Mumbai-based Glass Wall Systems (India) Ltd. has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO).

The offer, with a face value of Rs 2, is a mix of fresh issue of shares 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 offer also includes a subscription reservation by eligible employees, and a discount is being offered to eligible employees bidding in the employee reservation portion.

The proceeds from its fresh issuance worth Rs 60 crore will be utilised for funding capital expenditure requirement for setting up of GPU Project as part of its planned backward integration at its Vile Bhagad, Maharashtra facility for Rs 50 crore and general corporate purposes.

The Offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not more than 15% and 35% of the net offer is assigned to non-institutional bidders and retail individual bidders respectively.

Glass Wall Systems (India) Ltd. 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’s operations are categorized into three main verticals –

Domestic Façade Solutions – The company primarily undertakes engineering, procurement, and construction (EPC) and manufacturing services for façade solutions to its clients

International Façade Products Supply – The company is focused on providing design, engineering, fabrication and manufacturing and supply of sustainable façade products tailored to specific requirements of general contractors and façade contracting companies

Fenestration Solutions – The company specialises in premium fenestration solutions, including custom-designed luxury windows, doors, skylights, and partition systems, tailored to the luxury sector of the Indian real estate market

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.

The company’s primary manufacturing facility is located at Vile Bhagad, Maharashtra on a land parcel admeasuring 101,299 square meters. It’s Vile Bhagad facility is spread across a developed area of 20,295 square meters and has an installed capacity of 140 panels per month, as of March 31, 2025, and it is currently in the process of expanding the facility over an additional area of 18,211 square meters. In addition to capacity expansion, the company is also pursuing backward integration through the establishment of in-house glass processing unit which includes a capital expenditure of ₹ 50 crore from the net proceeds of the IPO.

The Vile Bhagad Facility, operates under ISO 9001:2015-certified quality management system and ISO 45001:2018- certified occupational health and safety management system, and is equipped with advanced computer numerical control (CNC) machinery, which automates precision cutting, drilling, milling and shaping of aluminium profiles and other materials required for façade systems, ensuring high quality, consistent output with minimal manual intervention.

In addition, automated logistics systems enable efficient handling of heavy glass panels, supporting high standards of productivity, safety and manufacturing efficiency.

The company’s revenue from operations was Rs 244.7 crore during Fiscal 2025 from Rs 240.5 crore during Fiscal 2023. Its revenue from overseas operations was Rs 114.7 crore during Fiscal 2025 from Rs 15.6 crore during Fiscal 2023. The company’s net profit was Rs 43.8 crore during Fiscal 2025 from Rs 16.1 crore during Fiscal 2023.

As of August 31, 2025, the company’s domestic façade solutions order book amounted to ₹ 421.9 crore and an outstanding orders of ₹ 135.4 crore for supply of façade products internationally.  Also, its order book for fenestration business under Yes Systems amounted to ₹ 67.3 crore.

IIFL Capital and Motilal Investment Advisors are the book-running lead managers and MUFG Intime India Private Limited is the registrar of the offer. The equity shares are proposed to be listed on BSE and NSE.

DRHP Link: https://www.bseindia.com/corporates/download/309439/IPO%20Prior/002DRHP_20250906164530.pdf