Glass Wall Systems (India) IPO
Glass Wall Systems (India) IPO is a mainboard IPO raising ₹428 Cr at ₹172 – ₹182 a share. The smallest application you can make is 82 shares, costing ₹14,924 at the top of the band. Bidding has closed; the shares list on 16 Sept 2026. So far it has been subscribed 82× in total.
81.6 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
Where your money goes
Only the fresh issue reaches the company. The offer for sale is existing shareholders selling their own stock — that money goes to them, not the business.
86% of this issue is existing shareholders cashing out. Only ₹60 Cr reaches the business.
A red herring prospectus is filed before the price is fixed, so it states share counts rather than rupee amounts. derived: shares x cut-off price Rs182. Checked: exchange issue size Rs428 Cr vs derived Rs427.9 Cr (0.0% apart).
What the fresh money funds
The stated uses of the net proceeds, from the prospectus’s Objects of the Issue table. Only the fresh issue funds these — the offer-for-sale money goes to the selling shareholders above.
As stated in the prospectus. “General corporate purposes” is the part with no committed use; SEBI caps it at 25% of the issue.
The price they’re asking
From the prospectus’s own “Basis for Issue Price” — the issuer’s earnings multiple against the peers it chose to compare itself with.
Priced 11% above the median multiple of the peers the issuer itself names.
| Listed peer (issuer’s choice) | P/E | RoNW | EPS |
|---|---|---|---|
| Innovator Façade Systems Limited | 16.54× | 8.65% | ₹7.19 |
| This issue | 18.4× | 32.03% | ₹9.9 |
derived: cut-off price Rs182 / stated EPS Rs9.9 (FY26 (March 31, 2026) basic and diluted EPS, restated consolidated). Peer figures are as printed in the prospectus — they date from its filing, not today. A multiple is one lens, not a verdict.
Terms of the issue
The mechanics of what is being sold. Held for every issue we track.
Not here yet
The anchor-investor allocation — which institutions were allotted shares before bidding opened — is still to be read out of its document.