Glass Wall Systems IPO subscribed over 4x on Day 2 so far; GMP at 32%

As per the latest business developments, The initial public offering (IPO) of Glass Wall Systems continued its firm momentum on the second day of bidding, with the offering receiving 4.27 times subscription as of 11:25 am on September 9, as per NSE data.

The Rs 427.89-crore IPO received bids for 7,02,21,110 shares against 1,64,57,298 shares on offer. Retail market participants led the demand, with their portion subscribed 6.11 times, while the non-institutional investor (NII) category was subscribed 5.63 times.

In the grey market, Glass Wall Systems shares were commanding a premium of 31.87 percent on September 9, according to market-tracking platform InvestorGain.

Read Additionally: Kanohar Electricals IPO subscribed over 4x so far on Day 2; GMP jumps to 35%

Grey market premiums are unofficial indicators and are fuelled largely by market sentiment and speculation. They can change before stock-exchange debut and do not guarantee stock-exchange debut upside.

The Glass Wall Systems IPO is a book-built offering of Rs 427.89 crore. The offer comprises a fresh offering of 32.97 lakh shares aggregating to Rs 60 crore and an offer for sale (OFS) of 2.02 crore shares worth Rs 367.89 crore.

The IPO price range has been set at Rs 172-182 per share.

The firm plans to use the net proceeds from the fresh offering to fund capital expenditure for setting up a glass processing unit as part of its scheduled backward integration at its Vile Bhagad facility. The firm has earmarked Rs 60 crore for the project. The balance proceeds will be used for general corporate purposes.

Glass Wall Systems noted a 64 percent gain in topline between the financial years ended March 31, 2025 and March 31, 2026. Its earnings after tax (PAT) rose 46 percent during the same period.

IIFL Capital Services is the book-running lead manager to the offering, while MUFG Intime India is acting as the registrar.

Incorporated in 2010, Glass Wall Systems (India) provides façade solutions and fenestration services across India and international markets, including the US and Australia.

The firm stated it had completed more than 158 projects as of March 31, 2026, and has over two decades of industry experience.