Varmora Granito IPO allotment likely today: Flat GMP signals muted listing. Here’s how to check status

The basis of allotment of Varmora Granito IPO shares is likely to get finalised today, September 24. With the public issue receiving a 1.58-times subscription, attention has now shifted to the basis of allotment and the company’s upcoming stock market debut.

The Rs 708-crore Varmora Granito IPO is expected to finalise its share allotment today. Once the allotment is announced, investors will be able to check online whether they have been allotted shares. The company’s stock is tentatively scheduled to list on both the BSE and NSE on Tuesday, September 29, 2026.

Read more: NSE IPO Tracker: Catch all the highlights here


Grey market trends, meanwhile, indicated muted interest, with the company’s unlisted shares trading flat, according to sources tracking unofficial market activity. The trend suggests that the stock could potentially make a muted debut on the bourses. However, the Grey Market Premium (GMP) is an unofficial indicator and can fluctuate before the shares begin trading.

The Rs 708-crore IPO is a book-built issue comprising a fresh issue of 2.16 crore shares worth Rs 320 crore and an offer for sale (OFS) of 2.62 crore shares worth Rs 388.02 crore.

The issue was open for subscription from September 22 to September 24, 2026. The company’s shares are proposed to be listed on both the NSE and BSE on September 29.

The IPO has a price band of Rs 140–148 per share, with a lot size of 101 shares.

The public offer of Varmora Granito was subscribed 1.58 times, with investors placing bids for 5,34,85,762 shares against 3,39,02,899 shares on offer, according to NSE data.

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Qualified Institutional Buyers (QIBs) led the demand, with the category subscribed 3.16 times. The institutional portion had 93.65 lakh shares on offer.

The Retail Individual Investors (RIIs) category was nearly fully subscribed, receiving bids for 1,70,92,634 shares against 1,71,76,172 shares reserved for the segment.

Meanwhile, the Non-Institutional Investors (NIIs) category was subscribed 92%, with 73.61 lakh shares available for subscription.

JM Financial Ltd., Goldman Sachs (India) Securities Pvt. Ltd. and SBI Capital Markets Ltd. are the book-running lead managers for the issue, while Kfin Technologies Ltd. is the registrar.

Varmora Granito IPO Allotment Status: How to Check

Investors can check their allotment status through any of the following platforms:

1. Kfin Technologies — Registrar

• Visit the Kfin Technologies IPO allotment page.
• Select Varmora Granito from the drop-down menu.
• Enter your PAN, application number or DP/Client ID.
• Click Submit to view your allotment status.

2. NSE

• Visit the NSE IPO allotment page.
• Select Equity.
• Choose Varmora Granito from the list.
• Enter your application number and PAN to check the status.

3. BSE

• Visit the BSE IPO allotment link.
• Select Equity under Issue Type.
• Choose Varmora Granito from the drop-down menu.
• Enter your application number or PAN.
• Complete the captcha verification and click Search to view your allotment details.

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Varmora Granito IPO GMP Today

The Varmora Granito IPO continued to trade on a flat note in the grey market, according to sources tracking unofficial market activity. Based on the current GMP, the company’s shares may make a muted debut on the bourses.

GMP Note: The Grey Market Premium (GMP) is an unofficial indicator of market sentiment and is not regulated or guaranteed by stock exchanges. GMP levels can change before the listing, and the actual listing price may vary significantly from estimates based on grey-market trends.

Varmora Granito IPO Objective

Varmora Granito Ltd. plans to use the net proceeds from the IPO primarily towards the repayment or pre-payment, either fully or partly, of outstanding borrowings and accrued interest.

The funds will be used to repay debt availed by the company and its wholly owned subsidiaries, Covertek Ceramica Pvt. Ltd. and Varmora Sanitarywares Pvt. Ltd., as well as borrowings of subsidiary Simola Tiles LLP through investments in the subsidiary.

The company has allocated Rs 245 crore towards the issue, including the debt repayment component and general corporate purposes. The proceeds allocated to general corporate purposes will be used for the company’s general business requirements.

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About Varmora Granito

Incorporated in 1972, Varmora Granito is an Indian transformer manufacturer serving the power transmission, railways, renewable energy and power distribution sectors. The company operates across two segments: transformer manufacturing and EPC services. It is one of only four Indian manufacturers certified by RDSO to manufacture 100 MVA, 132 kV Scott transformers.

Disclosure: This article has been written by Kumar Gaurav, who is not a SEBI-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here