Varmora Granito IPO opens on Sept 22; Check price band, issue size & other key details
Gujarat-based tiles manufacturer Varmora Granito has decided to launch its initial public offering (IPO) for subscription on September 22.
- Sep 17, 2026,
- Updated Sep 17, 2026 12:21 PM IST
Gujarat-based tiles manufacturer Varmora Granito has decided to launch its initial public offering (IPO) for subscription on September 22, with a price band at Rs 140-148 per share. It aims to raise Rs 708 crore via IPO at a valuation of Rs 3,345 crore at the upper end of price band.
The IPO included fresh issuance of equity shares worth Rs 320 crore, while investor Katsura Investments will be selling 2.62 crore equity shares worth Rs 388 crore Varmora Granito has reduced its fresh issue size from Rs 400 crore, and an offer-for-sale (OFS) portion from 5.24 crore equity shares planned earlier as per the draft document filed in August 2025, which was subsequently approved by the SEBI in December 2025.
Katsura Investments has reduced its number of shares offered in the OFS from 4.91 crore equity shares, while three promoters decided to cancel their selling of shares via OFS. The one-day anchor book, a part of qualified institutional buyers' quota, will be opened for institutional investors on September 21, while the public issue will remain open till September 24.
The IPO share allotment is expected to be finalised by September 25, while Varmora Granito shares are expected to be available for trading on the bourses on September 29. Investors can bid for a minimum of 101 equity shares, and thereafter in multiples of 101 shares.
Most of the funds raised from fresh issue will be utilised for repaying debt, and the remainder amount for general corporate purposes.
Varmora Granito, which competes with listed peers like Kajaria Ceramics, Somany Ceramics, Asian Granito India, and Orient Bell, operates business through eight manufacturing facilities and derives significant portion of its revenue from B2C retail chain which accounted for 66.8 percent of domestic sales in fiscal 2026, while the B2B segment comprising partnerships with architects, builders, contractors and government agencies contributed 33.2 percent to domestic sales.
The company has recorded profit of Rs 58.4 crore in the fiscal year ended March 2026, doubling from Rs 28.8 crore in previous year. Revenue from operations grew by 3.7 percent to Rs 1,361.6 crore from Rs 1,312.8 crore during the same period.
JM Financial Ltd, Goldman Sachs (India) Securities, and SBI Capital Markets have been appointed as the merchant bankers for managing the Varmora Granito IPO, Kfin Technologies Ltd is the registrar of the issue.
Gujarat-based tiles manufacturer Varmora Granito has decided to launch its initial public offering (IPO) for subscription on September 22, with a price band at Rs 140-148 per share. It aims to raise Rs 708 crore via IPO at a valuation of Rs 3,345 crore at the upper end of price band.
The IPO included fresh issuance of equity shares worth Rs 320 crore, while investor Katsura Investments will be selling 2.62 crore equity shares worth Rs 388 crore Varmora Granito has reduced its fresh issue size from Rs 400 crore, and an offer-for-sale (OFS) portion from 5.24 crore equity shares planned earlier as per the draft document filed in August 2025, which was subsequently approved by the SEBI in December 2025.
Katsura Investments has reduced its number of shares offered in the OFS from 4.91 crore equity shares, while three promoters decided to cancel their selling of shares via OFS. The one-day anchor book, a part of qualified institutional buyers' quota, will be opened for institutional investors on September 21, while the public issue will remain open till September 24.
The IPO share allotment is expected to be finalised by September 25, while Varmora Granito shares are expected to be available for trading on the bourses on September 29. Investors can bid for a minimum of 101 equity shares, and thereafter in multiples of 101 shares.
Most of the funds raised from fresh issue will be utilised for repaying debt, and the remainder amount for general corporate purposes.
Varmora Granito, which competes with listed peers like Kajaria Ceramics, Somany Ceramics, Asian Granito India, and Orient Bell, operates business through eight manufacturing facilities and derives significant portion of its revenue from B2C retail chain which accounted for 66.8 percent of domestic sales in fiscal 2026, while the B2B segment comprising partnerships with architects, builders, contractors and government agencies contributed 33.2 percent to domestic sales.
The company has recorded profit of Rs 58.4 crore in the fiscal year ended March 2026, doubling from Rs 28.8 crore in previous year. Revenue from operations grew by 3.7 percent to Rs 1,361.6 crore from Rs 1,312.8 crore during the same period.
JM Financial Ltd, Goldman Sachs (India) Securities, and SBI Capital Markets have been appointed as the merchant bankers for managing the Varmora Granito IPO, Kfin Technologies Ltd is the registrar of the issue.