Varmora Granito IPO

Listed on the exchange

Varmora Granito priced its issue at ₹148.00 and began trading on 29 September 2026.

The dates that matter

An Indian IPO runs on a fixed calendar. Bidding stays open for three working days, the allotment is finalised the next working day, and the shares begin trading the day after that.

Issue dates

1. Anchor investor biddingCompleted

   21 September 2026

   One day before the public window, for institutional anchors.

2. Bidding opensCompleted

   22 September 2026

3. Bidding closesCompleted

   24 September 2026

4. Basis of allotmentCompleted

   25 September 2026

5. Refunds initiatedCompleted

   28 September 2026

6. Shares credited to DematCompleted

   28 September 2026

7. Listing on the exchangeCompleted

   29 September 2026

Grey market premium

Grey market premium is the price traders quote among themselves for shares that have not listed yet. Below is the full day-by-day record we hold for this issue, not only the latest figure, because the movement across the bidding window says more than any single day does.

About Varmora Granito

Varmora Granito Ltd. makes and sells ceramic and vitrified tiles from Gujarat's Morbi industrial cluster. The company incorporated in 2003 and runs eight manufacturing plants there. Its range covers glazed vitrified tiles, polished vitrified tiles and ceramic tiles, with more than 3,500 stock-keeping units as of March 31, 2025. Glazed and technical tiles made up about 84% of tile revenue in Fiscal 2026. The company sells through 305 exclusive brand outlets and 2,758 multi-brand outlets in India and overseas, plus direct B2B sales to builders, contractors, developers and government buyers. Its network reached 949 cities across 27 states and union territories as of March 31, 2025. Exports go to over 100 countries. Varmora employed 1,153 permanent staff as of March 2026.

Promoters

• Bhavesh Vallabhdas Varmora
• Hiren R Varmora
• Pramodkumar Parsotambhai Patel

Financial highlights

The last three fiscal years as the offer document states them. Reading across a row shows whether the figure has grown, which is why the years run left to right.

Figures are in ₹ crore and reproduced from the offer document, covering Mar 2024 to Mar 2026. A dash means the document does not state that figure for that period. A fiscal year ending March is labelled by its closing month, and where the document states a figure on a different basis the label here follows the document rather than normalising it.

Key ratios

Valuation and return ratios calculated from the issuer's financials. These are the figures the issue price is usually judged against, and the offer document carries the working behind each one.

Ratios are stated as published. A ratio that is absent here was not stated in the document, and is not the same as a ratio of zero.

What the money is for

Every issue states its objects in the offer document. These are reproduced from it, largest first, so you can see where most of the raise is going.

• Repayment/ pre-payment, in full or in part, of all or certain outstanding borrowings and accrued interest thereon availed by: The company and wholly-owned subsidiaries namely Covertek Ceramica Pvt.Ltd. and Varmora Sanitarywares Pvt.Ltd. (formerly, Varmora Sanitarywares LLP), and of the subsidiary, Simola Tiles LLP, through investment in such Subsidiaries

  ₹245.00 Cr

• Issue Expenses

  ₹59.70 Cr

• General Corporate Purposes

  ₹48.00 Cr

Peer comparison

The offer document compares the issuer against listed companies in the same business, on earnings, book value and return on net worth. Varmora Granito is the first row.

Reproduced from the peer comparison in the offer document. A dash means the document does not state that figure for that company. It is absent, not zero. Ratios are reported on the basis named in the document, which is not always the same period for every company.

Who gets what share

SEBI fixes how much of a book-built issue each investor category can be allotted. This is the split for this issue as stated in the offer document.

Percentages are reproduced as text from the offer document. A dash means the document does not state an amount for that category. Categories are labelled using the document's own terms, which differ slightly between issues.

Questions people ask

Sources

• National Stock Exchange of India. "Upcoming and current public issues, with live bid quantities." The exchange publishes the bidding figures this page is built from, and is the authority on them. Accessed 15 September 2026.
• BSE. "Public issues — current and forthcoming." The second exchange carrying this issue, and the second source for its bidding data. Accessed 15 September 2026.
• Securities and Exchange Board of India. "Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018." The regulation that sets the issue process, the categories and the allotment rules. Accessed 15 September 2026.
• Varmora Granito issue particulars are compiled and published by Ankit Kumar, Founder of DematOpen, refreshed every 30 minutes, and reviewed against the offer document. The record was last updated 6 October 2026. The offer document and the registrar above are the primary sources for anything you intend to act on.