Business
Glass Wall Systems (India) Limited’s Initial Public Offering to open on Tuesday, September 8, 2026, Price band of ₹172 – ₹182 per Equity Share of face value of ₹2 each
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[L-R]: Mr. Eshan Hemrajani, MD & CEO; Mr. Jawahar Hemrajani, Chairman; and Mr. Amit Hemrajani, Director, Glass Wall Systems (India) Limited, at the launch of the Company’s IPO in Mumbai
- Price band of ₹172 – ₹182 per Equity Share bearing face value of ₹2 each (“Equity Shares”)
- Anchor Investor Bidding Date – Monday, September 7, 2026
- Bid/Offer Opening Date – Tuesday, September 8, 2026 and Bid/Offer Closing Date – Thursday, September 10, 2026
- Minimum Bid Lot is 82 Equity Shares of face value of ₹2 each and in multiples of 82 Equity Shares of face value of ₹2 each thereafter
September 3, 2026, Mumbai: Glass Wall Systems (India) Limited (“Company”) proposes to open the initial public offering (“Offer”) of its equity shares of face value ₹ 2 each and has fixed the price band of ₹172 to ₹182 per Equity Share of face value ₹2 each for its maiden initial public offer.
The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Tuesday, September 8, 2026, for subscription 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 Shares capital of the Company is ₹169,277,100 divided into 84,638,550 Equity Shares of ₹2 each.
The Offer comprises of a fresh issue of up to ₹600.00 million and an offer-for-sale for up to 20,213,722 equity shares by the promoter selling shareholders, namely Jawahar Hariram Hemrajani and Eshan Jawahar Hemrajani and investor selling shareholder – India Business Excellence Fund IIA.
The proceeds from its fresh issuance worth ₹500.00 million will be utilized for funding capital expenditure requirement for setting up of glass processing unit as part of planned backward integration of the Company’s Vile Bhagad, Maharashtra, facility.
The Offer is being made through the book-building process, in compliance with SEBI ICDR Regulations, wherein not more than 50% of the net offer will be available for allocation to qualified institutional buyers (QIBs), not less than 15% to non-institutional investors (NIIs), and not less than 35% to retail individual investors (RIIs).
Incorporated in 2002, the Company is a façade solutions and fenestration provider in India and across markets in the USA and Australia. It is the second-largest provider of façade solutions in India in terms of revenue in Fiscal 2025 and Fiscal 2024 (Source: Ken Report).
The Company is also India’s largest façade exporter in 2024 in terms of revenue (Source: Ken Report). With over two decades of experience in the façade solutions industry, the Company has successfully completed 158 projects, as of March 31, 2026, showcasing its expertise in delivering innovative solutions.
Façade and Fenestration Solutions and the Company’s offerings
The façade and fenestration sector serves as the critical interface between a building’s interior and its external environment, combining advanced materials, precision engineering and architectural design to deliver both form and function (Source: Ken Report).
The Company’s façade solutions ensure the development of building exteriors that are both functional and visually appealing, while promoting sustainability and compliance with international standards, such as ASTM International and Australian / New Zealand standards. Its offerings include curtain wall façades, storefront wall facades, unitized and semi-unitized curtain wall façades and frameless façades.
Business Verticals
The Company’s operations are categorized into three main verticals
Domestic Façade Solutions – It provides comprehensive façade solutions including design, engineering, fabrication and manufacturing, supply and installation services, serving real estate developers, general contractors and corporate clients. The Company primarily undertakes engineering, procurement, and construction (EPC) and manufacturing services for façade solutions to clients.
International Façade Products Supply – It is focused on providing design, engineering, fabrication and manufacturing and supply of sustainable façade products tailored to specific requirements of general contractors and façade contracting companies.
Fenestration Solutions – With the aim of capturing the growing high-end domestic fenestration market, the Company has recently commenced offering fenestration solutions tailored to developers of luxury residential properties and to high net-worth individuals in the luxury sector of the Indian market and have 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 sector of the Indian real-estate market. By driving growth through capacity expansion and backward integration, the Company is well-positioned to enhance its operational efficiency, market competitiveness, and profitability.
Product Portfolio
The Company provides a diverse array of innovative and customized products, including façade and curtain wall systems, bolted façades, skylights, canopies, and space frames, louvers, rain screen cladding, diagrids, and aluminium doors and windows. Its products offer benefits in the form of enhanced aesthetic appeal, improved energy efficiency, and superior structural performance. Further, some of its products have been certified with Environmental Product Declarations (EPDs) by an independent third-party certifying body, in accordance with internationally recognized standards. These certifications support the Company’s customers’ environmental, social, and governance (ESG) objectives and procurement requirements, by providing independently verified environmental performance data.
Clients and Key Projects
The Company provides its products and services to a range of real estate developers, hospitals, airport authorities, general contractors and corporate clients involved in developing commercial, residential and institutional properties across India as well as façade contractor companies and general contractors in the USA and Australia.
The Company maintains long-standing relationships with its clients, and its association with several key clients such as Bagmane, K Raheja and Prestige spans over eight years and extends up to 12 years in certain cases, reflecting the strength and stability of our partnerships.
Notable domestic façade projects undertaken by the Company in both commercial and residential sectors include The Capital, Kohinoor Square, Bagmane Rio and Lodha World One, certain of which have received industry recognitions for their innovative design and execution.
Internationally, the Company has undertaken projects such as 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 USA in collaboration with its client, Reflection Window + Wall (RWW), and Project Dove in Australia measuring 2,237 square meters.
Delivery Capabilities
The Company offers comprehensive solutions through three primary areas – design and engineering, its manufacturing facility, and project management support.
Its primary manufacturing facility is located at Vile Bhagad, Maharashtra on a land parcel admeasuring 101,299 square meters. As of March 31, 2026, its Vile Bhagad Facility is spread across a developed area of 32,415.45 square meters and has a post-expansion production capacity of 130 panels per day.
The Company is pursuing backward integration through the establishment of in-house glass processing unit which includes a capital expenditure of ₹500.00 million from the net proceeds.
The Company operates four dedicated production lines, and currently its facility is operated by a team of over 120 personnel, as of March 31, 2026 at its Vile Bhagad Facility. As of July 31, 2026, its domestic façade solutions order book amounted to ₹6,260.91 million while it had outstanding orders of ₹1,861.91 million for supply of façade products internationally.
Further, as of July 31, 2026, the order book for its fenestration business under Yes Systems amounted to ₹1,692.64 million.
Its revenue from operations was ₹4,569.71 million in FY26 as against ₹3,043.42 million in FY24. Its net profit was ₹837.89 million in FY26 as against ₹202.51 million in FY24.
IIFL Capital Services Limited (formerly known as IIFL Securities Limited) and Motilal Investment Advisors Limited^ are the book running lead managers and MUFG Intime India Private Limited (formerly Link Intime India Private Limited) is the Registrar to the offer. The equity shares are proposed to be listed on BSE Limited (“BSE’) and National Stock Exchange of India Limited (“NSE”).
In compliance with the proviso to regulation 21A and explanation (iii) to regulation 21A of the SEBI (Merchant Bankers) Regulations, 1992, and regulation 23(3) of the SEBI ICDR Regulations, Motilal Oswal Investment Advisors Limited will be involved in only the marketing of the Offer. Motilal Oswal Investment Advisors Limited has signed the due diligence certificate and has been disclosed as a BRLM for the Offer.
Glass Wall Systems (India) Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its Equity Shares and has filed a red herring prospectus (“RHP”) dated September 1, 2026, with the Registrar of Companies, Mumbai-I at Mumbai (“RoC”). The RHP is made available on the website of the SEBI at www.sebi.gov.in as well as on the website of the BRLM https://www.motilaloswal.com/, and https://www.iiflcapital.com/, the website of the NSE at www.nseindia.com and the website of the BSE at www.bseindia.com and the website of the Company at https://www.glasswallsystems.in/.
Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risks, please see the section “Risk Factors” beginning on page 26 of the RHP. Potential investors should not rely on the DRHP for making any investment decision but should only rely on the information included in the RHP filed by the Company with the RoC. The Equity Shares offered in the Offer have not been, and will not be, registered under the U.S. Securities Act and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. The Equity Shares offered in the issue are being offered and sold only outside the United States in “offshore transactions” as defined in and in reliance on Regulation S under the U.S. Securities Act (“Regulation S”).
Disclaimer Clause of Securities and Exchange Board of India (“SEBI”): SEBI only gives its observations on the offer documents and this does not constitute approval of either the Offer or the specified securities stated in the offer documents. The investors are advised to refer to page 450 of the RHP for the full text of the disclaimer clause of SEBI.
Disclaimer Clause of BSE: It is to be distinctly understood that the permission given by BSE Limited should not in any way be deemed or construed that the RHP has been cleared or approved by BSE Limited, nor does it certify the correctness or completeness of any of the contents of the RHP. The investors are advised to refer to page 452 of the RHP for the full text of the disclaimer clause of BSE.
Disclaimer Clause of NSE: It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the Offer Document has been cleared or approved by NSE, nor does it certify the correctness or completeness of any of the contents of the Offer Document. The investors are advised to refer to page 453 of the RHP for the full text of the disclaimer clause of NSE.