Glass Wall Systems IPO: Issue subscribed over 14x so far on Day 3; GMP signals 36% listing gains

Reports coming in for today mention that The initial public offering (IPO) of Glass Wall Systems continued its firm run on the last day of bidding, with the offering receiving 14.11 times subscription as of 11:15 am on September 10, as per NSE data.

The Rs 427.89-crore IPO received bids for 22,76,00,676 shares against 1,64,57,298 shares on offer. Non-institutional market participants (NIIs) led the demand, with their portion subscribed 25.82 times, while the retail investor category was subscribed 16.29 times.

In the grey market, Glass Wall Systems shares were commanding a premium of 35.71 percent on September 10, according to market-tracking platform InvestorGain.

Read Additionally: Rentomojo IPO subscribed over 1.5x 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 IPO price range is Rs 172-182 per share. 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 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.