Glass Wall Systems India's ₹428-Cr IPO To Open On Sep 8; Price Band Set At ₹172-182

Facade solutions provider Glass Wall Systems (India) Ltd on Thursday set a price band of ₹172-182 per equity share for its upcoming ₹428 crore Initial Public Offering (IPO).

The IPO will open for public subscription on September 8 and close on September 10. The bidding for anchor investors will take place on September 7, according to a public announcement.

The offer comprises 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-- and investor shareholder India Business Excellence Fund IIA.

At the upper end of the price band, the total issue size is estimated at around ₹428 crore.

Of the proceeds from the fresh issue, ₹50 crore will be utilised for setting up a glass processing unit as part of the company's planned backward integration at its Vile Bhagad facility in Maharashtra. The remaining funds will be used for general corporate purposes.

Incorporated in 2002, Glass Wall Systems (India) is a facade solutions and fenestration provider with operations in India as well as markets in the US and Australia.

The equity shares are proposed to be listed on the BSE and NSE on September 16.

Motilal Oswal Investment Advisors and IIFL Capital are the book-running lead managers to the issue, while MUFG Intime India is the registrar.