Varmora Granito Ltd. made a steady debut on the stock market on Tuesday, listing at a premium of 4% to its IPO price. The stock opened at Rs 155 on the NSE which is a 4.73% rise from the IPO price of Rs 148. On the BSE, it began trading at Rs 152 per share which marks a 2.70% premium.
The initial public offering of tiles and bathware maker Varmora Granito Ltd. received 1.58 times subscription on the last day of bidding on Thursday. The company's Rs 708-crore IPO received bids for 5,34,85,863 shares against 3,39,02,899 shares on offer, according to NSE data.
The quota for qualified institutional buyers (QIBs) garnered 3.16 times subscription, while the category for retail investors was fully subscribed. The portion for non-institutional investors received 92%subscription.
On the second day, Varmora Granito IPO received 27% subscription on the second day of bidding on Wednesday. The IPO received bids for 91,66,861 shares against 3,39,02,899 shares on offer, according to data available with the NSE. The portion for retail investors was subscribed 40%, and the category for non-institutional investors received 17% subscription. The quota for qualified institutional buyers (QIBs) got subscribed 11%.
Varmora Granito Ltd. had raised Rs 212.4 crore from anchor investors, including Goldman Sachs and ICICI Prudential Mutual Fund. The IPO comprises a fresh issue of equity shares aggregating up to Rs 320 crore and an offer-for-sale (OFS) of 2.62 crore shares worth up to Rs 388 crore by investor Katsura Investments.
Varmora Granito reduced the size of its fresh issue from the earlier proposed Rs 400 crore and also trimmed the OFS component from the 5.24 crore equity shares planned in its draft document filed in August 2025.
Varmora Granito IPO GMP Today
Varmora Granito IPO latest Grey Market Premium (GMP) is Re 1, updated on Sep 29, 2026 as of 7:37 am. With an upper price band of Rs 148.00, the estimated listing price for Varmora Granito IPO is Rs 149. The expected percentage gain per share is 0.68%.
Note: GMP is unofficial and based on market speculation. It does not guarantee the actual listing price.
About Varmora Granito
Varmora Granito offers a wide range of tiles, including glazed vitrified, polished vitrified and ceramic tiles. Their international presence spans over 100 countries. Today, the Varmora network encompasses of more than 275 exclusive brand outlets and more than 2,000 multi-brand outlets across India.
The Rajkot-based company plans to use the proceeds from the fresh issue to repay its borrowings and dues of its subsidiaries – Covertek Ceramica, Varmora Sanitarywares and Simola Tiles. Also, funds will be used for general corporate purposes.
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