Glass Wall Systems files DRHP for IPO, aims to raise ₹60-cr; check details

Glass Walls Systems (India), a Mumbai-based premium façade solutions and fenestration provider, has filed a DRHP with the Sebi for its maiden public issue

Glass Walls Systems (India) IPO: Glass Walls Systems (India), a Mumbai-based premium façade solutions and fenestration provider, has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for its maiden public issue. The company plans to raise ₹60 crore through a fresh issue of shares as part of the offering. The issue also comprises an offer for sale (OFS) of up to 40.23 million equity shares. 

 

According to DRHP, Jawahar Hariram Hemrajani, Eshan Jawahar Hemrajani, Amit Jawahar Hemrajani, and Vinne Jawahar Hemrajani are the promoters selling shareholders. Other investors selling shares are India Business Excellence Fund IIA and Vistra ITCL (India) Limited.

 

 

MUFG Intime India is the registrar of the offer. IIFL Capital and Motilal Oswal Investment Advisors are the book-running lead managers. 

 

The company plans to utilise the net fresh issue proceeds for setting up the GPU Project as part of its planned backwards integration at its Vile Bhagad, Maharashtra facility for ₹50 crore. The remaining funds will be used for general corporate purposes. 

 

The company has reserved not more than 50 per cent of the net offer for qualified institutional buyers (QIBs), and not more than 15 per cent and 35 per cent of the net offer is assigned to non-institutional bidders and retail individual bidders, respectively. 

About Glass Wall Systems

Glass Wall Systems (India) is a premium façade solutions and fenestration provider in India, the USA and Australia. The company is the second-largest provider of façade solutions in India in terms of revenue in fiscal 2025 and fiscal 2024, according to a Ken Report. The company is also India’s largest façade exporter in 2024 in terms of revenue. With over two decades of experience in the façade solutions industry, the company has successfully completed over 150 projects as of March 31, 2025.

 

The façade and fenestration sector serves as the critical interface between a building’s interior and its external environment, combining advanced materials, precision engineering and architectural design to deliver both form and function. The company’s operations are categorised into three main verticals – Domestic Façade Solutions, International Façade Products Supply, and Fenestration Solutions.  

 

The company offers a diverse array of innovative and customised products, including façade and curtain wall systems, bolted façades, skylights, canopies, space frames, louvres, rain screen cladding, diagrids, and aluminium doors and windows.

 

In the financial year 2024-25 (FY25), Glass Walls reported a revenue from operations of ₹244.76 crore, down 13.25 per cent from ₹282.47 crore in the previous fiscal. The company reported a net profit of ₹43.8 crore against ₹11.9 crore in FY24.  The company's earnings before interest, tax, depreciation and amortisation (Ebitda), excluding other income, stood at ₹58 crore, up 34.5 per cent from ₹43.1 crore in the FY24.