Varmora Granito IPO 2026: Date, Price Band, GMP and Details
Dates, price band, lot size, financials and full details of the Varmora Granito Limited IPO, sourced from the company's Red Herring Prospectus (RHP).
Varmora Granito IPO at a glance
| Detail | Value |
| IPO Dates | 22 to 24 Sep 2026 |
| Price Band | ₹140 to ₹148 |
| Issue Size | ₹708.02 crore |
| Lot Size | 101 shares |
| Minimum Investment | ₹14,948 |
| Listing Date | 29 Sep 2026 |
Varmora Granito Limited is bringing a Book Built Mainboard IPO worth ₹708.02 crore. It is a mix of a fresh issue of shares worth ₹320 crore and an Offer for Sale (OFS) worth ₹388.02 crore. The IPO is open from 22 September to 24 September 2026 and is proposed to list on the BSE and the NSE.
Varmora Granito IPO Details
| Particulars | Details |
| IPO Type | Book Built Mainboard IPO |
| Total Issue Size | ₹708.02 crore (4,78,39,255 shares) |
| Fresh Issue | ₹320 crore (2,16,21,621 shares) |
| Offer for Sale (OFS) | ₹388.02 crore (2,62,17,634 shares by Katsura Investments) |
| Price Band | ₹140 to ₹148 per share |
| Face Value | ₹2 per share |
| Lot Size | 101 shares |
| Minimum Retail Investment | ₹14,948 (1 lot, at upper price band) |
| Listing On | BSE and NSE |
| Lead Managers | JM Financial, Goldman Sachs (India) Securities, SBI Capital Markets |
| Registrar | KFin Technologies Limited |
Varmora Granito IPO Timelines
| Event | Date |
| Anchor Investor Bidding | 21 September 2026 |
| IPO Opens | 22 September 2026 |
| IPO Closes | 24 September 2026 |
| Allotment | 25 September 2026 |
| Refund Initiation | 28 September 2026 |
| Credit of Shares to Demat | 28 September 2026 |
| Listing Date | 29 September 2026 |
Dates are tentative and may change.
Varmora Granito IPO GMP
GMP stands for Grey Market Premium. It is the extra amount some traders are willing to pay for IPO shares in an informal market before listing, on top of the issue price. This market runs outside the stock exchanges, so the figure is unregulated, unverified, and can move sharply within a single day. A high GMP does not confirm a listing gain, and a low one does not rule it out, because it tracks short-term sentiment rather than the worth of the business. A steadier read on the IPO comes from the company's financials, how it plans to use the money, its valuation, and the risk factors set out in the Red Herring Prospectus (RHP).
About Varmora Granito Limited
Originally incorporated as Varmora Granito Private Limited in November 2003, Varmora Granito Limited is a manufacturer and marketer of ceramic and vitrified tiles, based in Wankaner, Rajkot, Gujarat. Its product portfolio spans glazed vitrified tiles (GVT), polished vitrified tiles (PVT), and ceramic tiles, along with bathware, adhesives, and related building-material products.
It uses a mix of in-house manufacturing and third-party contract manufacturing, and sells through a pan-India franchise-led distribution network of exclusive brand outlets (EBOs) and multi-brand outlets (MBOs), as well as through exports. Its subsidiaries include Covertek Ceramica and Varmora Sanitarywares, and it holds a 51% stake in the Allemby Ceramics joint venture, which is developing a greenfield tile facility in Tezpur, Assam. As of 31 March 2026, it had 1,153 permanent employees.
The company's promoters are Bhavesh Vallabhdas Varmora, Hiren R Varmora, and Pramodkumar Parsotambhai Patel. The promoters are not selling any shares in this offer.
What are the Key Strengths of Varmora Granito (as stated in the RHP)
- Established player operating in the tile industry in India, in a large and attractive market.
- Comprehensive premium product portfolio.
- Customer-centric, innovation-led approach resulting in multiple new product launches.
- Well-diversified pan-India distribution network focused on exclusive brand outlets (EBOs) that strengthen brand recall.
- Strategically located and technologically advanced in-house manufacturing to maintain control over quality and supply.
- Entrepreneurial, founder-led management team, with an independent Board and a strong focus on sustainability.
What the Money Will Be Used For
The IPO is a fresh issue of ₹320 crore and an Offer for Sale (OFS) of ₹388.02 crore. The OFS money goes to the selling shareholder, Katsura Investments; the company and its promoters receive nothing from the OFS. The company will use the money from the fresh issue for the following:
| Object of the Issue | Amount |
| Repayment or prepayment of certain borrowings and accrued interest (of the company and, through investment, its subsidiaries) | ₹245 crore |
| General corporate purposes | Balance amount |
What are the Company Financials of Varmora Granito
Restated consolidated figures, in ₹ crore.
| Particulars | FY 2026 | FY 2025 | FY 2024 | 2-Yr CAGR |
| Total Income | 1,562.53 | 1,492.68 | 1,472.58 | 3.01% |
| Profit After Tax (PAT) | 55.09 | 30.77 | 44.94 | 10.73% |
| EBITDA | 221.56 | 198.29 | 150.33 | 21.40% |
| Net Worth | 810.22 | 743.20 | 703.36 | 7.33% |
| Total Borrowing | 357.95 | 505.16 | 412.89 | -6.89% |
2-Yr Compound Annual Growth Rate (CAGR) is calculated from FY 2024 to FY 2026. EBITDA is the EBITDA before exceptional items as disclosed in the RHP.
Who Can Apply
The offer is split across investor categories as follows:
| Category | Share of the Net Offer |
| Qualified Institutional Buyers (QIB) | Not more than 50% |
| Non-Institutional Investors (NII) | Not less than 15% |
| Retail Individual Investors (RII) | Not less than 35% |
How to Apply for the Varmora Granito IPO
You can apply online through your broker app or through your bank's net banking using the Application Supported by Blocked Amount (ASBA) facility.
- Log in to your broker app or your bank's net banking.
- Open the IPO section and select Varmora Granito IPO.
- Enter the number of lots and your bid price, or select the cut-off price.
- Enter your Unified Payments Interface (UPI) ID, or confirm your bank account for the ASBA route.
- Submit the application form.
- Approve the mandate request in your UPI app to block the funds until allotment.
How to Check Allotment Status
The basis of allotment is expected to be finalised on 25 September 2026. Once it is out, you can check your allotment status in three ways. You will need your PAN, application number, or DP/Client ID.
- On the registrar's website, KFin Technologies, at the IPO status page.
- On the BSE or NSE website under the IPO allotment section.
- Inside your broker app, under orders or IPO history.
Key Risk Factors
The RHP lists several risk factors. A few of the key ones are summarised below. Please read the full RHP for the complete list.
- Any delay in production or interruption at its manufacturing facilities, including any disruption in the Morbi, Gujarat, cluster.
- Any slowdown in the demand for glazed vitrified tiles, its main product line.
- Non-performance by its franchisees for its B2C retail chain of exclusive brand outlets and multi-brand outlets.
- Volatility in the supply and pricing of raw materials and packing materials.
- Unavailability of power, fuel, and water, and fluctuations in the prices of power and fuel.
- Any inability to meet its working capital requirements.
- The business is capital intensive, and the company has incurred indebtedness.
- Cost overruns and delays in expanding and commissioning new manufacturing facilities.
- Its audit reports include certain observations under the Companies (Auditor's Report) Order for FY 2026, FY 2025, and FY 2024.
- There are outstanding legal proceedings involving the company, its directors, promoters, subsidiaries, and key managerial personnel.
Frequently Asked Questions (FAQs)
1. When does the Varmora Granito IPO open and close?
The IPO opens on 22 September 2026 and closes on 24 September 2026.
2. What is the price band of the IPO?
The price band is ₹140 to ₹148 per share.
3. What is the lot size?
One lot is 101 shares. Applications are made in multiples of 101 shares.
4. What is the minimum investment for retail investors?
The minimum investment is ₹14,948 at the upper price band (1 lot of 101 shares).
5. When is the allotment date?
The allotment is expected to be finalised on 25 September 2026, with shares credited to demat accounts by 28 September 2026.
6. When is the listing date?
The shares are proposed to be listed on the BSE and the NSE on 29 September 2026 (tentative).
7. What does Varmora Granito do?
It manufactures and markets ceramic and vitrified tiles, including glazed vitrified tiles (GVT), polished vitrified tiles (PVT), and ceramic tiles, along with bathware and adhesives.
8. What is the GMP of the Varmora Granito IPO?
GMP, or Grey Market Premium, is an informal pre-listing price that sits outside the stock exchanges and is neither regulated nor verified. It shifts with day-to-day sentiment and does not confirm how the shares will list. A more reliable picture comes from the company's financials, valuation, and the risks in the RHP.
9. Who is the registrar for the IPO?
KFin Technologies Limited is the registrar. Allotment status can be checked on its website.
Read the full Red Herring Prospectus (RHP): View the official RHP filed with SEBI and the exchanges.
Disclaimer: This page is for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any securities. All figures are sourced from the company's Red Herring Prospectus and public filings and may change. Investments in securities are subject to market risks. Please read all offer documents carefully and consult a registered financial advisor before making any investment decision.