Glass Wall Systems (India) Limited IPO — Subscription & GMP
- Price band
- ₹172 – ₹182
- Lot size
- 82
- Issue size
- ₹427.89 Cr
- Bidding
- 08 Sept 2026 → 10 Sept 2026
- Allotment
- —
- Listing
- 16 Sept 2026
Listing outcome
Official exchange pricesGMP was out by 18.7 percentage points against the buyer — it implied +25.27% and the issue listed +6.59%. Counted in our running GMP accuracy record.
Schedule
- 08 Sept 2026IPO open date
- 10 Sept 2026IPO close date
- 11 Sept 2026Allotment date†
- 11 Sept 2026Funds unblock or debit†
- 16 Sept 2026Tentative listing date
† Derived from the close date using the T+3 working-day timeline. The exchanges publish the open and close dates; the rest are indicative until confirmed, and exchange holidays are not accounted for.
Fundamentals
The business, its valuation and returnsBusiness Model Summary: Glass Wall Systems (India) Limited
Overview Glass Wall Systems (India) Limited operates as a premier integrated architectural façade solutions and fenestration provider. The company bridges conceptual architectural engineering with advanced manufacturing and on-site project execution, servicing high-end commercial, residential, and institutional real estate developments both domestically and internationally.
Key Pillars of the Business Model
1. Integrated Design, Engineering, and Manufacturing - Operates state-of-the-art in-house manufacturing and processing facilities equipped for advanced aluminium processing, glass pasting, assembly, and sheet fabrication. - Houses an in-house design and engineering team to translate complex architectural visions into buildable structural layouts.
2. Core Service Offerings & Product Verticals - Domestic Façade Solutions: Unitized, semi-unitized, stick curtain wall facades, storefront wall facades, and frameless facades. - Architectural Elements & Cladding: Louvers, rain screen cladding, sun control systems, canopies, skylights, space frames, and vertical green walls. - Fenestration Solutions: Premium aluminium doors, casement windows, and seamless glass partitions for luxury residential and commercial properties. - International Product Supply: Exporting sustainable, custom-designed façade products and architectural metal works overseas (including markets like the USA and Australia).
3. Turnkey Project Management Model - Operates under a B2B model taking end-to-end responsibility from concept design, precision engineering, and custom fabrication to logistics, site installation, testing, and final handover.
Customer Base & Target Markets - Real estate developers and general contractors - Corporate clients, hospitals, and airport authorities - Commercial, residential, and institutional property projects across India (with key concentrations in Maharashtra and Karnataka) as well as international markets like the USA and Australia.
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS | ₹9.90 | — |
| P/E ratio | 18.38× | — |
| NAV per share | ₹30.91 | — |
Promoter holding pre/post issue is in the offer document but we do not yet extract it. Left blank rather than estimated.
Read from the company’s offer document filed with SEBI. Figures are the latest reported financial year, as restated in that filing.
Figures are as reported and not independently audited, and are read 45 d ago.
Grey market premium
Unofficial · not from any exchangeSubscription status
Live from NSE · fetched 775 hr ago| Category | Shares offered | Shares bid for | Subscribed |
|---|---|---|---|
| 1Qualified Institutional Buyers(QIBs) | 47.02 L | 51.78 Cr | 110.11× |
| 1(a)Foreign Institutional Investors(FIIs) | — | 7.02 Cr | — |
| 1(b)Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | — | 33.70 Cr | — |
| 1(c)Mutual funds | — | 1.43 Cr | — |
| 2Non Institutional Investors | 35.27 L | 22.39 Cr | 63.48× |
| 2.1Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) | 23.51 L | 14.25 Cr | 60.60× |
| 2.1(c)Others | — | 52.60 L | — |
| 2.2Non Institutional Investors(Bid amount of more than Two Lakh Rupees upto Ten Lakh Rupees) | 11.76 L | 8.14 Cr | 69.25× |
| 2.2(a)Corporates | — | 4.54 L | — |
| 2.2(b)Individuals(Other than RIIs) | — | 7.80 Cr | — |
| 3Retail Individual Investors(RIIs) | 82.29 L | 18.98 Cr | 23.06× |
| 3(a)Cut Off | — | 16.99 Cr | — |
| 3(b)Price bids | — | 1.98 Cr | — |
| Total | 1.65 Cr | 93.14 Cr | 56.59× |
Source: NSE issue information · BSE public issue
Demand curve
Shares bid at each price point · BSE₹172 → ₹182 · peak 134.49 Cr shares bid
Anchor investors
From NSE's anchor allocation filingAnchor investors are institutions allotted shares one working day before public bidding opens, in exchange for a lock-in. Up to 60% of the QIB portion can go to them, which reduces the QIB shares left for everyone else — and their participation is widely read as a confidence signal.
Anchor allocation report (NSE)
This issue’s anchor letter was filed as a scanned image with no text layer, so the allocation table cannot be read without OCR. We link the filing rather than publish figures we cannot verify.
Equity split
Fresh equity vs offer for sale- Fresh equity
- ₹60.00 Cr 14.0%
- Offer for sale
- ₹367.89 Cr 86.0%
- Total issue size
- ₹427.89 Cr
Read from the issue size stated in NSE's filing. The filing quotes the offer for sale as 2.02 Cr shares rather than a rupee amount, so it is valued here at the cap price of ₹182 — the final figure moves with the issue price.
Allotment status
You will need your PAN, application number or DP/client ID. These links go to the registrar and exchanges directly — UpcomingIPO never asks for those details.
Issue details
- Price band
- ₹172 – ₹182
- Lot size
- 82 shares
- Min. bid quantity
- 82
- Face value
- ₹2.00
- Tick size
- ₹1.00
- Shares offered
- 1.65 Cr
- Issue size
- ₹427.89 Cr
- Max bid · QIB
- 1.65 Cr
- Max bid · NII
- 1.18 Cr
Timeline & process
- Bidding opens
- 08 Sept 2026
- Bidding closes
- 10 Sept 2026
- Bidding hours
- 10.00 am to 5.00 pm
- UPI mandate cutoff
- 10th September 2026 (Upto 5.00 Pm)
- Allotment
- —
- Listing
- 16 Sept 2026
Intermediaries
- Registrar
- MUFG Intime India Private Limited
- Sponsor bank
- HDFC BANK
- Lead managers
- IIFL Capital Services Limited, Motilal Oswal Investment Advisors Limited