Varmora Granito shares list at 5% premium over IPO price on NSE
The IPO opened for subscription on September 22, 2026, and closed on September 24, 2026. It received an overall subscription of 1.58 times. The retail portion was subscribed 1.00 times, while the non-institutional investor (NII) segment saw 0.92 t...
By Ritesh Presswala, ETMarkets.com | Updated:
ETMarkets.com
Varmora Granito manufactures and markets ceramic and vitrified tiles, including Glazed Vitrified Tiles (GVT), Polished Vitrified Tiles (PVT) and ceramic tiles.
Shares of Varmora Granito made their debut on Tuesday, listing at a premium of up to 5% on the bourses. The stock opened at Rs 155 apiece on the NSE, up 4.73% from the issue price of Rs 148.
On the BSE, the stock listed at Rs 152, marking a 2.7% premium over the IPO price.
The listing was broadly in line with expectations in the unlisted market. Shares of the company were trading at zero grey market premium (GMP), indicating expectations of a listing around the issue price.
The Rs 708.02 crore public issue was offered at a price of Rs 140–148 per share. The offer comprised 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 IPO opened for subscription on September 22, 2026, and closed on September 24, 2026. It received an overall subscription of 1.58 times. The retail portion was subscribed 1.00 times, while the non-institutional investor (NII) segment saw 0.92 times subscription. The qualified institutional buyer (QIB) portion was subscribed 3.16 times.
The allotment was finalised on September 25, while the company’s shares are scheduled to list on both the NSE and BSE on September 29.
The IPO carried a price band of Rs 140–148 per share, with a lot size of 101 shares. At the upper end of the price band, retail investors were required to invest a minimum of Rs 14,948 for one lot.
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.
Read more:Moneyview IPO allotment to be finalised today; Check status, GMP and likely listing price
The company has allocated Rs 245 crore towards the issue, including debt repayment and general corporate purposes. The portion earmarked for general corporate purposes will be used to meet the company’s general business requirements.
Read more:Himalaya Nutravedics, Anand Seamless shares to list today; Check IPO subscription and key details
The company focuses on premium and technology-driven products, with GVT and technical tiles contributing around 84% of its tile revenue in FY26. It operates eight manufacturing facilities in Gujarat’s Morbi cluster, with 81.72% of its FY26 revenue generated from in-house manufactured products.
Read more:A-One Steels India allotment likely today: GMP signals 7% listing gain. Here’s how to check status
Varmora has also adopted Integrated Stone Technology (IST) through a technology partnership with Italy-based SACMI.
The company has a distribution network comprising 305 exclusive brand outlets and 2,758 multi-brand outlets across India and overseas. It also caters to B2B customers, including builders, contractors, developers and government entities.
Varmora also has a focus on renewable energy, with 16.22 MW of wind and solar capacity. As of March 2026, the company had 1,153 permanent employees.
Disclaimer: 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
On the BSE, the stock listed at Rs 152, marking a 2.7% premium over the IPO price.
The listing was broadly in line with expectations in the unlisted market. Shares of the company were trading at zero grey market premium (GMP), indicating expectations of a listing around the issue price.
The Rs 708.02 crore public issue was offered at a price of Rs 140–148 per share. The offer comprised 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 IPO opened for subscription on September 22, 2026, and closed on September 24, 2026. It received an overall subscription of 1.58 times. The retail portion was subscribed 1.00 times, while the non-institutional investor (NII) segment saw 0.92 times subscription. The qualified institutional buyer (QIB) portion was subscribed 3.16 times.
The allotment was finalised on September 25, while the company’s shares are scheduled to list on both the NSE and BSE on September 29.
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The IPO carried a price band of Rs 140–148 per share, with a lot size of 101 shares. At the upper end of the price band, retail investors were required to invest a minimum of Rs 14,948 for one lot.
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.
Read more:Moneyview IPO allotment to be finalised today; Check status, GMP and likely listing price
IPO Objects
Varmora Granito plans to use the net proceeds from the IPO primarily for 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. The company also plans to address borrowings of its subsidiary Simola Tiles LLP through investments in the subsidiary.ADVERTISEMENT
The company has allocated Rs 245 crore towards the issue, including debt repayment and general corporate purposes. The portion earmarked for general corporate purposes will be used to meet the company’s general business requirements.
Read more:Himalaya Nutravedics, Anand Seamless shares to list today; Check IPO subscription and key details
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Financial performance
Varmora Granito’s total income increased 5% to Rs 1,563 crore in FY26 from Rs 1,493 crore in FY25. During the same period, profit after tax (PAT) rose 79% to Rs 55 crore from Rs 31 crore.About Varmora Granito
Incorporated in 2003, Varmora Granito manufactures and markets ceramic and vitrified tiles, including Glazed Vitrified Tiles (GVT), Polished Vitrified Tiles (PVT) and ceramic tiles.The company focuses on premium and technology-driven products, with GVT and technical tiles contributing around 84% of its tile revenue in FY26. It operates eight manufacturing facilities in Gujarat’s Morbi cluster, with 81.72% of its FY26 revenue generated from in-house manufactured products.
Read more:A-One Steels India allotment likely today: GMP signals 7% listing gain. Here’s how to check status
Varmora has also adopted Integrated Stone Technology (IST) through a technology partnership with Italy-based SACMI.
The company has a distribution network comprising 305 exclusive brand outlets and 2,758 multi-brand outlets across India and overseas. It also caters to B2B customers, including builders, contractors, developers and government entities.
Varmora also has a focus on renewable energy, with 16.22 MW of wind and solar capacity. As of March 2026, the company had 1,153 permanent employees.
Disclaimer: 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
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