Varmora Granito Shares List at 4.7% Premium on NSE
Varmora Granito made its stock market debut on Wednesday, September 23, 2026, with its shares listing at a 4.73% premium on the NSE. The stock opened at ₹155 apiece on the NSE against its IPO issue price of ₹148 per share. On the BSE, the shares debuted at ₹152 per share, representing a 2.7% premium over the issue price.
The company’s ₹1,096.04 crore IPO was open for subscription from September 22 to September 24, 2026, and witnessed modest investor interest. The issue was subscribed 1.58 times by the end of the bidding period.
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
Explore other Upcoming IPOs on BSE and NSE.
Varmora Granito IPO Overall Subscription Status
[September 24, 2026, 7:00 PM]
|
Category |
Subscription (x) |
|
Qualified Institutional Buyers (QIBs) |
3.16x |
|
Non-Institutional Investors (NIIs) |
0.92x |
|
Retail Individual Investors (RIIs) |
1.00x |
|
Total |
1.58x |
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) accounting for the largest share of its revenue.
The company operates nine manufacturing facilities in Morbi, Gujarat, and generated 78.55% of its FY2025 revenue from products manufactured in-house. As of March 31, 2025, Varmora had a distribution network comprising 286 exclusive brand outlets and more than 2,000 multi-brand outlets across India and international markets.
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 |
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