Varmora Granito Shares Make Modest Debut, Stock Lists With Over 4% Premium

Shares of Varmora Granito made their debut in the stock market on September 29, 2026, with an estimated premium of more than 4 per cent over the upper end of the price band. On the NSE, the shares were listed at Rs 155 per share, with a premium of 4.72 per cent above the upper end of the price band of Rs 148. On the BSE, the stock listed at Rs 152 per share, up by 2.70 per cent compared to the upper end of the price band.

Varmora Granito IPO: Listing Day Profit

Applicants who were successfully allotted a minimum of one lot or 101 shares of Varmora Granito would have made a profit of around Rs 707 [(Rs 155 - Rs 148) x 101] after the stock listed on the exchanges. The company’s market capitalisation stood at approximately Rs 3,541.61 crore and 1.46 million shares of the company traded hands on the exchange.

Varmora Granito IPO: Offer Size

The initial public offering (IPO) of Varmora Granito was a book-built issue worth Rs 708.02 crore and consisted of a fresh issue of 21.6 million shares worth Rs 320 crore and an offer for sale (OFS) of 26.2 million shares amounting to Rs 388.02 crore. The price band for the public issue was fixed at Rs 140-148 per share. The minimum lot size for retail investors was fixed at 101 shares, aggregating to an investment of Rs 14,948.

Varmora Granito IPO: Subscription

The tiler maker's IPO saw moderate demand and was oversubscribed 1.58 times during its subscription period from September 22 to September 24. Investors across categories placed bids for 53.48 million shares compared to the total offer size of 33.90 million shares available.

Non-institutional investors (NIIs) booked their quota in the IPO 92 per cent. In this category, 7.36 million shares were offered, and bids were received for 6.77 million shares.

Retail individual investors (RIIs) booked their quota 1.00 time(s), bidding for 17.09 million shares against the 17.17 million shares offered. The qualified institutional buyer (QIB) quota was subscribed 3.16 times, receiving bids for 29.62 million shares against the 9.36 million shares offered.

Varmora Granito: Promoters

The promoters of the company include Bhavesh Vallabhdas Varmora, Hiren R Varmora, and Pramodkumar Parsotambhai Patel. The promoters held 52 per cent stake in the company prior to the issue. Post the issue the shareholding of the promoters reduced to 47.04 per cent.

Varmora Granito: Competitors

Varmora Granito operates within the ceramic and vitrified tiles market. The company’s listed peers in the domestic market include Kajaria Ceramics, Somany Ceramics and Asian Granito India.

Varmora Granito IPO: Objective

The company will use the proceeds from the fresh issue for the repayment or pre-payment of certain outstanding borrowings (including those of its subsidiaries Covertek Ceramica, Varmora Sanitarywares, and Simola Tiles LLP), and will allocate the remaining proceeds for general corporate purposes.