The Rs 708.02 crore Varmora Granito IPO opens for subscription today, Sept. 22, and the latest grey market premium (GMP) stood at Rs 5 as of 8:30 a.m. Based on the upper price band of Rs 148, the GMP implies an estimated listing price of Rs 153, or a 3.38% premium.
Note: GMP is entirely unofficial, based on speculative unlisted market demand, and does not guarantee the actual listing price.
Varmora Granito IPO GMP Today
The latest Grey Market Premium (GMP) for Varmora Granito IPO was reported at Rs 5 as of 8:30 a.m. on Sept. 22. Based on the upper price band of Rs 148 and a GMP of Rs 5, the estimated listing price is Rs 153. This implies an estimated listing premium of 3.38% over the issue price.
Also Read: Varmora Granito IPO Opens Today: GMP, Price Band, Other Key Details — Should You Subscribe
Varmora Granito IPO Details
Varmora Granito IPO is a book build issue of Rs 708.02 crore. The issue is a combination of fresh issue of 2.16 crore shares aggregating to Rs 320 crore and offer for sale of 2.62 crore shares worth Rs 388.02 crore.
The price band is set between Rs 140 and Rs 148 per share.
Retail investors can bid for a minimum lot size of 101 shares, requiring an investment of Rs 14,948 at the upper end of the price band.
JM Financial Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
Varmora Granito IPO Key Dates
- Bidding window opens: Sept. 22
- Bidding window closes: Sept. 24
- Allotment finalisation: Sept. 25
- Refund initiation: Sept. 28
- Credit of Shares to Demat accounts: Sept. 28
- Listing date: Sept. 29
Varmora Granito IPO: Use Of Proceeds
The company plans to use the net proceeds from the issue towards the following objects:
1. Repayment/pre-payment, in full or in part, of all or certain outstanding borrowings and accrued interest thereon availed by: The company and wholly-owned subsidiaries namely Covertek Ceramica Pvt. Ltd. and Varmora Sanitarywares Pvt. Ltd. (formerly, Varmora Sanitarywares LLP), and of the subsidiary, Simola Tiles LLP, through investment in such Subsidiaries (Rs 245 crore)
2. The remaining amount will be used for general corporate purposes.
Varmora Granito Company Financials
The company's revenue increased 5%, while profit after tax (PAT) rose 79% in FY26 compared with FY25.
For FY26, Varmora Granito reported:
- Total income: Rs 1,562.53 crore, compared with Rs 1,492.68 crore in FY25
- Profit after tax (PAT): Rs 55.09 crore, up from Rs 30.77 crore
- EBITDA: Rs 221.56 crore versus Rs 198.29 crore a year earlier
Also Read: NSE IPO Allotment Status Today: How To Check On BSE And MUFG Intime India
About Varmora Granito Ltd.
Incorporated in 2003, Varmora Granito Limited manufactures and markets ceramic and vitrified tiles, including Glazed Vitrified Tiles (GVT), Polished Vitrified Tiles (PVT) and ceramic tiles. The company focuses on premium, technology-driven products, with GVT and technical tiles accounting for around 84% of its tile revenue in Fiscal 2026.
The company operates eight manufacturing facilities in the Morbi cluster of Gujarat, with 81.72% of its revenue in Fiscal 2026 generated from in-house manufactured products. It has also adopted Integrated Stone Technology (IST) through a technology partnership with Italy-based SACMI, supporting its focus on innovative and premium tile products.
Disclaimer: Investments in IPOs are subject to market risks. Investors should read the red herring prospectus carefully and consult a financial adviser before making investment decisions.
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