New Delhi, September 8 (HS): Mumbai-based Glass Wall Systems (India) Ltd has filed its Draft Red Herring Prospectus (DRHP) with the capital market regulator, the Securities and Exchange Board of India (SEBI), for its proposed Initial Public Offering (IPO).
According to the filed documents, the IPO will comprise a fresh issue of equity shares worth up to ₹60 crore with a face value of ₹2 each, along with an Offer for Sale (OFS) of 40.23 million equity shares by the promoters. The selling promoters include Jawahar Hariram Hemrajani, Ishan Jawahar Hemrajani, Amit Jawahar Hemrajani, and Vinne Jawahar Hemrajani. Other selling shareholders include India Business Excellence Fund IIA and Vistara ITCL (India) Ltd.
The IPO also reserves a portion for the company’s eligible employees, who will receive a discount on the offer price under the employee quota. Proceeds from the fresh issue, amounting to ₹60 crore, will be utilized primarily for capital expenditure of around ₹50 crore towards the establishment of a Graphics Processing Unit (GPU) at the company’s facility in Vile Bhagad, Maharashtra, as part of its planned backward integration. The remaining funds will go towards general corporate purposes.
Glass Wall Systems (India) Ltd is a leading premium façade and fenestration solutions provider operating across India, the United States, and Australia. In terms of revenue, it was ranked as the second-largest façade solutions provider in India for FY 2023-24 and FY 2024-25, and the largest façade exporter from India in 2024. By March 31, 2025, the company had successfully completed more than 150 projects.
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Hindusthan Samachar / Jun Sarkar
