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Glass Wall Systems IPO Day 2: Issue booked over 8x, NIIs lead; check all category-wise subscriptions
4 min read | Updated on September 09, 2026, 20:11 IST
SUMMARY
Until 5 PM, the initial share sale of the firm had received bids for 13.53 crore shares, as per exchange data.
Glass Wall Systems is engaged in exclusive façade solutions and fenestration and has its operations in India, the United States and Australia. Image: Company website
The initial public offering (IPO) of Glass Wall Systems continued to witness a good demand on the second day of subscription, with a total booking of 8.22 times on Wednesday, September 9.
Until 5 PM, the initial share sale of the firm had received bids for 13.53 crore shares as compared to 1.64 crore shares on offer, as per exchange data.
The non-institutional investor (NII) category was subscribed 12.41 times, while the retail individual investor (RII) segment saw 10.96 times subscriptions. However, the Qualified Institutional Buyers (QIB) portion was booked 0.3 times.
The company engaged in exclusive façade solutions and fenestration and has its operations in India, the United States and Australia.
The ₹428 crore IPO is a combination of an offer for sale (OFS) and a fresh issue. The company has set a price band between ₹172 and ₹182 per share. The book-building issue comprises an offer for sale of ₹368 crore and a fresh issue of ₹60 crore.
Further, the minimum lot size for an application for the IPO is 82 shares.
The facade solutions provider had raised ₹128.36 crore from anchor investors, ahead of its IPO. The investors who participated in the anchor round included HDFC Mutual Fund, Bank of India Mutual Fund, Kotak Mahindra Life Insurance Company, Abakkus Growth Fund, Integrated Core Strategies (Asia) Pte Ltd, Pinebridge India Equity Fund, Bengal Finance and Investment and Subhkam Ventures.
Glass Wall Systems IPO: Allotment and listing date
| Event | Date |
|---|---|
| Subscription period | September 8 to September 10 |
| Basis of allotment | September 11 |
| Initiation of Refunds | September 15 |
| Credit of Shares to Demat | September 15 |
| Listing date | September 16 |
Glass Wall Systems (India) IPO Objective
The money raised from the IPO will be used towards the following objectives:
About Glass Wall Systems (India)
Glass Wall Systems (India) is the second largest façade solutions provider in India in terms of revenue for both FY25 and FY24 and also was the largest façade exporter in India in 2024 as per the Ken Report. The company has been in the industry for more than two decades and has successfully delivered 158 projects till March 31, 2026.
The firm runs its business in three different verticals, namely domestic façade solutions, international façade products supply and fenestration solutions. Glass Wall Systems caters to real estate developers, hospitals, airport authorities, general contractors and corporates in India, along with offering facade solutions to contractors and general contractors in the USA and Australia.
The main manufacturing plant of the firm is based at Vile Bhagad, Maharashtra, which is spread across an area of 101,299 square metres. On March 31, 2026, the total area under development for manufacturing activities was 32,415.45 square metres, with the expanded capacity for production of 130 panels per day.
The firm has a substantial order book for all three business verticals. As of July 31, 2026, the company’s order book for domestic façade solutions was ₹626.09 crore, and outstanding international orders for façade products were ₹186.19 crore.
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