Mumbai-based Glass Wall Systems (India) files DRHP for IPO

Mumbai, Sep 8 Premium facade and fenestration solutions provider Glass Wall Systems (India) Limited which filed its Draft Red Herring Prospectus (DRHP) with SEBI for an Initial Public Offering (IPO), reported a 13 per cent fall in revenue for the year ended March 31.

Mumbai-based company’s revenue from operations stood at Rs 244.7 crore in FY25, compared to Rs 282.1 crore in FY24, according to its DRHP.

However, its restated profit for the year jumped sharply to Rs 43.8 crore, compared to Rs 11.9 crore in the previous year, supported by lower expenses.

In FY25, the company generated Rs 114.7 crore in revenue from overseas operations, a significant jump from Rs 15.6 crore in FY23.

As of August 31, it had a domestic order book worth Rs 421.9 crore, international orders worth Rs 135.4 crore, and Rs 67.3 crore in orders for its fenestration business under Yes Systems.

The IPO will consist of a fresh issue of shares worth up to Rs 60 crore and an offer-for-sale (OFS) of up to 40,234,552 shares by promoters Jawahar Hariram Hemrajani, Eshan Jawahar Hemrajani, Amit Jawahar Hemrajani and Vinne Jawahar Hemrajani, along with investors India Business Excellence Fund IIA and Vistra ITCL (India) Limited.

A portion of the issue will be reserved for employees, with a discount offered in that category.

From the fresh issue proceeds, Glass Wall Systems plans to use Rs 50 crore for setting up a glass processing unit (GPU Project) at its Vile Bhagad facility in Maharashtra as part of its backward integration strategy. The rest will go towards general corporate purposes.

Glass Wall Systems operates across three business verticals -- domestic facade solutions, international façade product supply, and premium fenestration solutions.

The company’s main manufacturing unit is located in Vile Bhagad, Maharashtra, with an installed capacity of 140 panels per month as of March.

The facility, spread across 20,295 square meters, is being expanded further by another 18,211 square meters.

IIFL Capital and Motilal Investment Advisors are the book-running lead managers for the IPO, while MUFG Intime India Private Limited is the registrar.

The company’s shares are proposed to be listed on both the BSE and NSE.

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