Glass Wall Systems (India) IPO

Mumbai – based Glass Wall Systems (India) Ltd receives final SEBI approval for IPO

The Company had filed its IPO papers with SEBI on 5 September, 2025.

The IPO consists of a fresh issuance of equity shares worth up to Rs 60 crore and an offer-for-sale up to 40, 234, 552 shares by promoters – Jawahar Hariram Hemrajani, Eshan Jawahar Hemrajani, Amit Jawahar Hemrajani and Vinne Jawahar Hemrajani. Other investors selling shares are India Business Excellence Fund IIA and Vistra ITCL (India) Limited. 

The proceeds from its fresh issuance worth Rs 50 crore will be utilised for funding capital expenditure requirement for setting up a glass processing unit as part of planned backward integration of the Company at our Vile Bhagad facility, Maharashtra, and general corporate purposes.

The company is a premium façade solutions and fenestration provider in India, 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. (Source: Ken Report).

The company is also India’s largest façade exporter in 2024 in terms of revenue. (Source: Ken Report). And 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. (Source: Ken Report)

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

The company’s key clients include Bagmane, K Raheja and Prestige, and spans over seven years.  Notable domestic façade projects undertaken by the company in both commercial and residential sectors include The Capital, Kohinoor Square, Bagmane Rio and Lodha World One. 

Internationally, the company has undertaken projects such as Jackson Avenue measuring 16,707.76 square meters, 1400 South Wabash measuring 10,900.42 square meters, 2300 Market Place measuring 7,597.48 square meters, 3202 Cuthbert measuring 5,207.66 square meters, Spark GTIC measuring 14,640.12 square meters, and Harper Court measuring 12,491.97 square meters in USA in collaboration with our client, Reflection Window + Wall (RWW), and Project Dove in Australia measuring 2,237 square meters.

Chartered Speed IPO

Ahmedabad-based Chartered Speed Ltd receives final SEBI approval for IPO

The Company had filed its IPO papers with SEBI on 4 September, 2025

The IPO consists of a fresh issue of shares up to Rs 655 crore and an offer-for-sale up to Rs 200 crore by promoters – Pankaj Gandhi and Alka Pankaj Gandhi respectively.

The proceeds from its fresh issuance worth Rs 98 crore will be utilised for investment in electric buses, Rs 396.4 crore for pre-payment or repayment in full or part of certain borrowings of the company, and general corporate purposes.  

The company is a leading passenger mobility company in India with an operational bus fleet of over 2,000 vehicles as on June 30, 2025 (Source: F&S Report). The company primarily operates a self-owned fleet, which enables it to maintain greater control over its operations.

And with over 15 years of experience in the mobility sector, the company providing sustainable, affordable, and efficient inter-city and intra-city transportation solutions across six states (Source: F&S Report). Its extensive network spans 500 cities, enabling it to serve approximately 3.5 lakh passengers daily (Source: F&S Report).

The company’s inter-city bus operations are largely focused in Gujarat, Odisha, Madhya Pradesh, Rajasthan and Assam, and intra-city bus operations are largely focused in Gujarat and Madhya Pradesh.

The mobility industry is expected to grow at a compounded rate of 9.5% between Fiscal 2025 and Fiscal 2030. (Source: F&S Report).

The company’s business model has two key models – annuity model and ticket revenue model. In the annuity model the company enters into a long-term contract with state transport undertakings (“STUs”), government owned and certain educational and corporate institutions, whereby it is entitled to fixed payments based on number of kilometers per day or a combination of parameters as decided in the contract. It ensures predictable and stable cash flows.

Its major annuity contracts are with state transport undertakings like OSRTC, AMTS and GSRTC, and certain schools and corporates

In the ticket revenue model, it allows the company to retain the entire revenue generated from ticket sales as well as offers the opportunity for additional revenue streams such as advertising and express parcel delivery. Its ticket revenue bus operations largely focused on inter-city routes in Gujarat, Madhya Pradesh, Rajasthan, Assam and Maharashtra.

Tempsens Instruments India IPO

Vadodara-based Tempsens Instruments (India)  receives final SEBI approval for IPO

The Company had filed its IPO papers with SEBI on 29 September, 2025.

The IPO consists of a fresh issue up to Rs 118 crore and an offer for sale up to 17, 925, 071 shares by promoters – Amit Talesara, Puneet Talesara and Chandra Prakash Talesara. Other shareholders selling shares are Ankit Talesara and Nirmal Kumar Pande.  

The proceeds from its fresh issuance worth Rs 35.37 crore will be utilised for funding certain capital expenditure of the company for electrical heating solutions and specialized cable solutions, and Rs 55 crore for pre-payment or repayment in full or part of certain borrowings of the company, and general corporate purposes.

The company is a thermal engineering and specialised cable manufacturer, engaged in the design and manufacture of customized temperature sensing solutions, electrical heating solutions and specialised cables.

The company’s offerings are tailored to address each customer’s technical requirements. And by combining its technical expertise with a collaborative approach to customer relationships, the company delivers solutions that address complex thermal management and cable challenges across diverse industries. The company’s strong sales and operations teams are able to respond quickly to client needs, ensuring timely and effective delivery of its customised solutions.

According to the F&S Report, the company is the largest manufacturer of contact and non-contact temperature sensors in India in terms of revenue with a market share of approximately 10% in temperature sensor segment during the year ended March 31, 2025. The company is also the only Indian manufacturer of non-contact temperature sensors and held approximately 18% market share during Fiscal 2025 (Source: F&S Report).

And by indigenising noncontract temperature sensor development, the company has reduced reliance on foreign suppliers and established a strong leadership position (Source: F&S Report). Its technical expertise extends to advanced conductor solutions, and the company is among the few specialist manufacturers in India, as March 31, 2025 (Source: F&S Report). Furthermore, the company is one of India’s largest manufacturers of electrical heaters in terms of installed capacity as of March 31, 2025 (Source: F&S Report).

The company is also the only manufacturer of fibre optic temperature sensors and thermal profiling systems in India as of March 31, 2025 (Source: F&S Report). The company offers a diverse product portfolio structured around three core verticals – temperature sensing solutions, electrical heating solutions and specialised cables.

Its products play a critical role in ensuring safe, efficient and reliable operation of manufacturing processes across multiple industries.

The company has a diverse portfolio of project/original equipment manufacturer (Project/OEM) and maintenance, repair and operations (MRO). The Project/OEM category represents a high-barrier, approval-driven market, where winning large, competitive orders for instrumentation in greenfield or brownfield setups underscores the company’s technical credibility and customer trust (Source: F&S Report).