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Glass Wall Systems IPO: Allotment Finalisation, Listing Date, and Grey Market Premium Details
Allotment is expected on September 11, with listing on BSE and NSE on September 16. Grey market premium is reported around ₹41–₹50, suggesting a possible listing pop of 23–27%.
By Tertius News AI Desk6 outlets · 6 publishers · 8 articlesCoverage Published v2
Allotment and Listing Timeline
Glass Wall Systems (India), the facade solutions maker, is set to finalise the basis of allotment of its equity shares on Friday, September 11, 2026. Investors who applied for the initial public offering (IPO) can check the status of their applications on the websites of the registrar, MUFG Intime India, as well as on the NSE and BSE.
The shares are slated to make their stock market debut on the BSE and NSE on Wednesday, September 16, 2026, as reported by multiple sources.
Subscription Details
The ₹428 crore IPO, which opened for subscription on September 8 and closed on September 10, drew substantial investor interest. According to NSE data, the issue was subscribed 81.65 times overall, receiving bids for more than Rs 24,450 crore and over one lakh applications.
On the opening day, as of 11:00 am, the issue was subscribed over 50 percent, with retail investors leading demand. The retail portion was subscribed 10.96 times against 82.28 lakh shares on offer. Earlier, on Day 2, NSE data showed the issue subscribed 8.22 times overall against 1.64 crore shares on offer.
Price Band and Lot Size
The IPO was sold at a price band of Rs 172–182 per equity share, with a face value of Rs 2. The lot size is 82 equity shares, and retail applicants must bid for a minimum of one lot.
Grey Market Premium
The grey market premium (GMP) for Glass Wall Systems has seen a correction, with the latest reported GMP at Rs 41–50 apiece, translating to a premium of around 23–27 percent over the upper price band. Before bidding kicked off, the premium stood around Rs 65 levels. One estimate puts the possible listing price at around Rs 234 based on the GMP. It may be noted that GMP is not an official metric and fluctuates based on market sentiment.
Issue Management
IIFL Capital Services and Motilal Oswal Investment Advisors are the book-running lead managers for the issue, while MUFG Intime India is the registrar.
How each outlet told it
A framing line is our reading of that outlet's own text — an interpretation, not a quotation and not a fact we assert. Check it against what the outlet published.
Business Today
Framing: Focuses on practical allotment odds and GMP for investors.
Facts Included:
Glass Wall Systems (India) is set to finalize the basis of allotment of its equity shares on Friday, September 11.
Investors may check allotment status on the websites of the registrar, NSE or BSE.
IPO sold in price band of Rs 172-182 apiece between September 08 and September 10.
Lot size of 82 equity shares.
Raised a total of Rs 428 crore via IPO.
Issue overall subscribed 65 times, fetching over 01 lakh applications and bids for more than Rs 24,450 crore.
GMP of Glass Wall Systems (India) has seen a sharp correction; last heard GMP of 45-50 apiece, suggesting a listing pop of 25-27 per cent.
Premium stood around Rs 65 levels before bidding kicked-off.
Book running lead managers: IIFL Capital Services and Motilal Oswal Investment Advisors; registrar: MUFG Intime India.
Shares listed on BSE and NSE on Wednesday, September 16, 2026.
Framing: Focuses on the upcoming listing and the grey market premium — neutral and factual
Facts Included:
The shares are commanding a premium of ₹41, or 23%, over the IPO price in the grey market, quoting at ₹223 against the offer price of ₹182.
The retail portion was subscribed 18 times.
The company had fixed the IPO price band at ₹172-182 per equity share.
Investors participating in the anchor round included HDFC Mutual Fund, Bank of India Mutual Fund, Kotak Mahindra Life Insurance Company, Abakkus Growth Fund, Integrated Core Strategies (Asia) Pte Ltd, PineBridge India Equity Fund, Bengal Finance and Investment and Subhkam Ventures.
The mainboard issue comprised a fresh issue of equity shares worth up to ₹60 crore and an Offer For Sale (OFS) of 2.02 crore equity shares by promoters Jawahar Hariram Hemrajani and Eshan Jawahar Hemrajani, along with investor shareholder India Business Excellence Fund IIA.
Of the fresh issue proceeds, ₹50 crore will be used to set up a glass-processing unit at the company's Vile Bhagad facility in Maharashtra as part of its planned backward integration.
IncORPORATED in 2002, Glass Wall Systems India is a façade solutions and fenestration provider with operations in the domestic market and overseas markets, including the US and Australia.
Framing: Emphasizes the potential listing gain indicated by the grey market premium.
Facts Included:
At the latest grey-market premium, or GMP, the shares could list at around ₹234, compared with the IPO price band of ₹172-182.
However, GMP is an unofficial indicator of investor sentiment and does not guarantee the actual listing price.
Glass Wall Systems India provides customised building façade and window solutions, covering design, engineering, manufacturing, supply and installation.
The company had completed 158 projects as of March 31, 2026, and operates in India as well as markets including the US and Australia.
SBI Securities and Anand Rathi have both recommended subscribing to the IPO for the long term.
SBI Securities cited the company's established market position, integrated capabilities and earnings growth, while Anand Rathi highlighted its international presence and plans to bring more manufacturing in-house.
The company plans to use ₹50 crore of the fresh issue proceeds to set up a glass-processing unit at its Vile Bhagad facility in Maharashtra.
The shares are proposed to be listed on the BSE and NSE on September 16.
Framing: Emphasizes the IPO's subscription status, grey market premium signaling a listing pop, and poses a 'should you apply?' question to the reader. — Promotional and advisory, encouraging investor participation while including broker cautions.
Facts Included:
The Glass Wall Systems IPO price band is ₹172–₹182 per equity share, face value ₹2.
IPO lot size is 82 shares.
The ₹428 crore IPO opened on 8 September and will close on 10.
GMP stands at ₹66.
Estimated listing price is ₹248 per share.
GMP ranged between ₹20 and ₹66 in the past six sessions.
Issue subscribed 8.22 times overall against 64 crore shares, according to NSE.
QIB portion subscribed 30% against 2.02 lakh shares.
SBI Securities recommended 'Subscribe for Long Term'.
Company described as premium provider of façade and fenestration solutions with over two decades of experience.
Fresh issue of equity shares worth up to ₹60 crore and OFS of 2.02 crore shares by promoters Jawahar Hariram Hemrajani and Eshan Jawahar Hemrajani, and India Business Excellence Fund.
₹50 crore of fresh issue proceeds for glass-processing unit at Vile Bhagad facility, Maharashtra.
Book-running lead managers: Motilal Oswal Investment Advisors and IIFL Capital; MUFG Intime India appointed as registrar.
Allotment expected September 11, 2026.
Listing likely on NSE and BSE on September 16.
Author Vaamanaa Sethi covers business and stock market news.
Framing: Focuses on the IPO's subscription level (over 50%) and the grey market premium (28%) on day one. — neutral and informative
Facts Included:
The IPO of Glass Wall Systems opened for subscription today, receiving more than 50 percent subscription as of 11:00 am on September 8, as per NSE data.
Retail investors led the demand, with their portion subscribed 80 percent, while the non-institutional investor (NII) category was subscribed 50 percent.
In the grey market, Glass Wall Systems shares were commanding a premium of around 28 percent on September 8, according to market-tracking platform InvestorGain.
The IPO price band has been fixed at Rs 172-182 per share.
The company plans to use the net proceeds from the fresh issue to fund capital expenditure for setting up a glass processing unit as part of its planned backward integration at its Vile Bhagad facility.
Glass Wall Systems reported a 64 percent increase in revenue between the financial years ended March 31, 2025 and March 31, 2026.
IIFL Capital Services is the book-running lead manager to the issue, 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.
ClaimAnchor investors in the Glass Wall Systems IPO included HDFC Mutual Fund, Bank of India Mutual Fund, Kotak Mahindra Life Insurance Company, Abakkus Growth Fund, Integrated Core Strategies (Asia) Pte Ltd, PineBridge India Equity Fund, Bengal Finance and Investment and Subhkam Ventures.
ClaimThe Glass Wall Systems IPO comprised a fresh issue of equity shares worth up to Rs 60 crore and an Offer For Sale (OFS) of 2.02 crore equity shares by promoters Jawahar Hariram Hemrajani and Eshan Jawahar Hemrajani, along with investor shareholder India Business Excellence Fund IIA.
ClaimAt the upper price band, Glass Wall Systems is valued at 19.1 times FY26 earnings and 14.47 times EV/EBITDA, giving it a post-issue market capitalisation of around Rs 1,600.4 crore.