Glass Wall Systems Raises ₹128 Cr from Anchors Ahead of ₹428‑Cr IPO

New Delhi: Facade solutions provider Glass Wall Systems India Ltd on Monday raised Rs 128.36 crore from anchor investors, ahead of the launch of its initial public offering (IPO).

The company has finalised the allocation of 70.53 lakh equity shares to anchor investors at Rs 182 per share, according to a circular uploaded on the BSE website.

Glass Wall Systems allocated shares worth Rs 128.37 crore to anchor investors.

The investors who participated 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 Rs 428-crore IPO will open for subscription on September 8 and close on September 10. The company has fixed a price band of Rs 172-182 per equity share.

The mainboard issue comprises a fresh issuance of equity shares worth up to Rs 60 crore and an offer-for-sale (OFS) of 2.02 crore equity shares by promoters – Jawahar Hariram Hemrajani and Eshan Jawahar Hemrajani – and investor shareholder India Business Excellence Fund IIA.

Of the proceeds from the fresh issue, Rs 50 crore will be utilised for setting up a glass processing unit as part of the company’s planned backward integration at its Vile Bhagad facility in Maharashtra. The remaining funds will be used for general corporate purposes.

Incorporated in 2002, Glass Wall Systems India Ltd is a facade solutions and fenestration provider with operations in the domestic market and overseas territories such as the US and Australia.

The equity shares are proposed to be listed on the BSE and NSE on September 16.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)