Glass Wall Systems shares list at nearly 7% premium over IPO price

Shares of Glass Wall Systems India Ltd made a positive debut on the stock exchanges on Wednesday, listing at a premium of 6.59 per cent over the issue price.

The stock opened at Rs 194 on NSE, compared with its initial pubic offering (IPO) price of Rs 182 per share.

The Rs 428-crore initial share sale of the façade solutions provider was subscribed 81.65 times during the September 8-10 bidding period. The issue received bids for 134.37 crore equity 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) category saw 79.71 times subscription. The retail portion was subscribed 33.18 times.

Glass Wall Systems had fixed the IPO price band at Rs 172-182 per equity share. Ahead of the issue, the company raised Rs 128.36 crore from anchor investors by allotting 70.53 lakh shares at Rs 182 apiece.

The anchor investors 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.

The mainboard IPO comprised a fresh issue of equity shares worth up to Rs 60 crore and an Offer-for-Sale (OFS) of 2.02 crore shares by promoters Jawahar Hariram Hemrajani and Eshan Jawahar Hemrajani, along with investor shareholder India Business Excellence Fund IIA.

Of the fresh issue proceeds, Rs 50 crore will be used to establish a glass-processing unit at the company's Vile Bhagad facility in Maharashtra as part of its backward integration plans. The balance will be used for general corporate purposes.

Incorporated in 2002, Glass Wall Systems provides façade solutions and fenestration services in India as well as overseas markets, including the US and Australia.

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