Varmora Granito IPO Opens 22 September At Price Band Of ₹140-148

Gujarat-based tiles manufacturer Varmora Granito has set a price band of ₹140-148 per share for its initial public offering (IPO), which will open on 22 September and close on 24 September. At the upper end of the range, the company will have a valuation of approximately ₹3,345 crore.

The IPO comprises a ₹320-crore fresh issue and an offer for sale (OFS) of 2.62 crore equity shares by Katsura Investments, valued at ₹388 crore at the upper price band.

The Varmora Granito IPO structure has been reduced from the proposal in the draft prospectus filed in August 2025. The earlier plan involved a ₹400-crore fresh issue and an OFS of 5.24 crore shares. Katsura Investments has subsequently lowered its share sale, while three promoters have withdrawn their proposed OFS.

Investors can bid for 101 shares and thereafter in multiples of 101. Most of the proceeds from the fresh issue will go towards debt repayment, with the remainder earmarked for general corporate purposes.

Retail Network Accounts For Most Domestic Sales

Varmora Granito operates 8 manufacturing facilities and sells through B2C and B2B channels. Its B2C retail business contributed 66.8% of domestic sales in FY26, while partnerships with architects, builders, contractors and government agencies accounted for the remaining 33.2%.

The company competes with listed tile manufacturers including Kajaria Ceramics, Somany Ceramics, Asian Granito India and Orient Bell.

Profit More Than Doubles In FY26

Varmora Granito's revenue from operations rose 3.7% to ₹1,361.6 crore in FY26 from ₹1,312.8 crore a year earlier. Profit increased to ₹58.4 crore from ₹28.8 crore, marking a 102.8% year-on-year rise.

The proposed listing on 29 September will follow the completion of the allotment process.

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