Glass Wall System’s IPO was fully booked within just a few hours of opening, with the issue being oversubscribed at 2.18x. The book-build issue of Rs 428 crore fixed its issue price band at Rs 172 to Rs 182 per share.
The issue will be open for three days and will close on September 10. Ahead of its opening, the company had raised Rs 128.25 crore through anchor bidding. Here are all the details you should know about the issue.
Glass Wall Systems IPO: Offer Size and BRLMs
The Mumbai-based firm aims to raise Rs 427.89 crore via its IPO, of which Rs 60 crore will be raised through the issuance of 32.97 lakh fresh equity shares. The majority portion of Rs 367.89 crore will be raised through the offer for sale route, as investors will offload 2.02 crore shares of face value Rs 2 each.
IIFL Capital Services and Motilal Oswal Investment Advisors are the book-running lead managers to the issue, while MUFG Intime India is the registrar to the offer.
| Glass Wall Systems IPO | Details |
| IPO size | Rs 427.89 crore |
| Price band | Rs 172–Rs 182 per share |
| Bidding window | September 8–10, 2026 |
Glass Wall Systems IPO: Subscription status
On the first day of bidding, the issue achieved an overall subscription of 2.52x, receiving bids for 4.15crore shares against its offer of 1.64 crore shares. The retail investor segment is witnessing heavy investor participation, being oversubscribed by 3.74x, while the non-institutional investor segment has been subscribed by 3.02x on the first day.
The participation in the qualified individual buyers category is relatively low, as the portion has been 0.01 times.
| Investor Category | Subscription (Day 1) |
| Qualified Institutional Buyers (QIBs) | 0.01x |
| Non-Institutional Investors (NIIs) | 3.02x |
| Retail Individual Investors (RIIs) | 3.74x |
| Overall | 2.52x |
Glass Wall Systems IPO: Lot size
Retail applicants must bid for a minimum of 82 shares comprising one lot, translating into an investment of Rs 14,924. The maximum lot size for retail investors stands at 13. For small high-net-worth individuals, the lower cap is 14, while the upper limit is 67 lots.
For big HNI, the minimum lot size is 68.
Glass Wall Systems IPO: GMP at 29%
In the unlisted markets, the company’s shares are trading at a premium of 29% or Rs 53, suggesting a listing price of Rs 235, based on the upper cap of the price band. This estimates a profit of Rs 4,346 per lot.
However, readers must know that GMP is not an official metric to determine the list price and fluctuates based on market mood and sentiment.
Glass Wall Systems IPO: Subscription timeline
The IPO, which opened on September 8, will close on September 10. Its share allotment process is expected to be completed by September 11, while bidders are likely to be credited with their shares and refunds by September 15.
Glass Wall System is expected to list on the NSE and BSE on September 16.