Glass Wall Systems (India) to Raise ₹427.89 Crore Through IPO; Issue Opens September 8
Façade solutions provider fixes price band at ₹172–182; fresh issue to fund glass-processing unit in Maharashtra
Bilkul Bazaar
Ahmedabad
Eshan Jawahar Hemrajani, MD & CEO; Jawahar Rajani, WTD; Amit Hemrajani, Director; and Sanjay Swant, CFO of Glass Wall Systems (India) Limited, along with Akash Gupta, Senior Manager, Motilal Oswal Investment Advisors, were in Ahmedabad to announce details of the company’s maiden IPO.
The company management and bankers outlined the IPO, its growth plans, order book and the proposed investment in a new glass-processing facility as part of its backward-integration strategy.
Glass Wall Systems (India) Limited has fixed the price band for its IPO at ₹172–₹182 per equity share. The ₹427.89-crore issue comprises a ₹60-crore fresh issue and a ₹367.89-crore offer for sale (OFS). The IPO will open on September 8 and close on September 10, 2026, with listing expected on September 16.
Glass Wall Systems (India) Limited, a leading player in façade solutions and fenestration, is set to launch its maiden initial public offering (IPO) on September 8, with the company looking to raise ₹427.89 crore through a combination of fresh issue and offer for sale.
The IPO will remain open until September 10, 2026, while anchor investor bidding will take place on September 7. The equity shares are proposed to be listed on the BSE and NSE, with listing expected on September 16.
The company has fixed the IPO price band at ₹172–₹182 per equity share, with a minimum bid of 82 shares and in multiples thereafter.
86% of issue comprises Offer for Sale
The ₹427.89-crore issue comprises a fresh issue of up to ₹60 crore and an offer for sale (OFS) of up to 20,213,722 equity shares by promoter selling shareholders Jawahar Hariram Hemrajani and Eshan Jawahar Hemrajani, along with investor selling shareholder India Business Excellence Fund IIA.
Of the fresh issue proceeds, ₹50 crore will be deployed towards capital expenditure for setting up an in-house glass-processing unit at the company’s Vile Bhagad facility in Maharashtra. The move is part of its planned backward integration strategy.
The high OFS component means that the bulk of the IPO proceeds will go to selling shareholders rather than directly to the company. At the upper price band, the fresh issue accounts for only a relatively small portion of the total offering.
Backward integration at the heart of expansion strategy
The proposed glass-processing facility is expected to strengthen Glass Wall Systems’ manufacturing capabilities and provide greater control over an important component of its façade solutions business.
The company’s main manufacturing facility at Vile Bhagad, Maharashtra, is spread over a land parcel of 101,299 sq. metres. Following expansion, the facility has a production capacity of 130 panels per day and operates four dedicated production lines.
As of July 31, 2026, the company had a domestic façade solutions order book of ₹626.09 crore, while international façade product orders stood at ₹186.19 crore. Its fenestration business, operated through Yes Systems, had an order book of ₹169.26 crore.
Two decades of façade expertise
Incorporated in 2002, Glass Wall Systems provides façade solutions and fenestration products across India as well as international markets including the USA and Australia.
According to the CFO of the company, it was the second-largest provider of façade solutions in India by revenue in FY2025 and FY2024, and India’s largest façade exporter by revenue in 2024, based on the Ken Report cited in the company’s release.
The company has completed 158 projects as of March 31, 2026, with its portfolio spanning commercial, residential and institutional developments. Major domestic projects include The Capital, Kohinoor Square, Bagmane Rio and Lodha World One.
Three-pronged business model
Glass Wall Systems operates across three principal verticals — Domestic Façade Solutions, International Façade Products Supply and Fenestration Solutions.
Its product portfolio includes curtain wall systems, bolted façades, skylights, canopies, space frames, louvers, rainscreen cladding, diagrids, aluminium doors and windows.
The company has also expanded into the premium fenestration segment through the acquisition of Yes Systems Private Limited in August 2025, targeting luxury residential developers and high-net-worth customers.
Revenue and profit growth
The company reported revenue from operations of ₹456.97 crore in FY26, compared with ₹304.34 crore in FY24. Net profit rose to ₹83.79 crore in FY26, from ₹20.25 crore in FY24.
Company’s FY26 revenue at ₹471.43 crore and cites a 43.01% ROCE, debt-to-equity ratio of 0.03 and post-issue P/E of about 19.10
Strong order visibility, but sector-linked risks remain
The company’s sizeable order book provides visibility for future revenue, while its low leverage and planned backward integration strengthen the operational story.
However, investors will need to consider the high OFS component, which limits the amount of fresh capital flowing into the company. The business is also closely linked to real estate, construction and large infrastructure projects, making revenues potentially sensitive to project cycles.
Eshan Jawahar Hemrajani, MD & CEO reiterated that, “The IPO marks an important milestone in Glass Wall Systems’ growth journey. The proposed investment in our in-house glass-processing facility will strengthen our backward integration, enhance operational efficiency and support our ability to deliver integrated façade solutions to customers in India and international markets.”
“With a strong order pipeline across domestic façades, international façade products and our expanding fenestration business, we believe we are well positioned to participate in the next phase of growth in India’s construction and premium real-estate markets.”
IPO at a glance
| Particular | Details |
| IPO Size | ₹427.89 crore |
| Fresh Issue | ₹60 crore |
| OFS | ₹367.89 crore |
| Price Band | ₹172–₹182 |
| Lot Size | 82 shares |
| Minimum Investment | ₹14,924 at upper band |
| Anchor Bidding | September 7, 2026 |
| IPO Opens | September 8, 2026 |
| IPO Closes | September 10, 2026 |
| Expected Listing | September 16, 2026 |
| Fresh Issue Utilisation | ₹50 crore for glass-processing unit |
| Proposed Exchanges | BSE & NSE |
| Book Running Lead Managers | IIFL Capital Services & Motilal Oswal Investment Advisors |
Disclaimer: This article is for information purpose only and is not investment advice. Please read the IPO documents carefully before investing.
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