VARMORA GRANITO LTD IPO: Company Review, Subscription and Allotment Updates
2026-09-21 — Company overview and issue details VARMORA GRANITO LTD IPO (ABOUT THE COMPANY) VARMORA GRANITO LTD – COMPANY BACKGROUND Varmora Granito Ltd was incorporated in the year 2003 and is into the manufacture of ceramic and…
2026-09-21 — Company overview and issue details
VARMORA GRANITO LTD IPO (ABOUT THE COMPANY)
VARMORA GRANITO LTD – COMPANY BACKGROUND
Varmora Granito Ltd was incorporated in the year 2003 and is into the manufacture of ceramic and vitrified tiles; which includes glazed vitrified tiles, polished vitrified tiles, and ceramic tiles. Nearly 84% of its revenue from tiles is exclusively from glazed vitrified tiles and technical tiles. It has 8 units in the Morbi district of Gujarat. It has a technology partnership with SACMI of Italy for integrated stone technology. Its distribution network comprises of 305 exclusive brand outlets (EBO) and 2,758 multi-brand outlets (MBO). It caters to the B2C and the B2B markets in India and abroad. More than three-quarters of its product are manufactured in-house and the focus is on the premium segment demand.
The promoters of Varmora Granito Ltd are Bhavesh Varmora, Hiren Varmora, Pramodkumar Patel. The IPO will be a combination of a fresh issue and an offer for sale (OFS). The fresh issue proceeds will be used for repayment of loans availed by the parent company and its subsidiaries, as well as for general corporate purposes. The OFS is entirely by the Investor Shareholders. The issue is being lead-managed by JM Financial, Goldman Sachs India, and SBI Capital markets; while KFIN Technologies Ltd (KFINTECH) is the IPO registrar.
HIGHLIGHTS OF THE IPO ISSUE OF VARMORA GRANITO LTD
Here are the key highlights of the public issue of Varmora Granito Ltd.
The IPO is open from September 22nd, 2026 to September 24th, 2026. It has a face value of ₹2 per share and the IPO price band has been fixed in the range of ₹140 to ₹148 per share.
The IPO of Varmora Granito Ltd will be a combination of a fresh issue of shares and an offer for sale (OFS) by the promoter shareholders.
The Fresh Issue portion of the IPO comprises the issue of 2,16,21,621 shares (216.22 lakh shares), which at the upper price band of ₹148 per share, translates into a fresh issue size of ₹320.00 crore.
The offer for sale (OFS) portion of the IPO comprises the sale of 2,62,17,634 shares (262.18 lakh shares), which at the upper price band of ₹148 per share, translates into an OFS size of ₹388.02 crore.
Therefore, the overall IPO will comprise of the fresh issue and the offer for sale of 4,78,39,255 shares (478.39 lakh shares), which at the upper price band of ₹148 per share translates into an overall issue size of ₹708.02 crore.
Due to dilutive impact of the fresh issue and the offer for sale (OFS) by promoters, the promoter stake in the company will reduce from 52.01% pre-IPO to 47.04% post-IPO.
The IPO of Varmora Granito Ltd will be listed on the NSE and the BSE on the IPO mainboard. The anchor allocation happened on September 21, 2026.
KEY DATES, INVESTOR ALLOCATION, AND LOT SIZES
Here are the key dates pertaining to the IPO of Varmora Granito Ltd
| Event | Tentative Date |
|---|---|
| IPO Open Date | Tuesday, 22 September, 2026 |
| IPO Close Date | Thursday, 24 September, 2026 |
| Basis of Allotment | Friday, 25 September, 2026 |
| Initiation of Refunds to non-allottees | Monday, 28 September, 2026 |
| Credit of Shares to Demat | Monday, 28 September, 2026 |
| Listing Date on NSE and BSE | Tuesday, 29 September, 2026 |
Data Source: Company RHP
Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).
The table below captures the gist of the allocation to various categories.
| Investor Category | Share Allocation | % Share |
|---|---|---|
| Reservation for Employees | Nil Shares | Not Applicable |
| Anchor Allocation | 1,43,51,775 shares | 29.74% of total IPO size |
| QIB Shares Offered | 93,65,510 shares | 19.41% of total IPO size |
| NII (HNI) Shares Offered | 73,61,217 shares | 15.25% of total IPO size |
| Retail Shares Offered | 1,71,76,172 shares | 35.59% of total IPO size |
| Total Shares Offered | 4,82,54,674 shares | 100.00% of Total IPO size |
Data Source: Security Parameters Filing (NSE)
The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement.
Here is a quick look at the lot sizes applicable for the IPO of Varmora Granito Ltd for various categories of investors.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 101 | ₹ 14,948 |
| Retail (Max) | 13 | 1,313 | ₹ 1,94,324 |
| S-HNI (Min) | 14 | 1,414 | ₹ 2,09,272 |
| S-HNI (Max) | 66 | 6,666 | ₹ 9,86,568 |
| B-HNI (Min) | 67 | 6,767 | ₹ 10,01,516 |
It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 101 shares)
FINANCIAL HIGHLIGHTS OF VARMORA GRANITO LTD
The table captures the key financials of Varmora Granito Ltd for last 3 financial years.
| Particulars | FY26 | FY25 | FY24 |
|---|---|---|---|
| Net Revenues (₹ in crore) | 1,512.46 | 1,446.03 | 1,435.48 |
| Sales Growth (%) | 4.59% | 0.73% | |
| Profit after Tax (₹ in crore) | 55.09 | 30.77 | 44.94 |
| PAT Margins (%) | 3.64% | 2.13% | 3.13% |
| Total Equity (₹ in crore) | 806.03 | 732.05 | 687.74 |
| Total Assets (₹ in crore) | 1,509.87 | 1,589.80 | 1,476.16 |
| Return on Equity (%) | 6.84% | 4.20% | 6.53% |
| Return on Assets (%) | 3.65% | 1.94% | 3.04% |
| Asset Turnover Ratio (X) | 1.00 | 0.91 | 0.97 |
| Earnings per share (₹) | 3.05 | 1.74 | 2.19 |
| EBITDA (₹ in Crore) | 233.16 | 207.14 | 153.49 |
| EBITDA Margins (%) | 15.42% | 14.32% | 10.69% |
Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)
Between FY24 and FY26, the net margins have improved from 3.13% to 3.64%, while the EBITDA margins have also grown from 10.69% to 15.42%. The PAT margins have been fairly low but that is the general trend for the ceramic tile industry as margins tend to be fairly squeezed due to the bargaining power of institutional buyers. ROE is in single digits.
VALUATION METRICS OF VARMORA GRANITO LTD IPO
At the IPO price of ₹148 (upper band), the stock gets discounted at a P/E ratio of 48.5X, based on the latest FY26 EPS of ₹3.05. If one were to other similar companies in the peer group, the P/E ratios are on the higher side, compared to other established brands like Kajaria and Somani Ceramics. Also, in the case of both these companies, the ROE is also relatively higher.
Apart from the financial numbers, there are some areas where Varmora Granito Ltd has some advantages. It has a comprehensive player in the premium portfolio, although that is not exactly visible in the margins of the company. It also has a strong all-India distribution led by EBO stores. Ceramic units in Morbi have been facing operational risks due to the shortfall in gas supplies from the Middle East. Investors must consider the risks and valuations before investing in this IPO.
2026-09-21 — Anchor allocation
VARMORA GRANITO LTD IPO (ANCHOR ALLOCATION 29.74%)
BRIEF ON ANCHOR ALLOCATION OF VARMORA GRANITO LTD
The anchor issue of Varmora Granito Ltd saw a strong response on 21st September 2026 with 29.74% of the IPO size absorbed by anchors. Out of 4,82,54,674 shares (482.55 lakh shares) on offer in the IPO; anchors picked up 1,43,51,775 shares (143.52 lakh shares) accounting for 29.74% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹148 per share. This includes the face value of ₹2 per share plus a share premium of ₹146 per share. The anchor bidding opened and closed on 21st September 2026.
KEY POINTS TO NOTE IN THE ANCHOR ALLOCATION PROCESS
Here are the key details pertaining to the anchor bidding of Varmora Granito Ltd
| Bid Date | September 21, 2026 |
|---|---|
| Shares Offered | 1,43,51,775 shares |
| Anchor Portion Size (₹ in crore) | ₹212.41 crore |
| Anchor lock-in period end date for 50% shares (30 Days) | Oct 26, 2026 |
| Anchor lock-in period end date for remaining shares (90 Days) | Dec 25, 2026 |
An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.
MAJOR ANCHOR ALLOCATION INVESTORS IN VARMORA GRANITO LTD
On 21st September 2026, Varmora Granito Ltd allotted 1,43,51,775 shares to a total of 17 anchor investors. The allocation was done at the upper IPO price band of ₹148 per share which resulted in overall anchor allocation of ₹212.41 crore. The anchors have already absorbed 29.74% of the total issue size of ₹714.17 crore, after factoring in the employee discount offered in the IPO, if any.
Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹177.14 crores, or, 83.39% of the overall anchor allocation of shares, one trading day ahead of the IPO of Varmora Granito Ltd. The individual anchor allocation of top-10 investors is indexed descending on the number of shares allotted.
| Anchor Investors | No. of Shares | % of Anchor Portion | Value Allocated | |
|---|---|---|---|---|
| 01 | ICICI Pru Housing Opportunities Fund | 16,89,225 | 11.77% | ₹ 25.00 |
| 02 | Goldman Sachs India Equity Portfolio | 16,89,225 | 11.77% | ₹ 25.00 |
| 03 | Bandhan Large & Mid Cap Fund | 16,89,225 | 11.77% | ₹ 25.00 |
| 04 | ICICI Pru Retirement Fund - Equity Plan | 13,51,380 | 9.42% | ₹ 20.00 |
| 05 | Societe Generale - ODI | 13,51,380 | 9.42% | ₹ 20.00 |
| 06 | India Acorn Fund | 10,67,570 | 7.44% | ₹ 15.80 |
| 07 | Motilal Oswal Large Cap Fund | 10,67,570 | 7.44% | ₹ 15.80 |
| 08 | Turnaround Opportunities Fund | 7,11,646 | 4.96% | ₹ 10.53 |
| 09 | Bharti Axa Life Insurance Company | 6,75,690 | 4.71% | ₹ 10.00 |
| 10 | BNP Paribas Markets - ODI | 6,75,690 | 4.71% | ₹ 10.00 |
| Grand Total | 1,19,68,601 | 83.39% | ₹ 177.14 |
Data Source: BSE Filings (Value Allocated is ₹ in Crore)
The detailed and comprehensive report on the anchor allocation, with the mutual fund portion segregated, can be accessed on BSE by clicking on the link below.
Out of the 1,43,51,775 shares allocated to the anchors in the IPO, there was an allocation of 74,86,625 shares made to mutual funds regulated by SEBI. This anchor allocation to mutual funds was spread across 9 MF schemes of 5 asset management company (AMC). Mutual funds accounted for 52.17% of the overall anchor allocation.
Out of the 1,43,51,775 shares allocated to the anchors in the IPO, there was an allocation of 6,75,690 shares made to 1 life insurance company regulated by IRDAI. Life insurance companies accounted for 4.71% of the anchor allocation.
The remaining anchor allocation was spread across FPIs, ODIs, SIFs, and alternate investment funds (AIFs).
NEXT STEPS IN VARMORA GRANITO LTD IPO
Post the closure of the IPO subscription on 24th September 2026, the basis of allotment will be finalized on 25th September 2026 and the refunds will be initiated on 28th September 2026. In addition, the demat credits are expected to also happen on 28th September 2026 and the stock will list on 29th September 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 28th September 2026 under ISIN (INE0M5301040).
2026-09-24 — Day-3 subscription update
Varmora Granito Ltd (Day-3 Final Subscription at 1.58 times)
VARMORA GRANITO LTD - IPO SUBSCRIPTION STATUS ON DAY-3
As of 7.10 pm on 24th September 2026, out of the 339.03 lakh shares on offer in the IPO (excluding anchor portion), Varmora Granito Ltd saw bids for 534.86 lakh shares. This implies an overall subscription of 1.58X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of Varmora Granito Ltd was as under:
| Employees (N.A.) | QIBs (3.16X) | HNI / NII (0.92X) | Retail (1.00X) |
|---|
The subscriptions were led by the QIB Investors followed by the Retail investors and the HNI / NII investors in that order. QIB bids and NII bids typically gather most of the momentum only on the last day. That was the case in this IPO too, but only in case of QIB quota. The HNI / NII quota actually fell just short of full subscription. The company had seen steady anchor participation a day ahead of the IPO opening with 29.74% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.
| Investor Category | Subscription (times) | Shares Offered | Shares bid for | Total Amount (₹ in Crore) |
|---|---|---|---|---|
| Anchor Investors | 1.00 | 1,43,51,775 | 1,43,51,775 | 212.41 |
| Employee Quota | N.A. | 0 | 0 | 0.00 |
| QIB Investors | 3.16 | 93,65,510 | 2,96,22,290 | 438.41 |
| HNIs / NIIs | 0.92 | 73,61,217 | 67,70,838 | 100.21 |
| Retail Investors | 1.00 | 1,71,76,172 | 1,70,92,735 | 252.97 |
| Total | 1.58 | 3,39,02,899 | 5,34,85,863 | 791.59 |
Data Source: NSE / BSE (as of close of Day-3 of the IPO)
The IPO of Varmora Granito Ltd was open up to September 24, 2026, and has closed for subscription as of the close of trading hours on September 24, 2026. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. The final subscription ratio excludes anchor portion. Total bids as of the close (including anchor allocation) stood at ₹1,004.00 crore.
NEXT STEPS IN THE VARMORA GRANITO LTD IPO
Post the closure of the IPO subscription on 24th September 2026, the basis of allotment will be finalized on 25th September 2026 and the refunds will be initiated on 28th September 2026. In addition, the demat credits are expected to also happen on 28th September 2026 and the stock will list on 29th September 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 28th September 2026 under ISIN (INE0M5301040).
2026-09-24 — Allotment guidance and next steps
Varmora Granito Ltd (How to check allotment status online)
ABOUT THE VARMORA GRANITO LTD IPO
The IPO of Varmora Granito Ltd opened on September 22nd, 2026 and closed on September 24th, 2026. The IPO comprised of a fresh issue portion and an offer for sale (OFS) component of 4,82,54,674 shares (482.55 lakh shares) worth ₹714.17 crore at the upper band price of ₹148 per share. The allotment status will be finalized by EOD of September 25, 2026. Here is how to check allotment status for the IPO of Varmora Granito Ltd. You can check IPO status on BSE or NSE or IPO Registrar website of KFIN Technologies Ltd (KFINTECH).
CHECKING ALLOTMENT STATUS OF VARMORA GRANITO LTD ON BSE WEBSITE
This is a common link for all mainboard IPOs. Click on BSE link for IPO allotment as below.
https://www.bseindia.com/investors/appli_check.aspx
Once you reach the page, here are the steps to follow.
Under Issue Type – Select Equity Option
Under Issue Name – Select Varmora Granito Ltd from the drop-down box
Enter the Application Number / CAF exactly as in the acknowledgement slip
Alternatively, Enter your PAN (10-digit alphanumeric) number
Once this is done, you need to click on the Captcha to verify you are not a robot
Finally click on the Search Button
You can use either of the parameters to query; Application / CAF number or Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of Varmora Granito Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.
CHECKING ALLOTMENT STATUS OF VARMORA GRANITO LTD ON NSE WEBSITE
This is a common link for all IPOs. Click on NSE link for IPO allotment as below.
https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids
Once you reach the page, here are the steps to follow.
Under Issue Type – Select Equity & SME IPO Details Option
Under SELECT SYMBOL – Select VARMORA from the drop-down box
Enter the Application Number / CAF exactly as in the acknowledgement slip
Enter your PAN (10-digit alphanumeric) number
Once both are entered, click on the Submit Button
You must input the Application / CAF number and the Investor PAN.
The allotment status will be displayed on the screen in front of you informing about the number of shares of Varmora Granito Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.
CHECKING ALLOTMENT STATUS OF VARMORA GRANITO LTD ON KFIN TECHNOLOGIES LTD (REGISTRAR TO THE IPO)
Visit the website of KFIN Technologies Ltd, which has been appointed as the registrar for the issue. You can access their website for IPO status by clicking on the link below:
https://kosmic.kfintech.com/ipostatus/
KFIN Technologies Ltd provides details of IPOs managed by them and where allotment status is finalized. Radio buttons allow you to opt to see all IPOs or just recent IPOs. The latter option reduces the list of IPOs to search. Once you click on Recent IPOs, dropdown shows recent active IPOs, where allotment status is finalized. Select Varmora Granito Ltd.
THERE ARE 3 WAYS TO QUERY ALLOTMENT STATUS ON KFIN TECHNOLOGIES LTD
To Query by Application Number, check the appropriate box and follow these steps.
Enter the Application Number as it is
Enter the 6-digit Captcha Code
Click on Submit button
Allotment Status gets displayed on screen
Unlike in the past, now you do not have to select ASBA versus Non-ASBA option.
To Query by Demat Account, check the appropriate box and follow these steps.
First select the depository (NSDL / CDSL)
Enter the DP-ID (Alphanumeric for NSDL and Numeric for CDSL)
Enter the Client-ID in the second box
For NSDL, the Demat account is 2 strings; for CDSL it is just 1 string
Enter the 6-digit Captcha Code
Click on Submit button
Allotment Status gets displayed on screen
To Query by PAN, check the appropriate box and follow these steps.
Enter the 10-Character PAN number, available on your PAN card
After you enter the PAN number, Enter the 6-digit numeric Captcha Code
Click on Submit button
Allotment status gets displayed on screen
If captcha code is not clear; toggle for more options. Retain a screenshot of the allotment status output for future reference. This can be tallied with demat credit post allotment.
NEXT STEPS IN THE VARMORA GRANITO LTD IPO
Post the closure of the IPO subscription on 24th September 2026, the basis of allotment will be finalized on 25th September 2026 and the refunds will be initiated on 28th September 2026. In addition, the demat credits are expected to also happen on 28th September 2026 and the stock will list on 29th September 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 28th September 2026 under ISIN (INE0M5301040).
Interested in applying for this IPO?
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