IPO profile
Varmora Granito Limited
VARMORA · NSE
- Price band
- ₹140 - ₹148
- Subscription
- 0.97x
Application & Issue Details
- Minimum Quantity
- 101 shares
- Minimum Application
- ₹14,948
- Issue Size
- Rs. 708 Cr
- Face Value
- Not available
- Issue Price
- ₹148
Company Overview
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.
Important Dates
- Open Date
- 22 Sept 2026
- Close Date
- 24 Sept 2026
- Allotment Date
- Not available
- Listing Date
- 29 Sept 2026
Issue Timeline
- Issue open date
- Issue close date
- UPI mandate deadline
- Allotment finalization
- Refund initiation
- Share credit
- Listing date
- Mandate end date
- Lock-in end date for anchor investors (50%)
- Lock-in end date for anchor investors (remaining)
Subscription
- QIB
- 1.71x
- NII
- 0.75x
- Retail
- 0.67x
- Total
- 0.97x
Updated 25 Oct 2026, 12:08 pm · source: nse
Actual Listing Performance
- Listing Date
- 29 Sept 2026
- Actual Listing Price
- ₹155
- Gain/Loss Per Share
- +₹7
- Gain/Loss Per Lot
- +₹707
- Listing Gain/Loss %
- +4.73%
- Measured Against
- ₹148
- Lot Size
- 101 shares
Historical result from the reported listing price, compared with the issue price. Excludes brokerage, taxes and charges.
Company Strengths & Risks
Reported 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.
Key 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.
Company strengths and risks are informational summaries. Review the offer document for complete disclosures.
Documents & Coverage
IPO data last updated 25 Oct 2026, 12:08 pm IST · GMP: ipoalerts · subscription: nse · listing price: NSE/BSE
This page is for informational and educational purposes only. It is not investment advice and not a recommendation to buy, sell, or apply for this IPO. GMP and subscription figures are unofficial/may change. Please make your own independent decision.