Business & Finance

Glass Wall Systems Secures Rs 128 Crore from Anchor Investors Before IPO Debut

By PTI

Facade and fenestration solutions provider Glass Wall Systems India Ltd has raised Rs 128.36 crore from anchor investors ahead of its initial public offering. According to a circular filed with the BSE, the company allocated 70.53 lakh equity shares to anchor investors at Rs 182 apiece, amounting to Rs 128.37 crore.

Prominent participants 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.

The company's Rs 428-crore IPO is scheduled to open for public subscription on September 8 and close on September 10, with a price band set between Rs 172 and Rs 182 per share. The mainboard offering consists of a fresh issue of shares worth up to Rs 60 crore, along with an offer-for-sale of 2.02 crore equity shares by promoters Jawahar Hariram Hemrajani and Eshan Jawahar Hemrajani, as well as investor shareholder India Business Excellence Fund IIA.

Out of the fresh issue proceeds, Rs 50 crore is earmarked for establishing a glass processing unit at the company's Vile Bhagad facility in Maharashtra, as part of its backward integration plans. The remaining amount will go toward general corporate purposes.

Founded in 2002, Glass Wall Systems India Ltd specializes in facade and fenestration solutions, serving clients domestically as well as in international markets including the United States and Australia. The company's equity shares are expected to be listed on both the BSE and NSE on September 16.