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Varmora Granito IPO: Issue booked 27% on Day 2; check all subscription-wise details
4 min read | Updated on September 23, 2026, 18:54 IST
SUMMARY
Until 5 PM, the initial share sale of the company has received bids for 91,66,861 shares as compared to 3.39 crore shares on offer, as per exchange data.
Varmora Granito is engaged in making ceramic and vitrified tiles, including glazed vitrified, polished vitrified and ceramic tiles. | Image: Varmora.com
The initial public offering (IPO) of Varmora Granito on its second day of subscription sees a total booking of 27% on Wednesday, September 23.
Until 5 PM, the initial share sale of the company has received bids for 91,66,861 shares as compared to 3.39 crore shares on offer, as per exchange data.
The non-institutional investor (NII) category has been subscribed 0.17 times, while the retail individual investor (RII) segment saw a 0.40 times subscription. However, the Qualified Institutional Buyers (QIB) portion was booked 0.11 times.
The initial share sale is a mix of a fresh issuance of 2.16 crore shares worth ₹320 crore and an offer for sale (OFS) of 2.62 crore shares totalling ₹388.02 crore by existing shareholder Katsura Investments.
The ₹708 crore IPO has a price band that has been set between ₹140 and ₹148 per share.
Ahead of the IPO, the tiles and bathware maker had raised ₹212.4 crore from anchor investors, including Goldman Sachs and ICICI Prudential Mutual Fund. The company allotted 1.43 crore equity shares to 17 funds at ₹148 per share, the top end of the IPO price band.
Apart from Goldman Sachs and ICICI Prudential Mutual Fund, others who participated in the anchor round included Bandhan Mutual Fund, India Acorn Fund, Turnaround Opportunities Fund, Motilal Oswal Mutual Fund, JM Financial Mutual Fund, Bharti AXA Life Insurance Company, Societe Generale, and BNP Paribas Financial Markets.
“Our company also expects to receive the benefits of listing of the equity shares on the stock exchanges, including enhancement of our company’s visibility and our brand name among our existing and potential customers and creation of a public market for our equity shares in India,” the firm said in its red herring prospectus.
Shares of the company will be listed on both the National Stock Exchange and the Bombay Stock Exchange.
Varmora Granito IPO: Lot size
Retail investors can apply for a minimum of 101 shares and in multiples thereafter.
Before the IPO, the company collected ₹212.4 crore from anchor investors, including Goldman Sachs, ICICI Prudential Mutual Fund, Bandhan Mutual Fund, Turnaround Opportunities Fund, India Acorn Fund, Motilal Oswal Mutual Fund, Bharti AXA Life Insurance Company, Societe Generale, JM Financial Mutual Fund, and BNP Paribas Financial Markets, among others.
The company allotted 1.43 crore shares to 17 funds at ₹148 per share, the upper end of the price band.
Varmora Granito IPO: Listing date and time
| Event | Date |
|---|---|
| Subscription period | September 22 to September 24 |
| Basis of allotment | September 25 |
| Initiation of Refunds | September 28 |
| Credit of Shares to Demat | September 28 |
| Listing date | September 29 |
Varmora Granito IPO Objective
The money raised from the IPO will be used towards the following objectives:
About Varmora Granito
Varmora Granito manufactures and markets tiles, bathware and related products. Its tile portfolio covers glazed vitrified tiles (GVT), polished vitrified tiles (PVT), ceramic tiles and technical products manufactured using integrated stone technology (IST).
The company had an approximately 6.6% share of the Indian GVT tiles market by revenue in FY26. It operates a multi-channel network comprising 305 exclusive brand outlets and 2,758 multi-brand outlets across India and overseas.
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