Varmora Granito to open ₹708 crore IPO on September 22
The Gujarat-based tiles maker has set a ₹140–148 price band for its IPO, comprising a ₹320 crore fresh issue and ₹388 crore OFS. Varmora derives 66.8% of domestic sales from B2C retail and plans to use fresh proceeds largely for debt repayment.
What happened
Gujarat-based tiles maker Varmora Granito will open its Rs 708 crore IPO on September 22 at Rs 140-148 per share. The company, which gets 66.8% of domestic
Key facts
- Price band: Rs 140-148 per share
- IPO size: Rs 708 crore
- Fresh issue: Rs 320 crore
- OFS: 2.62 crore equity shares worth Rs 388 crore
- IPO subscription: September 22-24, 2026
What changed
Gujarat-based tiles maker Varmora Granito will open its Rs 708 crore IPO on September 22 at Rs 140-148 per share. The company, which gets 66.8% of domestic sales from B2C retail, plans to use fresh proceeds mainly to repay debt.
Why this matters
Varmora’s IPO highlights a retail-led tiles business, with 66.8% of domestic sales from B2C channels and fresh capital earmarked largely to reduce debt.
What to watch
- IPO subscription levels across QIB, HNI and retail categories and any price-band revision.
- Anchor-book quality, grey-market premium and listing performance relative to other consumer-facing IPOs.
- Amount of gross debt repaid, post-issue net-debt-to-EBITDA and annual interest-cost savings.
- B2C domestic-sales share versus dealer/distributor expansion and same-channel sales growth.
- Tile-sector pricing, natural-gas and freight costs, and promotional intensity from organized peers.