Glass Wall Systems (India) Ltd, which manufactures and installs facade systems, has filed preliminary papers with markets regulator Sebi to mobilise funds through an initial public offering (IPO).
The proposed IPO comprises a fresh issue of shares worth Rs 60 crore and an offer-for-sale (OFS) of 4.02 crore shares by promoters and investors India Business Excellence Fund IIA and Vistra ITCL (India) Ltd, according to the draft red herring prospectus (DRHP).
The Mumbai-based company, in its draft papers filed on Friday, stated that proceeds from the fresh issuance will be deployed for setting up of GPU Project as part of its planned backward integration at its Vile Bhagad facility in Maharashtra and general corporate purposes.
Glass Wall Systems is a premium facade solutions and fenestration provider in India, the US and Australia. With over two decades of experience, the company has completed more than 150 projects as of March 31, 2025.
The company provides a diverse array of innovative and customised products, including curtain wall facades, storefront wall facades, frameless facades, luxury windows, doors, skylights, and partition systems. Its key clients include Bagmane, K Raheja and Prestige.
The company's primary manufacturing facility is located at Vile Bhagad, Maharashtra, with an installed capacity of 140 panels per month as of March 31, 2025.
On the financial front, Glass Wall Systems' net profit stood at Rs 44 crore during fiscal 2025, while revenue from operations was Rs 245 crore.
As of August 31, 2025, the company's domestic facade solutions order book amounted to Rs 422 crore while an outstanding order of Rs 135.4 crore for supply of facade products internationally.
IIFL Capital and Motilal Investment Advisors have been appointed as book-running lead managers to the issue.
