Varmora Granito IPO GMP today is Rs 0. Investors can use this GMP along with price band and subscription status for a better IPO review.
Listed
Mainboard IPO
VARMORA
Varmora Granito IPO GMP & Allotment
Varmora Granito manufactures tiles, bathware, and adhesives across eight facilities in Morbi, Gujarat, and through contract partners. Its core portfolio spans vitrified/ceramic tiles, sanitaryware, faucets, and engineered stone, with revenue driven by glazed vitrified tiles and specialized formulations. The company sells domestically through exclusive franchisees, multi-brand outlets, and B2B partnerships with builders and government agencies, and also exports globally.
- IPO Price Band
- ₹140.00 - ₹148.00
- Lot Size
- 101 Shares
- Bidding Closes
- 24 Sept 2026
- Listing Date
- 29 Sept 2026
Quick Answer & Highlights
Varmora Granito IPO GMP Today & Key Takeaways
Last updated: 26 Sept 2026
Varmora Granito IPO officially listed on 29 Sept 2026 at Rs 155.00, delivering a +4.73% listing gain compared to its issue price of Rs 708.02. Pre-listing, its final recorded Grey Market Premium (GMP) was ₹0.
Varmora Granito IPO officially listed on 29 Sept 2026 at ₹155.00, delivering a +4.73% listing gain compared to its issue price of ₹708.02. Pre-listing, its final recorded Grey Market Premium (GMP) was ₹0.
| Key Metric | Figure | Status / Context |
|---|---|---|
| Current GMP | ₹0 | +0% vs upper band (26 Sept 2026) |
| Est. Listing Price | ₹155.00 | +4.73% Est. Listing Gain |
| Price Band | ₹140.00 - ₹148.00 | Mainboard IPO |
| Retail Minimum Investment | ₹14,948 | 1 Lot (101 Shares) |
| Bidding Window | 22 Sept 2026 – 24 Sept 2026 | Listed |
| Allotment & Listing Dates | Allotment: 25 Sept 2026 | Listing: 29 Sept 2026 |
Current GMP Status
₹0
+0% vs upper band
Est. Listing Gain
+4.73%
Last Trend
26 Sept 2026
Listing Price
₹155.00
Retail Entry
₹14,948
IPO Details
Complete IPO information
| IPO Open Date | 22 Sept 2026 |
|---|---|
| IPO Close Date | 24 Sept 2026 |
| IPO Price Band | ₹140.00 - ₹148.00 |
| Lot Size | 101 Shares |
| Current GMP | ₹0 |
| Estimated Listing Gain | +4.73% |
| Issue Size | Approx ₹708.02 Cr |
| Fresh Issue | Approx ₹320 Cr |
| Issue Type | Mainboard |
| IPO Listing | BSE, NSE |
| Retail Quota | TBA |
| Registrar | Kfin Technologies Ltd. |
| Overall Subscription | 1.58x |
| Minimum Investment | ₹14,948 |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus |
Demand Tracker
Subscription Status
| Category | Shares Reserved | Shares Applied | Subscription (x) |
|---|---|---|---|
| QIB | 93.66 | 296.22 | 3.16xx |
| NII | 73.61 | 67.71 | 0.92xx |
| Retail | 171.76 | 170.93 | 1xx |
| Overall Subscription | 339.03 | 534.86 | 1.58xx |
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 ₹0, implying an estimated listing gain of around 0.00% over the issue price if it holds until listing. This is down ₹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.
As of the latest update, Varmora Granito's IPO was subscribed 1.58x overall, with a category-wise breakdown of Retail 1x, QIB 3.16x, NII 0.92x.
Among the strengths highlighted in Varmora Granito's IPO documents: Broad distribution network with 305 EBOs and 2,758 MBOs across India.; In-house manufacturing in Morbi supported by technical research capabilities..
Investors should also weigh the risk factors Varmora Granito has disclosed, including: Heavy revenue reliance on manufacturing facilities situated exclusively in Morbi..
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
✓
Bidding Opens
22 Sept 2026
✓
Bidding Closes
24 Sept 2026
✓
Allotment
25 Sept 2026
✓
Listing
29 Sept 2026
| Event / Milestone | Scheduled Date | Status |
|---|---|---|
| Bidding Opens | 22 Sept 2026 | Completed |
| Bidding Closes | 24 Sept 2026 | Completed |
| Allotment | 25 Sept 2026 | Completed |
| Listing | 29 Sept 2026 | Completed |
Grey Market Premium
Daily GMP status
| Date | GMP | Change | Gain |
|---|---|---|---|
| 26 Sept 2026 | ₹0.00 | -₹5.00 | TBA |
| 22 Sept 2026 | ₹5.00 | -₹5.00 | 3.38% |
| 21 Sept 2026 | ₹10.00 | -₹5.00 | 6.76% |
| 19 Sept 2026 | ₹15.00 | +₹5.00 | 10.14% |
| 18 Sept 2026 | ₹10.00 | - | 6.76% |
Swipe to see more →
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 |
Swipe to see more →
Fund Utilization
Objects of the Issue & Official Documents
Issue Notes
Important takeaways before applying
Strengths
- Broad distribution network with 305 EBOs and 2,758 MBOs across India.
- In-house manufacturing in Morbi supported by technical research capabilities.
- Diverse product portfolio covering tiles, bathware, and adhesives.
- Strong market focus on high-margin glazed vitrified tiles.
- Established global export presence across multiple international markets.
Risks
- Heavy revenue reliance on manufacturing facilities situated exclusively in Morbi.
- High revenue concentration in glazed vitrified tiles exposes business to category slowdowns.
- Dependent on independent franchisees for operating retail distribution networks.
- Volatility in prices and supply of raw materials, power, and natural gas.
- Susceptible to international trade tariffs, sanctions, and foreign exchange risks.
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
| Particular | Dates |
|---|---|
| IPO Open Date | 22 Sept 2026 |
| IPO Close Date | 24 Sept 2026 |
| Basis of Allotment | 25 Sept 2026 |
| Refunds | 28 Sept 2026 |
| Credit to Demat Account | 28 Sept 2026 |
| IPO Listing Date | 29 Sept 2026 |
Note: The timeline for Varmora Granito IPO is tentative and subject to change.
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 Objects of the Issue & Utilisation of Proceeds
| Purpose | Crores |
|---|---|
| Purpose | INR crores (%) |
| Repayment / pre-payment of borrowings | 245 (76.56%) |
| General corporate purposes | 75 (23.44%) |
Note: Objectives are as specified in the DRHP/RHP documents of Varmora Granito.
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 Company Financials
| Period | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | 1,472.58 Cr. | 1,412.92 Cr. | 44.94 Cr. | 1,476.16 Cr. |
| 2025 | 1,492.68 Cr. | 1,456.28 Cr. | 30.77 Cr. | 1,589.80 Cr. |
| 2026 | 1,562.53 Cr. | 1,486.36 Cr. | 55.09 Cr. | 1,509.87 Cr. |
Note: Financial numbers for Varmora Granito are in ₹ Crores unless stated otherwise.
Analysis
Varmora Granito Company Valuation – FY2026
| 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 | - |
| Return on Net Worth (RoNW) | 7.79% |
| Net Asset Value (NAV) | 39.52 |
Note: Valuation KPIs for Varmora Granito are computed for FY2026.
Analysis
Varmora Granito IPO Peer Group Comparison
| 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 comparisons for Varmora Granito are sourced from DRHP filings.
Analysis
Varmora Granito IPO Lead Managers aka Merchant Bankers
- JM Financial Ltd.
- Goldman Sachs (India) Securities Pvt.Ltd.
- SBI Capital Markets Ltd.
Comparison
Compare Varmora Granito IPO with similar IPOs
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 Retail 1x, QIB 3.16x, NII 0.92x, Overall 1.58x.
Varmora Granito manufactures tiles, bathware, and adhesives across eight facilities in Morbi, Gujarat, and through contract partners. Its core portfolio spans vitrified/ceramic tiles, sanitaryware, faucets, and engineered stone, with revenue driven by glazed vitrified tiles and specialized formulations. The company sells domestically through exclusive franchisees, multi-brand outlets, and B2B partnerships with builders and government agencies, and also exports globally.
Varmora Granito IPO issue size is 708.02 and the expected allotment date is 25 Sept 2026.
In our empirical study of 117 Indian IPO listings, positive GMP was followed by a positive listing gain 69.8% of the time. However, as an exact forecast, the median variation between GMP-implied gain and actual listing price was 8 percentage points. GMP reflects informal market sentiment and should always be evaluated alongside company valuation and fundamentals.
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