Varmora Granito shares list at nearly 5% premium: What investors should watch now

Let’s take a look at the key details of the issue –

Varmora Granito IPO: What was the issue size?

The Varmora Granito initial public offering (IPO) was a book-built issue worth Rs 708.02 crore. It comprised a fresh issue of 2.16 crore shares worth Rs 320 crore and an offer for sale (OFS) of 2.62 crore shares worth Rs 388.02 crore.

The IPO opened for subscription on September 22 and closed on September 24. The allotment was finalised on September 25, with the shares making their debut on the NSE and Bombay Stock Exchange (BSE) on September 29.

The company fixed the final issue price at Rs 148 per share. The minimum lot size was 101 shares, requiring a retail investor to put in Rs 14,948 at the upper end of the price band.

How did investors respond to the IPO?

The IPO received total subscription of 1.60 times by the end of the bidding process.

The response, however, varied across investor categories. The portion reserved for qualified institutional buyers (QIBs) was subscribed 3.10 times, while the retail portion was subscribed 1.02 times.

The non-institutional investor (NII) category was subscribed 0.94 times. This means the overall subscription was largely supported by institutional demand, while the NII portion remained below full subscription.

Varmora Granito financial performance

With the listing now complete, investors will also be watching whether the company’s earnings growth can support its market valuation.

For financial year 2025-26 (FY26), Varmora Granito reported total income of Rs 1,563 crore, compared with Rs 1,493 crore in FY25.

Its profit after tax (PAT) stood at Rs 55 crore, up from Rs 31 crore in the previous financial year. Earnings before interest, taxes, depreciation and amortisation (EBITDA) also increased to Rs 221.56 crore from Rs 198.29 crore a year earlier.

Key players of the issue

JM Financial was the book-running lead manager for the issue, while KFin Technologies was the registrar.