Varmora Granito IPO Day 2: Subscription Status, Timeline & Key Issue Details

Varmora Granito's ₹1,096.04 crore initial public offering (IPO) entered its second day of public subscription today, September 23, 2026, with a price band of ₹140 to ₹148 per share. As of 10:05 A.M on the second day of bidding, the issue had been subscribed 0.12 times.

The IPO will remain open until September 24, 2026. The basis of allotment is expected to be finalised on September 25, 2026, and the shares are tentatively scheduled to be listed on the BSE and NSE on September 29, 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 2 Subscription Status

[September 23, 2026, 10:05 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 manufactures ceramic and vitrified tiles, with glazed vitrified tiles (GVT) being its largest revenue contributor.

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

Key Financial Highlights 

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