems)

Integrating the newly acquired fenestration business is risky, and the company has mentioned the risks related to key personnel retention and cost savings from the acquisition.

05

Revenue exposure related to domestic façade solutions

The domestic façade solutions contributed 48.88% of the total revenue in FY26, and this revenue is heavily dependent on the cyclical nature of the real estate industry in India.