Glass Wall Systems to raise Rs 60 crore by a fresh issue, IBEF and Vistra ITCL to exit via OFS

Glass Wall Systems IPO

Facade solutions provider Glass Wall Systems India has filed draft papers with the Sebi, according to a notification, primarily to offer exit to India Business Excellence Fund (IBEF) and Vistra ITCL, the only public shareholders in the company.

The company plans to raise Rs 60 crore by issuing fresh shares, while the promoters and investors will be selling up to 4.02 crore equity shares via offer-for-sale (OFS).

The promoters of the company will be offloading 98.62 lakh shares in the offer-for-sale issue, while investors - Vistra ITCL India (Trustee of Business Excellence Trust II – India Business Excellence Fund II) and India Business Excellence Fund - IIA will exit Glass Wall Systems by selling entire 85.04 lakh shares and 2.18 crore shares respectively, equivalent to 35.89 percent stake, through OFS.

The promoters' shareholding in the company is 64.11 percent.

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The Mumbai-based company intends to spend Rs 50 crore of the net fresh issue proceeds to set up a glass processing unit as a part of planned backward integration at its Vile Bhagad facility (Maharashtra), its only manufacturing unit. The remainder of the funds will be utilised for general corporate purposes.

Glass Wall Systems claims to be the second largest facade solutions provider in India in terms of revenue, completing over 150 projects as of March 2025. By August, its domestic facade solutions order book amounted to Rs 422 crore while outstanding orders were worth Rs 135.5 crore for international supplies.

The order book for fenestration business under Yes Systems (which was acquired in August this year) amounted to Rs 67.3 crore. The company has seen inconsistency in its financial performance in the recent years, with net profit growing sharply by 266.5 percent to Rs 43.8 crore in the FY25, however, revenue in the same period fell 13.3 percent to Rs 244.8 crore.

IIFL Capital Services and Motilal Oswal Investment Advisors are the merchant bankers to handle Glass Wall Systems' IPO.