Varmora Granito makes a positive stock market debut; shares list at 5% premium on NSE
Varmora Granito sold its shares in the price band of Rs 140-148 apiece, applied for a minimum of 101 shares and its multiples to raise Rs 708 crore between September 22-24.
- Sep 29, 2026,
- Updated Sep 29, 2026 9:48 AM IST
Shares of Varmora Granito made a positive stock market debut on Tuesday, September 29 after the tile maker was listed at Rs 155 on NSE Ltd, a premium of 4.73 per cent over the issue price of Rs 148. Similarly, the stock settled with a premium of 2.70 per cent over the given issue price at Rs 152 on BSE Ltd.
As of the listing price, investors made a profit of Rs 400-700 per lot allotted to them. The listing has been better than expectations. Ahead of its listing, Varmora Granito was commanding a muted grey market premium (GMP) of up to Rs 2 per share, suggesting a flat listing for the company. However, its GMP stood at Rs 12-15 before the bidding for issue kicked-off.
IPO of Varmora Granito was open for bidding between September 22-24 as the company raised a total of Rs 708 crore from its primary offering, which was fresh share sale of Rs 320 crore and an offer-for-sale (OFS) of up to 2.62 crore equity shares worth Rs 388 crore. The company sold its shares in the range of Rs 140-148 apeice, with a lot size of 101 equity shares.
According to the data from BSE, the IPO of Varmora Granito was subscribed only 1.58 times during the bidding process, fetching bids for only 790 crore through. On an individual basis, qualified institutional bidders' (QIB) portion was booked 3.16 times. The quotas for non-institutional investors and retail investors were subscribed only 92 per cent and 100 per cent, respectively.
Incorporated in 2003, Rajkot-based Varmora Granito manufactures and markets ceramic and vitrified tiles, including glazed vitrified tiles (GVT), polished vitrified tiles (PVT) and ceramic tiles. It focuses on premium, technology-driven products, with GVT and technical tiles accounting for around 84 per cent of its tile revenue in Fiscal 2026.
Brokerage firms had mixed views on the issue, with majority suggesting to 'subscribe' to it for long-term only. JM Financial Ltd, Goldman Sachs (India) Securities and SBI Capital Markets were the book running lead managers of Varmora Granito IPO and Kfin Technologies Ltd served as the registrar of the issue.
Shares of Varmora Granito made a positive stock market debut on Tuesday, September 29 after the tile maker was listed at Rs 155 on NSE Ltd, a premium of 4.73 per cent over the issue price of Rs 148. Similarly, the stock settled with a premium of 2.70 per cent over the given issue price at Rs 152 on BSE Ltd.
As of the listing price, investors made a profit of Rs 400-700 per lot allotted to them. The listing has been better than expectations. Ahead of its listing, Varmora Granito was commanding a muted grey market premium (GMP) of up to Rs 2 per share, suggesting a flat listing for the company. However, its GMP stood at Rs 12-15 before the bidding for issue kicked-off.
IPO of Varmora Granito was open for bidding between September 22-24 as the company raised a total of Rs 708 crore from its primary offering, which was fresh share sale of Rs 320 crore and an offer-for-sale (OFS) of up to 2.62 crore equity shares worth Rs 388 crore. The company sold its shares in the range of Rs 140-148 apeice, with a lot size of 101 equity shares.
According to the data from BSE, the IPO of Varmora Granito was subscribed only 1.58 times during the bidding process, fetching bids for only 790 crore through. On an individual basis, qualified institutional bidders' (QIB) portion was booked 3.16 times. The quotas for non-institutional investors and retail investors were subscribed only 92 per cent and 100 per cent, respectively.
Incorporated in 2003, Rajkot-based Varmora Granito manufactures and markets ceramic and vitrified tiles, including glazed vitrified tiles (GVT), polished vitrified tiles (PVT) and ceramic tiles. It focuses on premium, technology-driven products, with GVT and technical tiles accounting for around 84 per cent of its tile revenue in Fiscal 2026.
Brokerage firms had mixed views on the issue, with majority suggesting to 'subscribe' to it for long-term only. JM Financial Ltd, Goldman Sachs (India) Securities and SBI Capital Markets were the book running lead managers of Varmora Granito IPO and Kfin Technologies Ltd served as the registrar of the issue.