What is the price band for Varmora Granito Limited IPO?

The price band for Varmora Granito Limited IPO is ₹140 to ₹148 per share.

What is the minimum investment for Varmora Granito Limited IPO?

The minimum retail investment for Varmora Granito Limited IPO is ₹14,948, which buys one lot of 101 shares at the upper price band of ₹148 per share.

What is the lot size for Varmora Granito Limited IPO?

The lot size for Varmora Granito Limited IPO is 101 shares. Retail investors must apply for at least one lot.

When does the Varmora Granito Limited IPO open and close for subscription?

The Varmora Granito Limited IPO subscription opens on 22 September 2026 and closes on 24 September 2026. Bidding window is 10:00 AM to 5:00 PM IST on each subscription day. Applications can be submitted through ASBA or UPI via registered brokers.

How many times was the Varmora Granito Limited IPO subscribed?

The Varmora Granito Limited IPO was subscribed 0.11× overall. This means total bids received were 0.11 times the number of shares available.

On which exchange is Varmora Granito Limited IPO listed?

Varmora Granito Limited is listed on BSE/NSE. After listing, shares can be bought and sold on the exchange through a regular demat and trading account.

open · IPO · BSE/NSE · closes 24 Sept

Varmora Granito Limited

Raising ₹501.76 Cr at ₹140 – ₹148 per share.

Subscription window 7%

0.11×

total subscription so far

Price band

₹140 – ₹148

Shares per lot

101

Retail minimum

₹14,948

Issue size

₹501.76 Cr

Face value

₹2

Company research

Tijori Finance

Varmora Granito Ltd. manufactures and markets ceramic and vitrified tiles, bathware, sanitaryware, and adhesives. The company focuses on innovative, premium-quality products, serving residential and commercial markets in India and international markets.

Financials — ₹ crore

Period	Revenue	PAT	Debt
Mar 2024	1,435.48 Cr	44.17 Cr	411.69 Cr
Mar 2025	1,446.03 Cr	35.25 Cr	503.75 Cr
Mar 2026	1,512.46 Cr	62.06 Cr	357.04 Cr

Revenue mix

GVT and Technical Tiles

74%

Bathware

9.2%

PVT Tiles

8.5%

Ceramics

5.4%

Adhesive

1.5%

Others

1.4%

Peer comparison

Company Mkt cap Revenue P/E P/B

VARMORA 3,345 1,512 Cr 60.72 4.15

KAJARIACER 18,904 4,830 Cr 34.52 6.15

SOMANYCERA 2,345 2,789 Cr 22.81 2.88

ASIANTILES 1,501 1,858 Cr 120.69 1

ORIENTBELL 581 691 Cr 27.48 1.76

Subscription by investor category

as of As on 22-Sep-2026 12:06:00 IST

Total demand

— shares bid

0.04×

QIB — Qualified Institutional Buyers

0×

0 shares bid · 93,65,510 offered

NII — Non-Institutional Investors

0.02×

1,22,917 shares bid · 73,61,217 offered

NII · Big (> ₹10 lakh)

0×

20,301 shares bid · 49,07,478 offered

NII · Small (≤ ₹10 lakh)

0.04×

1,02,616 shares bid · 24,53,739 offered

Retail Individual Investors

0.07×

11,25,645 shares bid · 1,71,76,172 offered

Bid book by price

cumulative NSE demand

₹148 13,07,950

₹147 13,08,051

₹146 13,08,556

₹145 13,10,273

₹144 13,11,182

₹143 13,11,788

₹142 13,13,000

₹141 13,13,909

₹140 13,21,888

Updated 22-Sep-2026 12:06:00. Cumulative (NSE) bid quantity at each price point includes the quantity (NSE) bidded at that relevant price point and all valid bids above that price point.

Parties to the issue

Book-running lead manager

"JM Financial Limited, Goldman Sachs (India) Securities Private Limited, SBI Capital Markets Limited"

Registrar

KFin Technologies Limited

Sponsor bank

HDFC Bank Limited

Exchange filings

Fields captured from NSE and BSE

Issue information

Exchange note: *As per SEBI circular no SEBI/HO/CFD/DIL2/CIR/P/2019/76 dated 28 June 28 2019 all are requested to comply with the provisions of the aforementioned circular which states as below: Intermediaries shall retain physical application forms submitted by retail individual investors with UPI as a payment mechanism, for a period of six months and thereafter forward the same to the issuer/ Registrar to Issue. However in case of Electronic forms printouts of such applications need not be retained or sent to the issuer. Intermediaries shall at all times maintain the electronic records relating to such forms for a minimum period of three years.
Symbol: VARMORA
Issue Period: 22-Sep-2026 to 24-Sep-2026
Cut-off time for UPI Mandate Confirmation: 24-Sep-2026 (upto 5:00 PM) The new cut-off time for UPI mandate acceptance is 05:00 PM on last day of IPO bidding. Further bids with confirmed status of mandate amount blocked (RC100) shall be considered as valid applications and hence, investors are advised to submit their UPI applications in IPO well in advance to avoid any last minute technical/systemic constraints that may hamper their ability to participate in IPOs by successfully accepting the mandate.
Issue Size: Initial Public offering comprising of fresh issue of aggregating up to Rs. 3,200.00 million and Offer for sale up to 26,217,634 Equity shares (including Anchor portion of 1,43,51,775 Equity Shares)
Issue Type: Book Building
Price Range: Rs. 140 to Rs. 148 per Equity Share
Discount: NA
Face Value: Rs. 2 per Equity Share
Tick Size: Re. 1
Bid Lot: 101 Equity Shares and in multiples thereof
Minimum Order Quantity: 101 Equity Shares
Maximum Subscription Amount for Retail Investor: Rs. 2,00,000
Maximum Bid Quantity for QIB Investors: 3,39,02,872 Equity Shares in multiple of 101 Equity Shares (Calculated at Lower end price band)
Maximum Bid Quantity for NIB Investors: 2,45,37,344 Equity Shares in multiple of 101 Equity Shares (Calculated at Lower end price band)
IPO Market Timings: 10.00 a.m. to 5.00 p.m.
Book Running Lead Managers: JM Financial Limited, Goldman Sachs (India) Securities Private Limited and SBI Capital Markets Limited
Sponsor Bank: HDFC Bank Limited and Kotak Mahindra Bank Limited
Categories: FI, IC, MF, FII, OTH, CO, IND, and NOH
Sub-Categories applicable for UPI: IND (upto 5 Lakhs)
Name of the Registrar: KFin Technologies Limited
Address of the Registrar: Selenium Tower B, Plot No.31 and 32, Gachibowli, Financial District, Nanakramguda, Serilingampally, Hyderabad 500 032, Telangana, India
Contact person name number and Email id: M Murali Krishna, +91 40 6716 2222, vgl.ipo@kfintech.com
e-form link: https://bidcollection.nseindia.com/asba
Branches of Self Certified Syndicate Banks (SCSBs) where syndicate / sub syndicate member to submit ASBA form: Branches of Self Certified Syndicate Banks (SCSBs) where syndicate / sub syndicate member to submit ASBA form
Ratios / Basis of Issue Price: https://nsearchives.nseindia.com/content/ipo/RATIOS_VARMORA.zip
Red Herring Prospectus: https://nsearchives.nseindia.com/content/ipo/RHP_VARMORA.zip
Bidding Centers: https://nsearchives.nseindia.com/content/ipo/BIDDING_CENTERS_VARMORA.zip
Sample Application Forms: https://nsearchives.nseindia.com/content/ipo/FORMS_VARMORA.zip
Security Parameters (Pre Anchor): https://nsearchives.nseindia.com/content/ipo/PREANCHOR_PARAMETERS_VARMORA.zip
Security Parameters (Post Anchor): https://nsearchives.nseindia.com/content/ipo/POSTANCHOR_PARAMETERS_VARMORA.zip
Anchor Allocation Report: https://nsearchives.nseindia.com/content/ipo/ANCHOR_VARMORA.zip
Processing of ASBA Applications: Processing of ASBA Applications
Remark: The dedicated window provided for bid modification (modification of selected fields viz. DP ID/Client ID or Pan ID, Bank code and Location code) on T+1 day (T being last day of bidding) shall not be available now. The bid modification of selected fields shall be allowed during bidding period of IPO only.
List of mobile applications accepting UPI as Payment Option: List of mobile applications accepting UPI as Payment Option
Video link for UPI based ASBA process: Video link for UPI based ASBA process
Video link for BHIM UPI Registration: Video link for BHIM UPI Registration

Documents

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