Glasswall Systems IPO Subscribed 10.67x on Day 2; Steady GMP Points to 36% Listing Gain

Investor demand for the Glasswall Systems IPO accelerated on its second bidding day, pushing total subscription to 10.67 times by the morning of September 10. The public issue received bids for over 1.64 crore shares against the offer size, primarily anchored by aggressive bidding from non-institutional and retail participants.

Subscription Breakdown by Category

Non-Institutional Investors (NII) led the demand, bidding 18.37 times their allotted quota. Within this segment, Small NIIs (S-NII) subscribed 26.29 times, while Big NIIs (B-NII) booked 14.41 times. Retail Individual Investors (RII) also participated heavily, oversubscribing their portion by 13.17 times with more than 1 lakh applications submitted. The Qualified Institutional Buyer (QIB) book lagged during early bidding, standing at 0.53 times.

Grey Market Premium and Listing Projections

In the unlisted market, the Grey Market Premium (GMP) for Glasswall Systems was quoted at ₹65 per share. Based on the fixed issue price of ₹182, the stock signals an estimated debut at ₹247 per share—reflecting a projected listing gain of roughly 35.71%.

While subscription volumes climbed sharply from 4.57x on September 9 to over 10x, the premium held relatively flat compared to the previous day’s peak of ₹66.

Key Details at a Glance

• Issue Price: ₹182 per share
• Current Grey Market Premium: ₹65
• Projected Listing Price: ₹247 (35.71% premium)
• Total Subscription: 10.67 times
• Leading Segment: S-NII at 26.29 times

Disclaimer: Grey market premiums are unofficial indicators driven by unregulated over-the-counter demand and do not guarantee official listing performance. Investors should review official offer documents and consult certified financial professionals before allocating capital.