Chartered Speed, Glass Wall Systems, Tempsens get final SEBI observations
MUMBAI, Jab 5 (The CONNEC T) -Three companies spanning passenger mobility, façade engineering and industrial instrumentation have received final observations from the Securities and Exchange Board of India (SEBI) for their proposed initial public offerings (IPOs).
Mumbai-based Glass Wall Systems (India) Ltd had filed its IPO papers with SEBI on September 5, 2025. The issue comprises a fresh issue of equity shares aggregating up to ₹60 crore and an offer-for-sale of up to 4.02 crore shares by promoters Jawahar Hariram Hemrajani, Eshan Jawahar Hemrajani, Amit Jawahar Hemrajani and Vinne Jawahar Hemrajani. Shares are also being offloaded by India Business Excellence Fund IIA and Vistra ITCL (India) Ltd.
Proceeds from the fresh issue—about ₹50 crore—will be used to fund capital expenditure for setting up a glass processing unit at the company’s Vile Bhagad facility in Maharashtra as part of its backward integration plans, along with general corporate purposes. Glass Wall Systems is a premium façade and fenestration solutions provider with operations across India, the US and Australia. Industry estimates rank it as the second-largest façade solutions provider in India by revenue in FY24 and FY25, and the country’s largest façade exporter in 2024. With more than two decades of experience, the company has executed over 150 projects, including marquee developments such as Lodha World One, Kohinoor Square and large commercial projects overseas.
Ahmedabad-based Chartered Speed Ltd filed its draft IPO papers on September 4, 2025. The issue consists of a fresh issue of shares worth up to ₹655 crore and an offer-for-sale of up to ₹200 crore by promoters Pankaj Gandhi and Alka Pankaj Gandhi. The company plans to deploy ₹98 crore towards investment in electric buses, ₹396.4 crore towards repayment or prepayment of borrowings, and the balance for general corporate purposes.
Chartered Speed is a leading passenger mobility company with a self-owned operational fleet of over 2,000 buses as of June 30, 2025. Operating across six states and nearly 500 cities, it serves about 3.5 lakh passengers daily through inter-city and intra-city services. Its business model spans annuity-based contracts with state transport undertakings and institutions—ensuring predictable cash flows—alongside a ticket revenue model that allows upside through fares, advertising and parcel delivery.
Vadodara-based Tempsens Instruments (India) filed its IPO documents on September 29, 2025. The issue includes a fresh issue of up to ₹118 crore and an offer-for-sale of up to 1.79 crore shares by promoters Amit Talesara, Puneet Talesara and Chandra Prakash Talesara, along with other shareholders. Fresh issue proceeds will be used for capital expenditure in electrical heating and specialised cable solutions, repayment of borrowings worth ₹55 crore, and general corporate purposes.
Tempsens is a thermal engineering and specialised cable manufacturer offering customised temperature sensing, electrical heating and cable solutions. Industry reports rank it as India’s largest manufacturer of contact and non-contact temperature sensors by revenue, and the only domestic manufacturer of non-contact and fibre-optic temperature sensors. Its products play a critical role across industrial and manufacturing applications, reinforcing its position in high-barrier Project/OEM markets.
