Varmora Granito shares list at nearly 5% premium on NSE; here's how much investors made per lot

On the BSE, the stock started trading at ₹152 per share, up 2.70% from the issue price:

Varmora Granito: Here's how much investors made per lot

The ₹708.02 crore initial public offer was a mix of a fresh issuance of shares totalling ₹320 crore and an offer-for-sale (OFS) component of 2.62 crore shares worth ₹388.02 crore by investor Katsura Investments.

The money raised will be used to repay debt and dues of its subsidiaries – Varmora Sanitarywares, Covertek Ceramica and Simola Tiles. The company will also utilised it for corporate general purposes.

"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 an exchange filing.

The IPO was subscribed 1.58 times, as it mobilised bids for 5,34,85,863 shares against 3,39,02,899 shares on offer, as per the NSE data.

Qualified institutional buyers (QIBs) booked their quota 3.16 times, while retail investors part was subscribed 1.00 times. The non-institutional investors' category attracted 92% subscription.

Varmora Granito makes a wide range of ceramic and vitrified tiles, including polished vitrified, glazed vitrified and ceramic tiles. It has a wide distribution network consisting of 305 exclusive brand outlets and more than 2,750 multi-brand outlets across India and overseas.