The initial public offering (IPO) of Glass Wall Systems continued its strong run on the last day of bidding, with the issue receiving 14.11 times subscription as of 11:15 am on September 10, as per NSE data.
In the grey market, Glass Wall Systems shares were commanding a premium of 35.71 percent on September 10, according to market-tracking platform InvestorGain.
Grey market premiums are unofficial indicators and are driven largely by market sentiment and speculation. They can change before listing and do not guarantee listing gains.
The IPO price band is Rs 172-182 per share. The Glass Wall Systems IPO is a book-built issue of Rs 427.89 crore. The offer comprises a fresh issue of 32.97 lakh shares aggregating to Rs 60 crore and an offer for sale (OFS) of 2.02 crore shares worth Rs 367.89 crore.
The company plans to use the net proceeds from the fresh issue to fund capital expenditure for setting up a glass processing unit as part of its planned backward integration at its Vile Bhagad facility. The company has earmarked Rs 60 crore for the project. The balance proceeds will be used for general corporate purposes.