Glass Wall Systems stock jumps nearly 7 per cent on debut

Representational Image. File pic.

Shares of facade solutions provider Glass Wall Systems India Ltd climbed nearly 7 per cent against the issue price of Rs 182 on Wednesday.

The stock listed at Rs 190.10, up 4.45 per cent from the issue price on the BSE. At the NSE, it started trading at Rs 194, registering a jump of 6.59 per cent.

The company commanded a market valuation of Rs 1,771.02 crore during the morning trade.

Glass Wall Systems' Rs 428-crore initial share sale got subscribed 81.65 times on Thursday last week.
The company had fixed a price band of Rs 172-182 per share for its IPO.

Glass Wall Systems India Ltd had raised Rs 128.36 crore from anchor investors.

The mainboard issue had 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.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.