Mumbai: Glass Wall Systems (India) Limited is set to open its initial public offering (IPO) for subscription on Tuesday, September 8, 2026.
The company has fixed the price band for its maiden public issue at ₹172 to ₹182 per equity share, with each share having a face value of ₹2.
The Glass Wall Systems IPO will open on Tuesday, September 8, 2026, and close on Thursday, September 10, 2026. Investors can bid for a minimum of 82 equity shares and in multiples of 82 equity shares thereafter.
The issued, subscribed and paid-up equity share capital of Glass Wall Systems is ₹169,277,100, divided into 84,638,550 equity shares of ₹2 each.
The offer comprises a fresh issue of up to ₹600.00 million and an offer-for-sale of up to 20,213,722 equity shares by the promoter selling shareholders Jawahar Hariram Hemrajani and Eshan Jawahar Hemrajani, along with investor selling shareholder India Business Excellence Fund IIA.
Glass Wall Systems IPO: Use of Fresh Issue Proceeds
Of the proceeds from the fresh issue, ₹500.00 million will be utilized to fund the capital expenditure requirement for setting up a glass processing unit. The facility will form part of the planned backward integration of the company’s Vile Bhagad facility in Maharashtra.
The Glass Wall Systems IPO is being made through the book-building process in compliance with the SEBI ICDR Regulations.
Under the offer structure, not more than 50% of the net offer will be available for allocation to qualified institutional buyers (QIBs), while not less than 15% will be available for non-institutional investors (NIIs) and not less than 35% for retail individual investors (RIIs).
Glass Wall Systems: Company Profile and Market Presence
Incorporated in 2002, Glass Wall Systems is a façade solutions and fenestration provider operating in India and across markets in the USA and Australia.
The company is the second-largest provider of façade solutions in India in terms of revenue in Fiscal 2025 and Fiscal 2024, according to the Ken Report.
The company is also India’s largest façade exporter in 2024 in terms of revenue, according to the Ken Report.
With more than two decades of experience in the façade solutions industry, Glass Wall Systems has successfully completed 158 projects as of March 31, 2026.
Glass Wall Systems and Its Façade and Fenestration Solutions
The façade and fenestration sector serves as the interface between a building’s interior and external environment, combining advanced materials, precision engineering and architectural design to deliver both form and function, according to the Ken Report.
The façade solutions offered by Glass Wall Systems are designed to support building exteriors that are functional and visually appealing while promoting sustainability and compliance with international standards, including ASTM International and Australian/New Zealand standards.
The company’s offerings include curtain wall façades, storefront wall facades, unitized and semi-unitized curtain wall façades and frameless façades.
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Glass Wall Systems Business Verticals
The operations of Glass Wall Systems are categorized into three main business verticals: Domestic Façade Solutions, International Façade Products Supply and Fenestration Solutions.
Domestic Façade Solutions
Under its domestic façade solutions vertical, Glass Wall Systems provides comprehensive façade solutions covering design, engineering, fabrication and manufacturing, supply and installation services.
The company serves real estate developers, general contractors and corporate clients. It primarily undertakes engineering, procurement and construction (EPC) and manufacturing services for façade solutions.
International Façade Products Supply
The international façade products supply business focuses on design, engineering, fabrication and manufacturing and supply of sustainable façade products tailored to the specific requirements of general contractors and façade contracting companies.
Fenestration Solutions
With the aim of capturing the growing high-end domestic fenestration market, Glass Wall Systems has recently commenced offering fenestration solutions tailored to developers of luxury residential properties and high-net-worth individuals in the luxury segment of the Indian market.
The company acquired Yes Systems Private Limited (Yes Systems) pursuant to a share purchase agreement dated August 21, 2025, with effect from August 21, 2025.
The company specializes in premium fenestration solutions, including custom-designed luxury windows, doors, skylights and partition systems, tailored to the luxury segment of the Indian real-estate market.
By driving growth through capacity expansion and backward integration, Glass Wall Systems is pursuing enhanced operational efficiency, market competitiveness and profitability.
Glass Wall Systems Product Portfolio
The product portfolio of Glass Wall Systems includes a range of innovative and customized products such as façade and curtain wall systems, bolted façades, skylights, canopies and space frames, louvers, rain screen cladding, diagrids, and aluminium doors and windows.
The company’s products offer benefits including enhanced aesthetic appeal, improved energy efficiency and superior structural performance.
Some products offered by Glass Wall Systems have also been certified with Environmental Product Declarations (EPDs) by an independent third-party certifying body in accordance with internationally recognized standards.
These certifications provide independently verified environmental performance data and support the environmental, social and governance (ESG) objectives and procurement requirements of the company’s customers.
Glass Wall Systems Clients and Key Projects
Glass Wall Systems provides products and services to a range of real estate developers, hospitals, airport authorities, general contractors and corporate clients involved in the development of commercial, residential and institutional properties across India.
The company also serves façade contractor companies and general contractors in the USA and Australia.
The company maintains long-standing relationships with its clients. Its association with key clients including Bagmane, K Raheja and Prestige spans more than eight years and extends up to 12 years in certain cases, reflecting the strength and stability of these partnerships.
Notable domestic façade projects undertaken by Glass Wall Systems across commercial and residential sectors include The Capital, Kohinoor Square, Bagmane Rio and Lodha World One. Certain projects have received industry recognition for their innovative design and execution.
Internationally, the company has undertaken several projects in the USA in collaboration with its client, Reflection Window + Wall (RWW).
These include Jackson Avenue, measuring 16,707.76 square meters; 1400 South Wabash, measuring 10,900.42 square meters; 2300 Market Place, measuring 7,597.48 square meters; 3202 Cuthbert, measuring 5,207.66 square meters; Spark GTIC, measuring 14,640.12 square meters; and Harper Court, measuring 12,491.97 square meters.
In Australia, Glass Wall Systems has undertaken Project Dove, measuring 2,237 square meters.
Glass Wall Systems Delivery and Manufacturing Capabilities
Glass Wall Systems provides comprehensive solutions through three primary areas: design and engineering, its manufacturing facility, and project management support.
The company’s primary manufacturing facility is located at Vile Bhagad in Maharashtra on a land parcel measuring 101,299 square meters.
As of March 31, 2026, the Vile Bhagad facility had a developed area of 32,415.45 square meters and a post-expansion production capacity of 130 panels per day.
The company is pursuing backward integration through the establishment of an in-house glass processing unit. The planned unit includes a capital expenditure allocation of ₹500.00 million from the net proceeds of the Glass Wall Systems IPO.
The company operates four dedicated production lines. As of March 31, 2026, the Vile Bhagad facility was operated by a team of more than 120 personnel.
Glass Wall Systems Order Book
As of July 31, 2026, Glass Wall Systems had a domestic façade solutions order book amounting to ₹6,260.91 million.
The company also had outstanding orders worth ₹1,861.91 million for the international supply of façade products as of July 31, 2026.
Further, the order book for the company’s fenestration business under Yes Systems stood at ₹1,692.64 million as of July 31, 2026.
Glass Wall Systems Financial Performance
Glass Wall Systems reported revenue from operations of ₹4,569.71 million in FY26, compared with ₹3,043.42 million in FY24.
The company’s net profit stood at ₹837.89 million in FY26, compared with ₹202.51 million in FY24.
The company’s planned backward integration through an in-house glass processing unit forms part of its capital expenditure plans, with ₹500.00 million from the fresh issue proceeds earmarked for the initiative.
Glass Wall Systems IPO: Lead Managers and Listing
IIFL Capital Services Limited, formerly known as IIFL Securities Limited, and Motilal Investment Advisors Limited are the book running lead managers to the Glass Wall Systems IPO.
MUFG Intime India Private Limited, formerly Link Intime India Private Limited, is the registrar to the offer.
The equity shares of Glass Wall Systems are proposed to be listed on BSE Limited and National Stock Exchange of India Limited (NSE).
