Varmora Granito fixes ₹140–148 IPO price band; issue opens September 22
Ceramic tile maker Varmora Granito’s IPO will open September 22 with a ₹140–148 price band, comprising a ₹320 crore fresh issue and an offer for sale of up to 2.62 crore shares by Katsura Investments. Retail investors have 35% of the issue reserved.
What happened
Ceramic tile maker Varmora Granito will launch its IPO on September 22, 2026, at a ₹140-₹148 price band. The issue includes a ₹3,200 million fresh issue and
Key facts
- ₹140-₹148 per equity share
- ₹3,200 million fresh issue
- 26,217,634 shares offer for sale
- 101-share minimum lot
- approximately ₹14,948 minimum application
What changed
Ceramic tile maker Varmora Granito will launch its IPO on September 22, 2026, at a ₹140-₹148 price band. The issue includes a ₹3,200 million fresh issue and Katsura Investments’ offer for sale of up to 26.22 million shares.
Why this matters
Varmora Granito’s IPO could fund expanded tile capacity and distribution, potentially sharpening competition for home-improvement retailers and dealers.
What to watch
- Anchor-book quality, institutional subscription and retail subscription multiple during the offer period.
- Final issue valuation relative to ceramic-tile peers and implied earnings/EBITDA multiples.
- Stated deployment timeline and specific allocation of the ₹320 crore fresh proceeds.
- Grey-market premium and listing-day volume, though these are sentiment indicators rather than fundamentals.
- Quarterly revenue growth, EBITDA margin, operating cash flow, receivable days and inventory levels after listing.