Glass Wall Systems raises $14M from anchors before India IPO

What's the deal? Glass Wall Systems India Ltd raised ₹128.36 crore (about $14 million) from anchor investors on September 7, a day before its ₹428 crore initial public offering opens. The facade solutions provider allocated 70.53 lakh shares at ₹182 apiece, the top of its ₹172-182 price band.

Who's backing it? Anchor investors include HDFC Mutual FundDealroom has a profile for this one. Try Dealroom →, Bank of India Mutual FundDealroom has a profile for this one. Try Dealroom →, Kotak Mahindra Life InsuranceDealroom has a profile for this one. Try Dealroom → Company, Abakkus Growth FundDealroom has a profile for this one. Try Dealroom →, Integrated Core Strategies (Asia)Dealroom has a profile for this one. Try Dealroom →, PineBridge India Equity Fund, Bengal Finance and Investment, and Subhkam VenturesDealroom has a profile for this one. Try Dealroom →.

Why now? The IPO opens on September 8 and closes on September 10, with shares set to list on the BSE and NSE on September 16.

What's the endgame? The issue combines a fresh issuance worth up to ₹60 crore and an offer-for-sale of 2.02 crore shares by promoters Jawahar Hariram Hemrajani and Eshan Jawahar Hemrajani, plus investor India Business Excellence Fund IIADealroom has a profile for this one. Try Dealroom →. Of the fresh proceeds, ₹50 crore will fund a new glass processing unit at the company's Vile Bhagad facility in Maharashtra, part of a backward-integration push. The rest goes to general corporate purposes.

The signal: Incorporated in 2002, Glass Wall Systems runs facade and fenestration operations across India, the US, and Australia. Anchor participation from large domestic funds signals institutional appetite for its listing as it moves to control more of its supply chain.

Read more: money.rediff.com

Image credit: Rodrigo_Soldon