SEBI clears Varmora Granito IPO; Ahmedabad tiles maker gets 12-month launch window

Ahmedabad-based tiles and bathware maker Varmora Granito received SEBI nod for its IPO, alongside Knack Packaging, Shivalaya Construction and Behari Lal Engineering. The four issuers now have a one-year window to hit markets. Infifresh Foods withdrew its confidential draft papers.

— FiledWed, 24 Jun, 2026, 19:46 IST·First seen Wed, 24 Jun, 2026, 19:44 IST·Source Moneycontrol · News Web

What happened

SEBI cleared IPOs of Varmora Granito (Ahmedabad tiles and bathware maker), Knack Packaging, Shivalaya Construction and Behari Lal Engineering, giving them a

Key facts

  • Dec 15
  • Dec 24
  • Dec 26
  • 1 year

Why this matters

Varmora's listing path resets tiles/bathware sector comps and could trigger consolidation conversations among unlisted Morbi players seeking either pre-IPO stakes or strategic exits before the window narrows.

What to watch

  • RHP filing with updated FY25/H1FY26 financials
  • Gujarat Gas tariff revisions (quarterly)
  • Listed tile-peer quarterly results and management commentary on demand
  • Knack Packaging / Shivalaya launch sequencing — read-through on mid-cap IPO appetite
  • Real-estate launch volumes in tier-1/2 cities (proxy for tile demand)
  • Any anti-dumping duty action by EU/Saudi on Indian vitrified tiles
  • Build comp sheet: Kajaria, Somany, Asian Granito, Orient Bell — EV/EBITDA, gas cost pass-through, export mix
  • Track Morbi gas price (Gujarat Gas tariff) and EU/GCC anti-dumping case status as margin proxies
  • Map Varmora's bathware vs tiles revenue split — bathware peers (Cera, Hindware) trade at premium
  • Monitor anchor book chatter and BRLM roadshow timing for pricing intent
  • Position adjacent: Morbi suppliers (frit, glaze, packaging) and logistics names benefit from IPO-funded capex

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