Varmora Granito IPO subscribed 11%

The offer received bids for 37.24 lakh shares as against 3.39 crore shares on offer.

The initial public offer of Varmora Granito received bids for 37,24,375 shares as against 3,39,02,899 shares on offer, according to stock exchange data at 11:25 IST on 22 September 2026. The issue was subscribed 0.11 times.

The issue opened for bidding on 22 September 2026 and will close on 24 September 2026. The price band of the IPO is fixed between Rs 140 and 148 per share. An investor can bid for a minimum of 101 equity shares and multiples thereof.

The offer consists of both a fresh issue and an offer for sale component (OFS). The fresh issue will include 2,16,21,622 shares, aggregating up to Rs 320.0 crore at the upper price band of Rs 148. OFS includes 2,62,17,634 shares of Rs 2, aggregating up to Rs 388.0 crore at upper price band of Rs148.

Katsura Investments will offload a part of their stake in the OFS. The funds raised to the tune of Rs 245.0 crore will be used towards repaying certain borrowings by the company and its subsidiaries namely CovertekCeramica Private Limited and VarmoraSanitarywares Private Limited (formerly, VarmoraSanitarywares LLP). The balance is towards general corporate purposes.

Varmora Granito (VGL) manufactures and markets ceramic and vitrified tiles, including glazed vitrified tiles (GVT), polished vitrified tiles (PVT) and ceramic tiles under the ?Varmora? brand. The company operates eight manufacturing facilities in Gujarat?s Morbi cluster and has a wide distribution network comprising 305 exclusive brand outlets and 2,758 multi-brand outlets across India and overseas. VGL focuses on premium and technology-driven products, with GVT and technical tiles contributing around 84% of tile revenue in FY2026. The company also caters to B2B customers, including builders, contractors, developers and government entities, and has 16.22 MW of renewable energy capacity from wind and solar.

Ahead of the IPO, Varmora Granito on Monday, 21 August 2026, raised Rs 212.40 crore from anchor investors. The board allotted 1.43 crore shares at Rs 148 each to 17 anchor investors.

The firm reported a consolidated net profit of Rs 55.09 crore and sales of Rs 1,512.46 crore for the twelve months ended on 31 March 2026.

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