Varmora Granito IPO GMP today is Rs 15. Investors can use this GMP along with price band and subscription status for a better IPO review.
Upcoming
Mainboard IPO
VARMORA
Varmora Granito IPO GMP & Subscription Status Today
Varmora Granito, established in 2003, manufactures ceramic and vitrified tiles, distributing over 3,500 products through 286 exclusive brand outlets and 2,000+ multi-brand outlets across 949 cities in 27 states, with 9 manufacturing facilities in Gujarat's Morbi cluster.
- Price Band
- ₹140.00 - ₹148.00
- Lot Size
- 101 Shares
- Bidding Closes
- 24 Sept 2026
- Listing Date
- 29 Sept 2026
Current GMP Status
₹15
+10.14% vs upper band
Est. Listing Gain
+10.14%
Last Trend
19 Sept 2026
Listing Price
Est. ₹163
Retail Entry
₹14,948
IPO Details
Complete IPO information
| Current GMP | ₹15 |
|---|---|
| Estimated Listing Gain | +10.14% |
| Price Band | ₹140.00 - ₹148.00 |
| Issue Price | Approx ₹148.00 Crores |
| Listing Price | Est. ₹163 |
| Lot Size | 101 Shares |
| Issue Type | Mainboard |
| Registrar | Kfin Technologies Ltd. |
| Exchange | BSE & NSE |
| Retail Quota | TBA |
| Overall Subscription | TBA |
| Listing Date | 29 Sept 2026 |
| Minimum Investment | ₹14,948 |
Analysis
IPO Snapshot & Investor Takeaways
At the upper end of its price band, Varmora Granito is priced at ₹148 per share. With a minimum lot size of 101 shares, a retail investor applying for one lot would need approximately ₹14,948 to participate in this Mainboard issue.
The latest recorded Grey Market Premium for Varmora Granito stands at ₹15, implying an estimated listing gain of around 10.14% over the issue price if it holds until listing. This is up ₹5 from its previously recorded level. GMP reflects informal grey-market sentiment rather than a guaranteed outcome, and can change at any point until the day of listing.
Mainboard IPOs list on the main platform of BSE/NSE, typically involve larger issue sizes, and draw participation across retail, HNI and institutional (QIB) investor categories.
Timeline
IPO roadmap at a glance
01
Bidding Opens Next
22 Sept 2026
02
Bidding Closes
24 Sept 2026
03
Allotment
25 Sept 2026
04
Listing
29 Sept 2026
Grey Market Premium
Daily GMP status
| Date | GMP | Change | Gain |
|---|---|---|---|
| 19 Sept 2026 | ₹15.00 | +₹5.00 | 10.14% |
| 18 Sept 2026 | ₹10.00 | - | 6.76% |
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Market Lot
Application size breakdown
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 Lot | 101 | ₹14,948 |
| Retail Maximum | 13 Lot | 1,313 | ₹1,94,324 |
| S-HNI Minimum | 14 Lot | 1,414 | ₹2,09,272 |
| S-HNI Maximum | 66 Lot | 6,666 | ₹9,86,568 |
| B-HNI Minimum | 67 Lot | 6,767 | ₹10,01,516 |
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Analysis
Varmora Granito IPO Details
Varmora Granito IPO is scheduled to open on September 22, 2026 and close on September 24, 2026. The issue has a face value of ₹2 per equity share and a price band of ₹140 to ₹148 per share. The IPO comprises a fresh issue along with an offer for sale and is proposed to be listed on both BSE and NSE.
| Particular | Details |
|---|---|
| IPO Open Date | September 22, 2026 |
| IPO Close Date | September 24, 2026 |
| Face Value | ₹2 Per Equity Share |
| IPO Price Band | ₹140 to ₹148 Per Share |
| Issue Size | Approx ₹708.02 Crores |
| Fresh Issue | Approx ₹320 Crores |
| Offer for Sale | Approx 2,62,17,634 Equity Shares |
| Issue Type | Book build Issue |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus |
Note: IPO details are based on the information provided for the Varmora Granito IPO.
Analysis
Varmora Granito IPO Reservation
The Varmora Granito IPO reservation is divided among qualified institutional buyers, non-institutional investors and retail investors. The reservation details below show the category-wise share allocation and the percentage reserved for each investor group.
| Investor Category | Share Offered | % Shares |
|---|---|---|
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | – Shares | 50% |
| NII Shares Offered | – Shares | 15% |
| Retail Shares Offered | – Shares | 35% |
Note: Category-wise share quantities are based on the reservation information provided for the Varmora Granito IPO.
Analysis
Varmora Granito IPO Anchor Investors
The Varmora Granito IPO anchor bidding is scheduled for September 21, 2026, one day before the public issue opens. The anchor investor details include the bidding date, shares offered, anchor issue size and applicable lock-in periods.
| Particular | Details |
|---|---|
| Anchor Bidding Date | September 21, 2026 |
| Shares Offered | [.] Shares |
| Anchor Size | [.] Cr. |
| Lock-in Period End Date 50% Shares (30 Days) | 2026 |
| Lock-in Period End Date 50% Shares (90 Days) | 2026 |
Note: Anchor investor details are based on the information provided for the Varmora Granito IPO.
Analysis
Varmora Granito IPO Dates
The Varmora Granito IPO is scheduled to open on September 22, 2026 and close on September 24, 2026. The basis of allotment is expected on September 25, followed by refunds and credit of shares to Demat accounts on September 28. The IPO is scheduled to list on September 29, 2026.
| Particular | Details |
|---|---|
| IPO Open Date | September 22, 2026 |
| IPO Close Date | September 24, 2026 |
| Basis of Allotment | September 25, 2026 |
| Refunds | September 28, 2026 |
| Credit to Demat Account | September 28, 2026 |
| IPO Listing Date | September 29, 2026 |
Note: IPO dates are based on the schedule provided for the Varmora Granito IPO and may be subject to changes.
Analysis
Varmora Granito IPO Promoters and Holding Pattern
Varmora Granito is promoted by Bhavesh Vallabhdas Varmora, Hiren R Varmora and Pramodkumar Parsotambhai Patel. The following table presents the promoter and promoter group shareholding along with the holding of other shareholders before and after the IPO.
| Particular | Pre IPO Shares | Pre IPO % Shares | Post IPO Shares | Post IPO % Shares |
|---|---|---|---|---|
| Promoter and Promoter Group | 106,311,980 | 52.01% | 53,876,712 | 23.84% |
| Others* | 98,078,223 | 47.99% | 172,135,112 | 76.16% |
| Total | 204,390,203 | 100% | 226,011,824 | 100% |
Note: The holding pattern is based on the shareholding information provided for the Varmora Granito IPO.
Analysis
Varmora Granito IPO Objects of the Issue & Utilisation of Proceeds
The proceeds from the Varmora Granito IPO are primarily proposed to support the company’s debt reduction plans. A major portion of the funds will be used for repayment or pre-payment of outstanding borrowings and related accrued interest across the company and its specified subsidiaries.
| Purpose | Crores |
|---|---|
| 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 Private Limited and Varmora Sanitarywares Private Limited (formerly, Varmora Sanitarywares LLP), and of the subsidiary, Simola Tiles LLP, through investment in such Subsidiaries. | ₹245.00 |
| General corporate purposes | ₹- |
Note: The utilisation details are based on the objects of the issue provided for the Varmora Granito IPO.
Analysis
Varmora Granito About Ipo
Varmora Granito, founded in 2003, is one of the leading manufacturers of ceramic and vitrified tiles. Its product portfolio consists of a diverse range of tiles across various formats such as glazed vitrified tiles (GVT), polished vitrified tiles (PVT), and ceramic tiles. The firm operates its business through a multi-channel network that consists of B2C and B2B models. Its product portfolio consists of over 3500 products.
In the B2C network, the firm sells its products through 286 exclusive brand outlets (EBOs) and over 2,000 multi-brand outlets (MBOs), while in B2B, the firm directly sells its products to Builders, contractors, developers, and government procurement. Moreover, the company has sold its products in 949 cities across 27 states and union territories in India. Furthermore, Varmora Granito operates 9 manufacturing facilities in the Morbi industrial cluster in Gujarat.
Analysis
Varmora Granito IPO Company Financials
Varmora Granito’s financial performance shows the movement in revenue, expenses, profit after tax (PAT), and total assets across the financial years 2024 to 2026. The figures provide a concise view of the company’s recent financial position ahead of its IPO.
Amount ₹ in Crores
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | ₹1,472.58 | ₹1,412.92 | ₹44.94 | ₹1,476.16 |
| 2025 | ₹1,492.68 | ₹1,456.28 | ₹30.77 | ₹1,589.80 |
| 2026 | ₹1,562.53 | ₹1,486.36 | ₹55.09 | ₹1,509.87 |
Note: The financial figures are presented in ₹ Crores for the respective periods ended.
Analysis
Varmora Granito IPO Company Valuation – FY2026
Varmora Granito IPO valuation for FY2026 can be reviewed through key profitability and shareholder-return indicators. The table below covers ROE, ROCE, EBITDA margin, PAT margin, earnings per share, P/E ratio, RoNW and NAV.
| KPI | Values |
|---|---|
| ROE | 6.80% |
| ROCE | 9.89% |
| EBITDA Margin | 14.18% |
| PAT Margin | 3.53% |
| Debt to equity ratio | – |
| Earning Per Share (EPS) | ₹3.08 (Basic) |
| Price/Earning P/E Ratio | N/A |
| Return on Net Worth (RoNW) | 7.79% |
| Net Asset Value (NAV) | ₹39.52 |
Note: The valuation figures are based on FY2026 data provided for the Varmora Granito IPO.
Analysis
Varmora Granito IPO Peer Group Comparison
The Varmora Granito IPO peer group comparison provides selected financial and valuation indicators of companies operating in the ceramics and tiles segment. The table includes EPS, PE ratio, return on net worth, NAV and income figures for the identified peer companies.
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Kajaria Ceramics Limited | 30.48 | 40.27 | 15.89% | 191.11 | 4,830.36 Cr. |
| Somany Ceramics Limited | 19.80 | 28.55 | 8.79% | 202.11 | 2,789.84 Cr. |
| Asian Granito India Limited | 0.70 | 72.00 | 1.23% | 51.36 | 1,858.06 Cr. |
| Orient Bell Limited | 8.46 | 47.67 | 3.78% | 222.78 | 691.45 Cr. |
Note: Peer group figures are presented as provided for comparison with the Varmora Granito IPO.
Analysis
Varmora Granito IPO Lead Managers aka Merchant Bankers
- JM Financial Ltd.
- Goldman Sachs (India) Securities Pvt.Ltd.
- SBI Capital Markets Ltd.
FAQ
Varmora Granito IPO FAQs
Varmora Granito IPO price band is Rs 140.00 to Rs 148.00. Check the latest issue price, lot size and GMP together before applying.
Varmora Granito IPO open date is 22 Sept 2026, close date is 24 Sept 2026, and listing date is 29 Sept 2026.
Varmora Granito IPO lot size is 101 shares. The minimum retail investment is Rs 14,948.
Varmora Granito is classified as a Mainboard IPO. This helps investors quickly understand the issue category and exchange segment.
Varmora Granito IPO subscription status currently shows Subscription data is currently awaited.
Varmora Granito, established in 2003, manufactures ceramic and vitrified tiles, distributing over 3,500 products through 286 exclusive brand outlets and 2,000+ multi-brand outlets across 949 cities in 27 states, with 9 manufacturing facilities in Gujarat's Morbi cluster.
Varmora Granito IPO issue size is TBA and the expected allotment date is 25 Sept 2026.
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