Varmora Granito opens ₹708 crore IPO; grey market signals 3.4% listing premium
Morbi-based tile maker Varmora Granito has opened its ₹708.02 crore IPO at ₹140-148 per share. A ₹5 grey-market premium implies an estimated ₹153 listing price. The company plans to use ₹245 crore of proceeds to repay debt across the business and subsidiaries.
What happened
Indian tile maker Varmora Granito opened its Rs 708.02 crore IPO at a Rs 140-148 price band. Grey-market premium was Rs 5, implying a 3.38% listing premium.
Key facts
- Rs 708.02 crore IPO
- Price band Rs 140-148 per share
- GMP Rs 5
- Estimated listing price Rs 153
- Rs 245 crore planned for debt repayment
What changed
Indian tile maker Varmora Granito opened its Rs 708.02 crore IPO at a Rs 140-148 price band. Grey-market premium was Rs 5, implying a 3.38% listing premium. Proceeds include Rs 245 crore for debt repayment across the company and subsidiaries.
Why this matters
The ₹5 grey-market premium, implying a 3.4% upside to the issue-price ceiling, points to restrained near-term listing expectations despite the company’s ₹708 crore offering.
What to watch
- Final subscription multiple and anchor/QIB demand
- Grey-market premium movement before allotment and listing
- Management disclosures on consolidated debt repayment and residual leverage
- Quarterly EBITDA margin, finance-cost reduction, and inventory levels after listing
- Real-estate launches, construction activity, and input-cost trends affecting tile demand