Varmora Granito IPO 2026: Price, Dates, GMP & Allotment
Varmora Granito IPO is a book-built public issue of ₹708.02 crore. The IPO combines a fresh issue of 2.16 crore shares worth ₹320 crore with an Offer for Sale (OFS) of 2.62 crore shares amounting to ₹388.02 crore.
The IPO opened for subscription on September 22, 2026, and will remain open until September 24, 2026. The basis of allotment is expected to be finalised on September 25, 2026, while the shares are scheduled to list on the NSE and BSE on September 29, 2026, subject to the final IPO schedule.
The Varmora Granito IPO price band has been fixed at ₹140 to ₹148 per share. The minimum application lot is 101 shares, which means a retail investor applying at the upper price band would need ₹14,948 for one lot.
JM Financial Limited is the book-running lead manager for the issue, while KFin Technologies Limited is acting as the IPO registrar.
For complete information about the company’s financials, risks, objects of the issue, shareholding and other offer-related details, investors should refer to the Varmora Granito IPO Red Herring Prospectus (RHP) before making any investment decision.
Price Range
₹140 - ₹ 148
₹14,140
Min. Investment
Varmora Granito Ltd IPO
Ceramics/Marble/Granite..
| Issue Size | ₹ 708 Cr |
| IPO Type | Mainboard |
| Market Cap | ₹ 1512.4 Cr |
| Price Range | ₹140-₹148 |
| Listing Ex. | BSE, NSE |
| Revenue | ₹ ____ Cr |
| Lot Size | 101 Shares |
| RHP | Read |
| Growth Rate | 2.65% |
About Varmora Granito Limited
Incorporated in 2003, Varmora Granito Limited is engaged in the manufacturing and marketing of ceramic and vitrified tiles. Its product range includes Glazed Vitrified Tiles (GVT), Polished Vitrified Tiles (PVT), ceramic tiles and technical tiles, with a particular focus on premium and technology-driven products.
The company has built its business around higher-value tile products. During Fiscal 2026, GVT and technical tiles together contributed around 84% of the company's tile revenue, reflecting its focus on premium products rather than being dependent only on conventional ceramic tiles.
Manufacturing and Technology
Varmora Granito operates eight manufacturing facilities in the Morbi cluster of Gujarat, one of India's major ceramic and tile manufacturing hubs. The company has a significant level of in-house production, with approximately 81.72% of its revenue in Fiscal 2026 coming from products manufactured at its own facilities.
Technology is another part of Varmora's manufacturing strategy. The company has adopted Integrated Stone Technology (IST) through a technology partnership with SACMI, Italy, to support the development and manufacturing of technologically advanced and premium tile products.
Distribution Network
Varmora has developed a broad distribution network covering both the Indian and international markets. Its network includes 305 exclusive brand outlets and 2,758 multi-brand outlets.
Apart from retail distribution, the company also caters to the B2B market, supplying tiles to builders, contractors, developers and government entities. This combination of retail and institutional sales gives Varmora access to different segments of the tile market.
Focus on Sustainability
The company has also invested in renewable energy as part of its efforts to reduce dependence on conventional power sources. As of the relevant period, Varmora had 16.22 MW of renewable energy capacity, comprising wind and solar power.
As of March 2026, the company had 1,153 permanent employees across its operations.
Key Strengths
- Premium product portfolio: A significant portion of revenue comes from GVT and technical tiles, which are positioned toward higher-value applications.
- Technology-driven manufacturing: The company uses advanced manufacturing capabilities and has adopted Integrated Stone Technology through its partnership with SACMI, Italy.
- In-house production: A large share of its products are manufactured at its own facilities, providing greater control over production and quality.
- Wide distribution network: Varmora has a presence through exclusive brand outlets, multi-brand outlets and B2B channels.
- Strong manufacturing base: Its eight facilities are located in the Morbi ceramic manufacturing cluster of Gujarat.
- Sustainability initiatives: Investment in wind and solar power has helped the company build a renewable energy capacity of 16.22 MW.
Overall, Varmora Granito has built its business around premium tiles, in-house manufacturing, technology-led product development and a wide distribution network. Its exposure to retail as well as B2B customers allows it to serve residential, commercial and institutional markets.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 101 | ₹14,948 |
| Retail (Max) | 13 | 1313 | ₹1,94,324 |
| S-HNI (Min) | 14 | 1414 | ₹2,09,272 |
| S-HNI (Max) | 66 | 6666 | ₹9,86,568 |
| B-HNI (Min) | 67 | 6767 | ₹10,01,516 |
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IPO FAQs
What is Varmora Granito IPO?
Varmora Granito IPO is a Mainboard public issue of Varmora Granito Limited. The company is raising approximately ₹708.02 crore through a combination of a fresh issue and an Offer for Sale (OFS). The shares are proposed to be listed on the BSE and NSE
When will Varmora Granito IPO open and close?
The IPO opens for subscription on September 22, 2026, and closes on September 24, 2026. The allotment is scheduled to be finalised on September 25, while listing is expected on September 29, 2026.
What is the price band of Varmora Granito IPO?
The company has fixed the IPO price band at ₹140 to ₹148 per equity share. Investors can place their bids within this price range.
What is the lot size of Varmora Granito IPO?
The minimum lot size is 101 shares. Retail investors have to apply for at least one lot.
What is the minimum investment required for Varmora Granito IPO?
At the upper price band of ₹148, one lot of 101 shares requires an investment of ₹14,948.
What is the total issue size of the Varmora Granito IPO?
Varmora Granito IPO has a total issue size of approximately ₹708.02 crore. The issue comprises a fresh issue of about ₹320 crore and an OFS component of approximately ₹388.02 crore.
What is the main objective of Varmora Granito IPO?
The IPO proceeds are proposed to be used primarily for repayment or pre-payment of certain outstanding borrowings and accrued interest of the company and its subsidiaries, along with general corporate purposes.
Disclaimer: The information provided on this IPO page is for educational and informational purposes only and should not be considered investment advice, a recommendation, or an offer to buy or sell any securities. IPO details such as price, dates, GMP, subscription data, financial figures, and listing information may change and may contain errors or omissions. Investors should independently verify all information from official sources, including the company’s RHP/DRHP and stock exchange filings, and assess their own risk before making any investment decision. EduTaxTuber does not guarantee any profit or listing gains and shall not be responsible for any loss arising from decisions made based on this information.
