Glass Wall Systems India IPO Opens September 8, ₹428-Crore Issue Priced at ₹172-182
· Free Press Journal
New Delhi: Facade solutions provider Glass Wall Systems (India) Ltd is set to enter the primary market with its Rs 428-crore initial public offering next week. The Glass Wall Systems India IPO will open for subscription on September 8 and close on September 10.
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The company has fixed the IPO price band at Rs 172-182 per equity share. Anchor investors will be able to place their bids on September 7.
Fresh Issue and OFS Details
The public offer comprises a fresh issue of shares worth up to Rs 60 crore alongside an Offer for Sale (OFS) of 2.02 crore equity shares.
Promoters Jawahar Hariram Hemrajani and Eshan Jawahar Hemrajani, along with investor shareholder India Business Excellence Fund IIA, will sell shares through the OFS.
Mahanadi Coalfields IPO Moves Ahead As Coal India Files DRHP For 10% Stake Sale Through OFSAt the upper end of the price band, the Glass Wall Systems India IPO size is estimated at around Rs 428 crore.
Of the fresh issue proceeds, Rs 50 crore will be deployed to establish a glass processing unit at the company’s Vile Bhagad facility in Maharashtra. The investment forms part of its planned backward integration strategy. The balance will be used for general corporate purposes.
Listing Scheduled for September 16
Founded in 2002, Glass Wall Systems provides facade and fenestration solutions and operates across India, the US and Australia.
Annu Projects Shares Debut At 27% Discount To IPO PriceThe company’s shares are scheduled to list on the BSE and NSE on September 16.
Motilal Oswal Investment Advisors and IIFL Capital are the book-running lead managers, while MUFG Intime India is the registrar to the issue.