Varmora Granito
LISTEDIPO Date: 22 Sept - 24 Sept 2026
Listing Date: 29 Sept 2026
Price Range
Rs.140 - Rs.148
Issue Size
708 Cr
Min Investment
₹14,140
Min Application
101 Shares
Schedule of Varmora Granito
Issue open date
22 Sept 2026
Issue close date
24 Sept 2026
UPI mandate deadline
24 Sept 2026 (5 PM)
Allotment finalization
25 Sept 2026
Share credit
28 Sept 2026
Listing date
29 Sept 2026
Mandate end date
9 Oct 2026
Issue size
| Funds Raised in the IPO | Amount |
|---|---|
| Overall | 708 Cr |
| Fresh Issue | 320 Cr |
| Offer for Sale | 388.02 Cr |
Allotment DetailsNew
| Allotment Timeline | Details |
|---|---|
| Allotment Date | 25 Sept 2026 |
| Allotment Link | {Link} |
Grey Market Premium
NewGrey Market Premium (GMP) is the premium at which the shares are traded in the grey market. It gives a fair idea about the listing price of the IPO shares. The GMP can be positive or negative based on the demand and supply of the shares in the grey market.
| Date | IPO Price | GMP | Est. Listing Price |
|---|---|---|---|
| 28 Sept 2026Latest | ₹148 | ₹1 | ₹149(+0.68%) |
| 27 Sept 2026 | ₹148 | ₹0 | ₹148(0%) |
| 26 Sept 2026 | ₹148 | ₹0 | ₹148(0%) |
| 26 Sept 2026 | ₹148 | ₹1 | ₹149(+0.68%) |
| 25 Sept 2026 | ₹148 | ₹1 | ₹149(+0.34%) |
| 24 Sept 2026 | ₹148 | ₹1 | ₹149(+0.34%) |
| 23 Sept 2026 | ₹148 | ₹0 | ₹148(0%) |
| 22 Sept 2026 | ₹148 | ₹3 | ₹151(+2.03%) |
| 21 Sept 2026 | ₹148 | ₹9 | ₹157(+6.08%) |
| 20 Sept 2026 | ₹148 | ₹9 | ₹157(+6.08%) |
| 19 Sept 2026 | ₹148 | ₹12 | ₹160(+8.11%) |
| 18 Sept 2026 | ₹148 | ₹15 | ₹163(+10.14%) |
| 17 Sept 2026 | ₹148 | ₹10 | ₹158(+6.76%) |
Performance Varmora Granito
| Issue Price | Listing Gain | Current Market Price | P/L |
|---|---|---|---|
| Rs.140 - Rs.148 | ₹ 155 (4.73%) | ₹ 123.06 | -16.85% |
About Varmora Granito
Varmora Granito Limited is engaged in the manufacturing and sale of tiles, including glazed vitrified tiles (GVT), polished vitrified tiles (PVT), and ceramic tiles. The company primarily sells GVT and technical products, which accounted for 84.19% of its revenue from operations from tiles in FY26. It also commercialised integrated stone technology (IST) in 2024 through a technology partnership with SACMI Imola S.C., an Italian tile equipment provider. In FY26, 81.72% of its revenue from operations came from products manufactured in-house. As of the date of its Red Herring Prospectus (RHP), the company and its subsidiaries operated eight manufacturing facilities in the Morbi cluster of Gujarat. The company sells its products through B2C and B2B channels. As of March 31, 2026, its B2C distribution network comprised 305 exclusive brand outlets and 2,758 multi-brand outlets across India and outside India. Its B2B channels include builders, contractors, developers, and government empanelments.
| Founded in | 2003 |
| Managing director | Mr Bhavesh Vallabhdas Varmora |
| Parent organization |
Financial Overview
Strengths
5- 1
Broad distribution network with 305 EBOs and 2,758 MBOs across India.
- 2
In-house manufacturing in Morbi supported by technical research capabilities.
- 3
Diverse product portfolio covering tiles, bathware, and adhesives.
- 4
Strong market focus on high-margin glazed vitrified tiles.
- 5
Established global export presence across multiple international markets.
Risks
5- 1
Heavy revenue reliance on manufacturing facilities situated exclusively in Morbi.
- 2
High revenue concentration in glazed vitrified tiles exposes business to category slowdowns.
- 3
Dependent on independent franchisees for operating retail distribution networks.
- 4
Volatility in prices and supply of raw materials, power, and natural gas.
- 5
Susceptible to international trade tariffs, sanctions, and foreign exchange risks.
Subscription Figures
| Category | Subscription (No. of times) |
|---|---|
| Qualified Institutional Buyers (QIBs) | 3.1 |
| Non-Institutional Investors (NIIs) | 0.94 |
| Retail Individual Investors (RIIs) | 1.02 |
| Employee | N/A |
| Total | 1.6 |