The allotment of shares in Glass Wall Systems India is expected to be finalised on September 11 following strong investor demand for its Rs 427.89 crore initial public offering. The IPO, which was open for subscription from September 8 to September 10, received bids for 134.37 crore equity shares against 1.65 crore shares on offer, resulting in an overall subscription of 81.62 times, according to NSE data.

Qualified institutional buyers led the subscription activity, with their portion subscribed 167.93 times. The non institutional investor category was subscribed 79.71 times, while the retail investor portion was subscribed 33.18 times.

The IPO was offered in a price band of Rs 172 to Rs 182 per share. Following the allotment, shares are expected to be credited to investors demat accounts on September 15 and are scheduled to list on both the BSE and NSE on September 16.

The grey market premium remained elevated ahead of the allotment. According to the latest InvestorGain update on September 10, the IPO was commanding a grey market premium of Rs 45 per share. At the upper end of the issue price band, this implied an estimated listing price of around Rs 227 and a potential premium of approximately 25 percent. Grey market premiums are unofficial indicators based on activity in the unregulated market and can change before listing.

Investors can check their allotment status through MUFG Intime India, the registrar to the issue, as well as through the BSE and NSE websites. The allotment status will be available once the basis of allotment is finalised.

The IPO comprises a fresh issue of 32.97 lakh shares worth Rs 60 crore and an offer for sale of 2.02 crore shares valued at Rs 367.89 crore. Consequently, the majority of the issue proceeds will accrue to existing shareholders selling their holdings, while the company will receive the proceeds from the fresh issue.

Glass Wall Systems plans to use the Rs 60 crore raised through the fresh issue primarily for capital expenditure related to the establishment of a glass processing unit at its Vile Bhagad facility. The project forms part of the companys backward integration strategy, while the remaining proceeds are earmarked for general corporate purposes.

The company reported strong financial growth between FY25 and FY26, with revenue increasing 64 percent and profit after tax rising 46 percent during the period.

Glass Wall Systems India operates in the façade solutions and fenestration segment, providing products and systems including curtain wall façades, storefront systems, unitised and semi unitised façades, windows, doors, skylights and partition systems. The company has operations and business exposure across India, the US and Australia and reported more than 158 completed projects as of March 31, 2026.

IIFL Capital Services and Motilal Oswal Investment Advisors are the book running lead managers for the issue, while MUFG Intime India Private Limited is the registrar.