Glass Wall Systems (India) IPO is a mainboard IPO raising ₹428 Cr at ₹172 – ₹182 a share. It listed on 16 Sept 2026 at ₹194, +6.6% against its issue price of ₹182, and trades at ₹213 today (+17.0% since issue). It was subscribed 82× in total.
81.6 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹44 Cr.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 0 | 22 | 0 | ₹44 Cr |
| Subsidiaries | 0 | 1 | 0 | ₹0.0 Cr |
| Directors | 0 | 0 | 0 | — |
| Promoters | 0 | 0 | 0 | — |
| Group companies | 0 | 0 | 0 | — |
Company vs Maharashtra Sales Tax Tribunal: 14 MVAT cases (~₹312.13 million) and 2 CST cases (~₹19.93 million) for FY 2005-06 to 2017-18; MVAT Department filed HC petition on August 24, 2026 challenging MSTT's quashing order of July 9, 2025
Company vs Maharashtra VAT/CST Assessing Authorities: aggregate demand ~₹312.31 million for AY 2005-06 to 2017-18 on classification of façade erection contracts (8% vs 5% VAT); MVAT Department filed petition with Bombay High Court on August 24, 2026 after MSTT dismissal of review/rectification on May 4, 2026
Company vs Karnataka GST Department: 4 cases totaling ₹98.96 million for FY 2023-2026, proceedings under Section 73 of IGST/CGST Act, 2017 (Form GST DRC-01A), currently at pre-adjudication stage
Company vs Haryana VAT Department: demand of ₹3.49 million for AY 2014-15
Company: 1 pending direct tax proceeding involving ~₹2.01 million in dispute
Amounts converted from ₹ million to ₹ crore using 1 crore = 10 million (divide by 10). Company tax bucket: 1 direct tax case (₹2.01 mn) + 21 indirect tax cases (₹434.51 mn) = 22 cases / ₹436.52 mn = 43.652 crore. Subsidiary tax bucket: 1 direct tax case of ₹0.01 mn. Criminal, regulatory/statutory authority actions, and other material proceedings are NIL across company, subsidiaries, directors, promoters, KMP/senior management and group companies as on date of RHP. No disciplinary action against promoters by SEBI/stock exchanges in preceding five Fiscals. Trade payables total ₹655.46 mn to 645 creditors as on March 31, 2026; six material creditors account for ₹311.52 mn.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
What the issuer and the exchanges published. Everything else on this tab is read out of these.
The full prospectus — business, financials, risk factors and litigation.
Which institutions were allotted shares before bidding opened, and how many.
Where physical applications could be submitted.
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
The full prospectus — business, financials, risk factors and litigation.
