About Varmora Granito Ltd IPO
Varmora Granito. IPO is a mainboard public issue comprising a fresh issue of ?320 crore and an Offer for Sale (OFS) of 2,62,17,234 equity shares. The IPO is scheduled to open from September 22 to September 24, 2026, with a price band of ?140 to ?148 per share, and the shares are proposed to be listed on both BSE and NSE.
JM Financial Limited, Goldman Sachs (India) Securities Private Limited and SBI Capital Markets Limited are acting as the Book Running Lead Managers, while KFin Technologies Limited is the registrar.
The company is promoted by Bhavesh Vallabhdas Varmora, Hiren R Varmora and Pramodkumar Parsotambhai Patel. Around ?320 crore from the fresh issue is proposed to be used towards repayment or prepayment of certain outstanding borrowings, with the balance intended for general corporate purposes.
About Varmora Granito Ltd.
Incorporated in 2003, Varmora Granito Ltd. manufactures and markets ceramic and vitrified tiles. Its product range covers glazed vitrified tiles (GVT), polished vitrified tiles (PVT) and ceramic tiles in a wide variety of designs, formats and finishes.
The Company sells its products through both B2C and B2B channels. Its retail network includes 286 exclusive brand outlets (EBOs) and over 2,000 multi-brand outlets (MBOs), while its B2B business serves builders, contractors, developers and government procurement.
As of March 31, 2025, Varmora Granito’s distribution network covered 949 cities across 27 states and union territories in India. The Company had more than 3,500 SKUs across its product portfolio.
Manufacturing and Export Network
As of March 31, 2025, the Company operated nine manufacturing facilities, all located in the Morbi industrial cluster of Gujarat. It also exported its products to more than 100 countries, supported by a dedicated export team of 47 personnel.
As of March 31, 2025, the Company had 1,156 permanent employees.
Varmora Granito. IPO is a mainboard public issue comprising a fresh issue of ?320 crore and an Offer for Sale (OFS) of 2,62,17,234 equity shares. The IPO is scheduled to open from September 22 to September 24, 2026, with a price band of ?140 to ?148 per share, and the shares are proposed to be listed on both BSE and NSE. JM Financial Limited, Goldman Sachs (India) Securities Pr
Varmora Granito IPO Subscription Breakdown
| Investory Category | Subscription Percentage | Amount Raised (₹ Crores) |
|---|---|---|
| Qualified Institutional Buyers (QIBs) | 50% | 2,39,19,627.5 crores |
| Non-Institutional Investors (NIIs) | 15% | 71,75,888.25 crores |
| Retail Individual Investors (RIIs) | 35% | 1,67,43,739.25 crores |
Varmora Granito IPO Strengths & Weaknesses
Diverse premium tile portfolio with 3,500+ SKUs across GVT, PVT and ceramic tiles and 20 surface types.
Strong focus on GVT tiles, which contributed 69.56% of FY25 revenue from operations, compared with 60.27% in FY23.
GVT typically commands 15–30% higher realisations than ceramic and PVT tiles.
Product innovation is supported by a 17-member R&D team and 20 designers.
Launched 2,500+ new tile SKUs and eight new surface finishes between April 2022 and March 2025.
Wide distribution network covering 949 cities, supported by 286 EBOs and over 2,000 MBOs.
Varmora Granito IPO Important Dates & Issue Details
| Allotment Date | Listing Date | Refund Date |
|---|---|---|
| 25 Sep '26 | 29 Sep '26 | 28 Sep '26 |
| Issue Composition: | |
|---|---|
| Face Value | ₹2 per share |
| Total Issue Size | 4,78,39,255 shares (aggregating up to To be announced) |
| Fresh Issue | 1,08,10,810.5 shares (aggregating up to ₹2,16,21,621 crores) |
| Offer for Sale | 1,31,08,817 shares of ₹2 (aggregating up to ₹2,62,17,634 crores) |
| Issue Type | Book Building IPO |
| Post-Issue Shareholding Pattern: | |
|---|---|
| Pre-Issue Shareholding | 100 shares |
| Post-Issue Shareholding | 100 shares |
Varmora Granito IPO Lot Size and Investment Details
| Minimum Lot Size | 101 shares |
| Maximum Lot Size (Retail) | -- |
The lot size of Varmora Granito ipo has been designed to ensure broad participation while maintaining optimal price discovery.
How to Apply for Varmora Granito IPO
- Log in to your Choice account
- Select IPO
- Enter the number of lots and your price
- Verify UPI ID
- Complete the transaction on your UPI app
Varmora Granito IPO Contact & Registrar Details
Contact Details
Address
8-A, National Highway, Dhuva, Taluka Wankaner Rajkot
Phone Number
Website
Registrar Details
Registrar Name
Kfin Technologies Ltd.
Phone Number
Varmora Granito Lead Manager(s)
| Book Running Lead Manager(s) |
|---|
| JM Financial Ltd. | Goldman Sachs (India) Securities Pvt.Ltd. | SBI Capital Markets Ltd. |