Glass Wall Systems (India) IPO
Glass Wall Systems (India) Limited (GLASSWALL) · mainboard IPO on NSE and BSE · Book Building. Listed on 16 September 2026.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +15.5% (likely range +4% to +33%), day's high +21.1%, chance of a gain 92%. Actual: +6.6% at the open, +25.8% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 47,02,085 | 78,96,08,094 | 168x | |
| NII (HNI) total | 35,26,564 | 28,11,15,762 | 79.7x | |
| Big NII (above ₹10 lakh) | 23,51,043 | 17,37,47,340 | 73.9x | |
| Small NII (₹2-10 lakh) | 11,75,521 | 10,73,68,422 | 91.3x | |
| Retail | 82,28,649 | 27,30,04,732 | 33.2x | |
| Total | 1,64,57,298 | 1,34,37,28,588 | 81.6x |
Bids on NSE and BSE together, as published by NSE, as of 10 Sep 2026, 07:00 PM. Shares offered exclude the anchor portion. 18% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Glass Wall Systems (India)'s, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| EMSSep 2023 | 153x | 82.3x | 29.8x | 75.3x | ₹322 Cr | +33.7% | +37.9% |
| Vishnu Prakash R PungliaAug 2023 | 172x | 111x | 32.0x | 87.8x | ₹309 Cr | +66.7% | +66.7% |
| Skyways Air ServicesAug 2026 | 140x | 87.2x | 25.4x | 71.3x | ₹583 Cr | -10.1% | -1.1% |
| Studds AccessoriesNov 2025 | 160x | 77.0x | 22.1x | 73.3x | ₹455 Cr | -3.4% | 0.0% |
| Azad EngineeringDec 2023 | 180x | 87.6x | 23.8x | 80.7x | ₹751 Cr | +37.4% | +38.7% |
| DAM Capital AdvisorsDec 2024 | 166x | 98.6x | 27.1x | 82.1x | ₹840 Cr | +38.9% | +61.5% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| IIFL Capital Services Limited (Formerly known as IIFL Securities Limited) and Motilal Oswal Investment Advisors | 11 | +5.7% | 64% |
Offer documents (NSE)
Frequently asked
What is the Glass Wall Systems (India) IPO price band and lot size? ₹172–182 per share, with a lot of 82 shares, so the smallest retail bid is ₹14,924.
How many times has it been subscribed? 81.6x overall: QIB 168x, NII 79.7x, retail 33.2x.
How did it list? It opened at ₹194, +6.6% against the issue price of ₹182, and closed its first day +18.1%.
