Varmora Granito came to market through an IPO that opened on 22 September 2026 and closed on 24 September 2026, and the shares listed on 29 September 2026 on BSE, NSE. The price band was ₹140 to ₹148 per share and one lot was 101 shares, so the minimum application was ₹14,948. The issue size was ₹708.02 crore. It combined a fresh issue of new shares with an offer for sale by existing shareholders.
It listed at ₹155, a gain of 4.7% against the issue price of ₹148. Kfin Technologies Ltd was the registrar to the issue, and JM Financial Ltd., Goldman Sachs (India) Securities Pvt.Ltd., SBI Capital Markets Ltd were the lead managers.
As of 24 September 2026.
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Overall the issue was subscribed 1.60 times.
Incorporated in 2003, Varmora Granito Limited operates in the industry of manufacturing and distributing ceramic tiles and vitrified tiles. The product offering of the company consists of a variety of tiles including glazed vitrified tiles (GVT), polished vitrified tiles (PVT), and ceramic tiles. The distribution channels for the products of the company include: Business-to-Consumer (B2C) channels: 286 exclusive brand outlets (EBOs) and more than 2,000 multi-brand outlets (MBOs) Business-to-Business (B2B) channels:
Builders, contractors, developers, and government procurement As of March 31, 2025, the distribution network of the company was spread across 949 cities in 27 states and union territories in India. The product offering consisted of more than 3,500 stock-keeping units (SKUs).
As described in the offer document.
| Metric | 31-Mar-26 | 31-Mar-25 | 31-Mar-24 |
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Varmora Granito Limited finalised its anchor investor allocation on September 21, 2026, raising ₹212.41 crore from 17 institutional investors at an anchor price of ₹148 per share. The anchor book comprises 1,43,51,775 equity shares, with domestic mutual funds receiving 52.17% of the allocation through 5 fund houses across 9 schemes, including ICICI Prudential Mutual Fund, Bandhan Mutual Fund, Motilal Oswal Mutual Fund, JM Financial Mutual Fund, and Union Mutual Fund.
Bharti AXA Life Insurance Company Limited was the sole life insurance participant, receiving 4.71%. The remaining allocation went to Goldman Sachs Funds, Societe Generale – ODI, India Acorn Fund, Turnaround Opportunities Fund, BNP Paribas Financial Markets – ODI, 360 One Equity Opportunity Fund, and LC Pharos Multi Strategy Fund.
Bhavesh Vallabhdas Varmora, Hiren R Varmora, Pramodkumar Parsotambhai Patel. Promoter holding 52% before the issue and 46.55% after.
Work out the listing gain for this IPO
If the retail portion is not fully subscribed, every valid application is allotted in full. If it is oversubscribed, SEBI's rules require that as many applicants as possible receive at least one lot, so the shares are allotted by a computerised lottery across all valid applications, one lot each, until the retail portion is exhausted. Applying for more lots does not improve your chance in a lottery; it only increases what you receive if the issue is under-subscribed.
The basis of allotment document, published by the registrar on the allotment date, states the ratio: for example, one applicant in seven received one lot.
Allotment status is published by the registrar on its website, searchable by PAN, application number or demat account, and also on the exchange's website. Allotted shares are credited to the demat account the day before listing, and blocked money for unsuccessful applications is released the same day. The Rupix app can check allotment status by PAN once the registrar publishes it.
Shares list within three working days of the issue closing. On listing day the exchanges run a special pre-open session from nine o'clock, during which orders are collected and an opening price is discovered from them; trading in the share begins after that, usually around ten. The opening price is the listing price that appears on this page once the issue has listed, and the listing gain or loss is the difference between it and the issue price.
For a mainboard issue, the share then trades in the normal way with the exchange's price band for a new listing. For an SME issue, shares trade in lots rather than one at a time, and the market can be thin, so selling on listing day is not always possible at the opening price. Capital gains on shares sold within a year of allotment are short-term and taxed at the short-term rate.
Varmora Granito IPO was a ₹708.02 crore book-built issue, comprising a fresh issue of ₹320 crore and an offer for sale of ₹388.02 crore. It was priced at ₹140–₹148 per share with a lot size of 101 shares (₹14,948). The IPO was open from September 22 to September 24, 2026 and was subscribed 1.6x. Shares listed on BSE and NSE on September 29, 2026 at ₹155, a 4.7% premium to the issue price of ₹148. Kfin Technologies Ltd.
is the registrar. JM Financial Ltd. and 2 other book running lead managers manage the issue.
The price band of Varmora Granito IPO is ₹140 to ₹148 per share.
The lot size of Varmora Granito IPO is 101 shares.
The minimum investment for Varmora Granito IPO is approximately ₹14,948 based on the upper price band.
The allotment date of Varmora Granito IPO is Sep 25, 2026.
No GMP quote could be verified as recorded before Varmora Granito IPO listed. A grey-market observation of ₹1 per share was recorded on 29 Sep 2026, 8:30 AM IST, but without a verified listing timestamp it is not treated as the final pre-listing GMP. The shares listed at ₹155. GMP is unofficial and does not forecast or guarantee the actual listing price.
Varmora Granito IPO listed on Sep 29, 2026. It was issued at ₹155.0(NSE) and is currently around ₹120.90 as on 30-Oct-2026 3:30 PM, which is approximately -18.3% versus issue price. The 52-week high is ₹163.77.
You can check Varmora Granito IPO allotment status on the registrar or stock exchange websites using your PAN or application number after allotment. You can also check the Varmora Granito IPO allotment status on Rupix for quick and easy access.
₹140 to ₹148 per share, against a face value of ₹2. Most applicants bid at the cut-off price, the top of the band, so that the application was valid whatever price the issuer finally fixed.
One lot was 101 shares, and every application had to be a whole number of lots. At the top of the band that made the minimum application ₹14,948.
₹14,948, for one lot of 101 shares at the top of the price band. The amount was blocked in the applicant's bank account through ASBA or a UPI mandate while the issue was open, and released on the allotment date to applicants who were not allotted shares.
It opened on 22 September 2026 and closed on 24 September 2026.
The basis of allotment was published on 25 September 2026 by Kfin Technologies Ltd, and allotted shares were credited to demat accounts before listing.
The shares listed on 29 September 2026 on BSE, NSE, opening at ₹155.
The issue size was ₹708.02 crore. The fresh issue was 2,16,21,621 shares (aggregating up to ₹320 crore). The offer for sale was 2,62,17,634 shares (aggregating up to ₹388.02 crore).
It listed at ₹155 against an issue price of ₹148, a gain of 4.7 percent on listing day.