Glass Wall Systems India shares list at a small premium to their issue price

Shares of Glass Wall Systems India Ltd. debuted on Dalal Street on Wednesday, September 16 at a premium to their issue price.

The stock began trading at ₹194 apiece, 6.6% higher in comparison to the issue price of ₹182. Ahead of the listing, the shares were commanding a premium of ₹41, or 23%, over the IPO price in the grey market, quoting at ₹223 against the offer price.

The ₹428-crore initial public offering (IPO) of façade solutions provider Glass Wall Systems India was subscribed 81.65 times during the September 8-10 subscription period, receiving bids for 134.37 crore shares against 1.64 crore shares on offer.

The qualified institutional buyer (QIB) portion was subscribed 167.93 times, while the non-institutional investor (NII) quota received 79.71 times subscription. The retail portion was subscribed 33.18 times.

Glass Wall Systems India IPO: Price band and anchor investors

The company had fixed the IPO price band at ₹172-182 per equity share.

Glass Wall Systems India raised ₹128.36 crore from anchor investors ahead of the IPO opening. The company allotted 70.53 lakh equity shares to anchor investors at ₹182 per share.

Investors participating in the anchor round included HDFC Mutual Fund, Bank of India Mutual Fund, Kotak Mahindra Life Insurance Company, Abakkus Growth Fund, Integrated Core Strategies (Asia) Pte Ltd, PineBridge India Equity Fund, Bengal Finance and Investment and Subhkam Ventures.

Glass Wall Systems India IPO: Issue structure

The mainboard issue comprised 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, along with investor shareholder India Business Excellence Fund IIA.

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

Incorporated in 2002, Glass Wall Systems India is a façade solutions and fenestration provider with operations in the domestic market and overseas markets, including the US and Australia.

The company provides customised façade systems and undertakes projects across design, engineering, manufacturing, supply and installation.

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