Varmora Granito’ initial public offering (IPO) is set to open for subscription on September 22, 2026. According to the Red Herring Prospectus (RHP), the ₹1,096.0 crore book-built issue comprises a fresh issue of 2.16 crore equity shares aggregating up to ₹320.00 crore and an offer for sale (OFS) of 5.24 crore equity shares aggregating up to ₹776.04 crore by its existing shareholders.

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:

Event	Date
Subscription Opening Date	22 September 2026
Subscription Closing Date	24 September 2026
Basis of Allotment Date	25 September 2026
Refund Initiation Date	28 September 2026
Credit of Shares	28 September 2026
Listing on BSE and NSE	29 September 2026

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

Explore other Upcoming IPOs on BSE and NSE.

Varmora Granito IPO Category-wise Investment Limits

The application size for each category is as follows -

Category	Investment Range
Qualified Institutional Buyers (QIBs)	Not more than 50% of the Net Issue
Non-Institutional Investors (NIIs)	Not less than 15% of the Net Issue
Retail Individual Investors (RII)	Not less than 35% of the Net Issue

The minimum investment amount for each category, based on the upper price band of ₹148 per share, is as follows -

Investor Category	Lots	Shares	Investment Amount (Approx.)
Retail (Minimum)	1	101	₹14,948
Retail (Maximum)	13	1313	₹1,94,324
sNII (Minimum)	14	1414	₹2,09,272
bNII (Minimum)	67	6767	₹10,01,516

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 prominent player in the Indian tiles market, with a focus on manufacturing and marketing of ceramic and vitrified tiles. Its product portfolio includes glazed vitrified tiles (GVT), which contributed 78.71% of its tile revenue in Fiscal 2025. The company has also introduced several tile technologies and products over the years, including digitally printed wall tiles, double charge tiles, high-gloss tiles and kitchen slabs.

The company operates nine manufacturing facilities in the Morbi cluster of Gujarat and generated 78.55% of its revenue from operations from in-house manufactured products in Fiscal 2025. It also has a wide distribution network comprising 286 exclusive brand outlets and over 2,000 multi-brand outlets across India and overseas as of March 31, 2025.

Key Financial Highlights

Particulars	FY26 (in ₹ crore)	FY25 (in ₹ crore)	FY24 (in ₹ crore)
Revenue from operations	1,446.03	1,435.48	1,334.95
EBITDA	198.29	150.33	180.68
Profit After Tax (PAT)	30.77	44.94	55.06