Varmora Granito IPO Day 1: Subscription Status, Timeline & Key Issue Details

Varmora Granito's ₹1,096.04 crore initial public offering (IPO) opened for public subscription today, September 22, 2026, with a price band of ₹140 to ₹148 per share. As of 10:15 A.M on the first day of bidding, the issue had been subscribed 0.02 times.

The IPO will remain open until September 24, 2026. The basis of allotment is expected to be finalised on September 15, 2026, and the shares are tentatively scheduled to be listed on the BSE and NSE on September 17, 2026.

Varmora Granito IPO - Issue Details

• Issue Type: Book Built Issue (Fresh Issue + OFS)
• Total Issue Size: Up to ₹1,096.04 crore
• Fresh Issue: Up to ₹320.00 crore 
• Offer for Sale (OFS): Up to ₹776.04 crore
• Face Value: ₹2 per equity share
• Price Band: ₹140 to ₹148 per share
• Lot Size: 101 shares
• Minimum Investment Amount (Retail Investor): ₹14,948 (101 shares at the upper price)
• Listing: BSE, NSE
• Book Running Lead Managers: JM Financial Limited, Goldman Sachs (India) Securities Private Limited, SBI Capital Markets Limited
• Registrar: KFin Technologies Limited

Varmora Granito IPO Timeline (Tentative)

The expected IPO schedule is as follows:

Note: The allotment and listing dates are tentative and may be revised.

Explore other Upcoming IPOs on BSE and NSE.

Varmora Granito IPO Day 1 Subscription Status

[September 22, 2026, 10:15 A.M.]

Utilisation of IPO Proceeds

The company intends to utilise the net proceeds from the fresh issue towards:

• Repayment/ pre-payment, in full or in part, of all or certain outstanding borrowings and accrued interest thereon availed by
• the company
• And its wholly-owned subsidiaries namely Covertek Ceramica Private Limited and Varmora Sanitarywares Private Limited (formerly, Varmora Sanitarywares LLP), and of our Subsidiary, Simola Tiles LLP, through investment in such Subsidiaries
• General corporate purposes.

About Varmora Granito Limited

Incorporated in 2003, Varmora Granito Limited is a ceramic and vitrified tiles manufacturer with a strong Incorporated in 2003, Varmora Granito Limited is a ceramic and vitrified tiles manufacturer with a strong presence in the Indian tiles market. Its product range includes glazed vitrified tiles (GVT), digitally printed wall tiles, double charge tiles, high-gloss tiles, and kitchen slabs, with GVT contributing the largest share of tile revenue in FY2025.

The company operates nine manufacturing facilities in Morbi, Gujarat, and derived 78.55% of its revenue from in-house manufactured products in FY2025. As of March 31, 2025, Varmora had a distribution network of 286 exclusive brand outlets and over 2,000 multi-brand outlets across India and international markets.

Key Financial Highlights 

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