Glass Wall Systems IPO Review: 86% OFS, 19x
A façade contractor is raising ₹428 crore, 86% of it an OFS including a ₹272 crore PE exit, at 19.1x FY26. Structure, cash, and the one listed peer.
A façade contractor is raising ₹428 crore, 86% of it an OFS including a ₹272 crore PE exit, at 19.1x FY26. Structure, cash, and the one listed peer.
A Meerut transformer maker is asking ₹1,056 crore, 72% of it an OFS, at 38.6x FY26. Here is the issue structure, the 7x profit jump, and the five checks I run.
A Mumbai redevelopment developer is raising ₹351 crore, 90% fresh, at 19.6x FY26. Profit grew; operating cash was negative in FY25 and FY26.
A speciality-chemicals maker is raising ₹500 crore, 84% of it an OFS, at 48x FY26. Margins doubled; cash did not keep up. Here are the five checks.
Rentomojo opens 9 Sep at ₹384–404. Of ₹1,256 crore, 88% is OFS. FY26 PAT includes a ₹36.6 crore tax credit; ex-credit the multiple is ~63x.
| Company | Band (₹) | Bidding |
|---|---|---|
| Rentomojo NSE | 384–404 | 9–11 Sept 2026 |
| Prasol Chemicals NSE | 643–676 | 8–10 Sept 2026 |
| Kanohar Electricals NSE | 601–632 | 8–10 Sept 2026 |
| Glass Wall Systems (India) NSE | 172–182 | 8–10 Sept 2026 |
| Pranav Constructions NSE | 118–124 | 7–9 Sept 2026 |