Liquidity Events
Building facade solutions provider Glass Wall Systems’ Rs.428-Cr IPO oversubscribed over 31x
The initial public offering (IPO) of Mumbai-based Glass Wall Systems has subscribed over 31 times. Qualified Institutional Buyers (QIBs) subscribed 20.10 times the portion reserved for them, while the NII and retail portions were subscribed 59.17 times and 25.64 times, respectively.The IPO consists of a fresh issue of shares and an offer for sale (OFS) of 2.02 crore shares in a price band of INR 172-182 per share.Incorporated in 2010, the company provides facade solutions and fenestration services to domestic and international markets, including the US and Australia, and claims to have completed over 158 projects. The company intends to use the INR 60-Cr fresh issue proceeds to fund capital expenditure for a new glass processing unit at its Vile Bhagad facility.
In June 2014, Glass Wall Systems had raised INR 75-Cr from Motilal Oswal Alternates via India Business Excellence Fund II and India Business Excellence Fund IIA.
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