Glass Wall Systems (India) Limited
Promoters Jawahar Hariram Hemrajani · Eshan Jawahar Hemrajani
Against an issue price of ₹182. Split- and bonus-adjusted official closes — a past move, never a forecast.
Glass Wall Systems (India) Limited raised ₹428 crore through a mainboard initial public offer.
The filing places it in Industrial Products and names two promoters: Jawahar Hariram Hemrajani and Eshan Jawahar Hemrajani.
The book was open from 8 September 2026 to 10 September 2026.
The issue was priced at ₹182 a share, from a band of ₹172 to ₹182.
Of the offer, ₹60 crore is a fresh issue of shares — money that goes to the company — and ₹368 crore is an offer for sale, which goes to existing shareholders selling down. Valued at the final issue price.
The issuer reported the offer subscribed 81.0 times the shares on offer. That is its own final figure, filed with the exchange after the book closed — not a reading we took while bidding was open.
24.11 crore shares were bid at cut-off — applications that accept whatever price the issue is finally set at rather than naming one.
The shares listed on 16 September 2026.
The last official close on file is ₹258 (17 September 2026), which is 41.7% above the issue price.
It now trades as GLASSWALL, and its filed financials are on its company page.
Shares sold in the issue at ₹182 last closed at ₹257.82.
See GLASSWALL’s filed financials and price history →Official exchange closes, restated for splits, bonuses and rights issues since listing. A record of past price movement, not a forecast.
Share counts converted at ₹182, the final issue price.
- How it was priced
- Book-built — the price was discovered inside a band from the bids received
- Listing sought at
- BSE And NSE
- Designated exchange
- NSE
- Discount
- None offered
- Registered office
- Western India
- Company website
- www.glasswallsystems.in
- Registrar
- MUFG Intime India Private Limited
- Lead manager
- IIFL Capital Services Limited (Formerly known as IIFL Securities Limited) and Motilal Oswal Investment Advisors Limited
- Bidding opens8 Sept 2026
- Bidding closes10 Sept 2026
- Basis of allotmentnot published
Not published in the exchange feeds we ingest — we do not estimate it.
- Listing16 Sept 2026
This is the issuer’s own final figure, filed with the exchange once bidding had closed — not a reading we took while the book was open. The exchange publishes only a running cumulative figure and no history, so for an issue nobody polled live this filing is the only account of the book that exists. It covers the whole offer and carries no breakdown by category and no timestamp.
A snapshot WE took while the book was still open, not the final figure. It is earlier than the filed number above and can only be lower — never quote the two as one measurement. Taken 11 Sept 2026, 7:00 pm IST.
- Anchor investors30.0%70,53,127 sh
- Qualified institutional buyers20.0%47,02,085 sh
- Non-institutional investors15.0%35,26,564 sh
- Retail individual investors35.0%82,28,649 sh
No part of the offer was set aside for market maker, reserved portion or other.
The portion of the offer set aside for each category before bidding opened, as the issuer filed it. The anchor allocation is filed as its own line rather than inside the institutional one, so these add up to the whole offer. Shares as filed; the percentages are computed against the offer's own share count.
Every bid names a price, or accepts whatever the final price turns out to be. This shows how many shares have been bid for at each price or above it — so the bar at the top of the band counts only the bids willing to pay it.
The columns are near-identical because they are: demand falls only 0.03% between ₹172 and ₹182, so almost every bid was willing to pay the top of the band. The axis starts at zero — the flatness is the finding, not a missing scale.
These accept whatever price the issue is finally set at, so they have no place on the price axis and are not in the chart.
How much of the demand falls away between the bottom and the top of the band.
Cumulative shares bid at or above each price in the band, from the exchange's own demand schedule. Bids placed at cut-off carry no price and are counted separately.
We have not extracted an anchor allotment list for this issue.
- Anchor investors — first trancheSEBI ICDR 2018 Reg. 32(5)(b) — 50% of the anchor allocation, 30 days from allotment16 Oct 202650% of this tranche
- Anchor investors — second trancheSEBI ICDR 2018 Reg. 32(5)(a) — the remaining 50% of the anchor allocation, 90 days from allotment15 Dec 202650% of this tranche
- All other pre-issue capitalSEBI ICDR 2018 Reg. 17 — all other pre-issue capital, 6 months from allotment16 Mar 2027whole tranche releases on this date
- Promoters' minimum contributionSEBI ICDR 2018 Reg. 16(1)(a) — promoters' minimum contribution, 18 months from allotment16 Mar 2028whole tranche releases on this date
Computed from the SEBI ICDR 2018 lock-in rules, not disclosed by the issuer or the exchange. The regulation counts from the date of allotment, which no feed we ingest publishes, so these are counted from the listing date and fall at most two to three business days later than the true expiry.
Every offer document must set out the reasoning behind its own price: what the company earned in the years before it came to market, and what multiple of those earnings it is asking for. This is that chapter — the issuer’s argument for its price, not our assessment of it.
| Year | Basic | Diluted | Weight |
|---|---|---|---|
| FY2024 | ₹1.81 | ₹2.30 | 1 |
| FY2025 | ₹6.21 | ₹8.36 | 2 |
Figures as printed in the offer document's "Basis for Offer Price" chapter. A record of the case the issuer made for its own price, not our valuation of it.
Everything we extracted from this issue's offer document is the pricing justification rather than the restated statements — it is shown under how the offer was priced. The restated financial statements themselves have not been extracted for this issue.
What the company says it will do with the money it raises. Only the fresh-issue portion reaches the company; anything raised through an offer for sale goes to the shareholders selling.
- Fund ing capital expenditure requirement for setting up of GPU Project as part of planned backward500₹ million
- Gen eral corporate purposes—
- Total—
Figures as filed by the issuer in its offer document.
The offer document must name the listed companies the issuer considers comparable, and print their valuation figures beside its own. This is that list — the issuer’s choice of comparison, not ours.
| Company | P/E | P/B | RoNW | EPS | Income |
|---|---|---|---|---|---|
| Innovator Façade Systems Limitednot in our universe | 16.5 | — | 8.7% | 7.19 | ₹2,275 cr |
The issuer's own figures as printed at the head of the same table — its claim about itself, on the same basis as its claims about the companies below.
Figures as PRINTED by the issuer in its own offer document. The comparison set is the issuer's choice, not ours.
| Firm | Issues | Typical listing move | Below issue @30d | @90d | @180d |
|---|---|---|---|---|---|
IIFL Capital Services Limited and Motilal Oswal Investment Advisors Limited 2026 – 2026 | 1 | +18.0% | — | — | — |
| Firm | Issues | Typical listing move | Below issue @30d | @90d | @180d |
|---|---|---|---|---|---|
Mufg Intime India Private Limited 2025 – 2026 | 77 16 measurable | +18.5% | 1 of 5 | 1 of 1 | 1 of 4 |
A count of what happened to the other issues each firm was named on, computed from exchange closes. Not a rating, not a ranking, and not a view on the firm.
- Prospectus· PDF · exchange archive11 Sept 2026
- Red herring prospectus (RHP)· ZIP · exchange archive
- Draft red herring prospectus (DRHP)· PDF · exchange archive5 Sept 2025
- Abridged prospectus· PDF · exchange archive3 Sept 2026
- Anchor investor allotment· ZIP · exchange archiveThis document is a scan with no text layer — readable by eye, not by machine.
- Financial ratios advertisement· ZIP · exchange archive
- Listing filing (XBRL)· XML · exchange archive
- In-principle approval (XBRL)· XML · exchange archive
Filed with SEBI and the exchanges by the issuer. These are the source for every figure on this page.
Compiled from NSE and SEBI offer documents and exchange feeds. A description of the issue and of the bids received — not investment advice, and not a view on whether to apply. No grey-market premium, no allotment lookup and no listing-gain estimate is published here.