Varmora Granito Raises Rs 212 Crore via Anchor Book Ahead of Rs 708 Crore IPO Opening
- September 22, 2026
- Posted by: Harsh Piplani
- Category: News
Varmora Granito raises Rs 212.4 crore via anchor book ahead of its Rs 708 crore IPO. Price band set at Rs 140-148 per share, with the issue open for subscription from September 22 to September 24.
Quick Answer
The Varmora Granito IPO has raised Rs 212.4 crore through its anchor book a day ahead of the issue opening for public subscription. The Gujarat-based ceramic and vitrified tiles manufacturer is looking to raise up to Rs 708 crore at the upper end of its Rs 140-148 price band, comprising a fresh issuance of shares worth Rs 320 crore and an offer for sale of 2.62 crore shares worth Rs 388 crore. The Varmora Granito IPO opens for public subscription on September 22 and closes on September 24.
The Varmora Granito IPO has kicked off its anchor round with the company raising Rs 212.4 crore from anchor investors a day ahead of the public issue opening. The Varmora Granito IPO will be available for public subscription from September 22 to September 24, with the price band fixed at Rs 140-148 per share.
At the upper end of the price band, the Varmora Granito IPO aims to raise up to Rs 708 crore, split between a fresh issuance of shares worth Rs 320 crore and an offer for sale of 2.62 crore shares worth Rs 388 crore by promoters and existing investors.
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What Does Varmora Granito Do?
Varmora Granito is a Gujarat-based manufacturer of ceramic and vitrified tiles, operating nine manufacturing facilities in the Morbi cluster, India’s largest tile manufacturing hub, and ranks among the top five tile manufacturers in the country by revenue.
1. Product Portfolio and Distribution
The company offers more than 3,500 SKUs across glazed vitrified, polished vitrified, and ceramic tiles, along with bathware, sold through a network of over 286 exclusive brand outlets and more than 2,000 multi-brand outlets, alongside exports to over 100 countries.
2. How the Varmora Granito IPO Proceeds Will Be Used
A significant portion of the Varmora Granito IPO fresh issue proceeds, around Rs 320 crore, is earmarked for repaying borrowings of the company and its subsidiaries, Covertek Ceramica, Varmora Sanitarywares, and Simola Tiles, with the remainder allocated for general corporate purposes.
3. Anchor Book Details
Ahead of the public issue, the Varmora Granito IPO raised Rs 212.4 crore via its anchor book on September 21, a customary step that allows select institutional investors to invest a day before the issue opens to the broader public.
| Detail | Information |
|---|---|
| Anchor Book Raised | Rs 212.4 crore |
| Price Band | Rs 140-148 per share |
| Total Issue Size | Up to Rs 708 crore |
| Fresh Issue | Rs 320 crore |
| Offer for Sale | 2.62 crore shares worth Rs 388 crore |
| Subscription Dates | September 22 to September 24 |
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Should Investors Consider Subscribing to the Varmora Granito IPO?
Whether investors should consider subscribing to the Varmora Granito IPO depends on their view of the ceramic tiles industry’s cyclical exposure to real estate and infrastructure spending, alongside the company’s specific execution track record and valuation at the offered price band.
Industry Tailwinds and Risks
India’s domestic tiles market has grown from around Rs 36,000 crore in FY19 to approximately Rs 53,100 crore by FY25, a healthy pace of expansion, though the sector remains exposed to raw material cost volatility, competitive pressure, and the cyclical nature of real estate demand.
Company-Specific Considerations
Varmora Granito’s concentration of manufacturing entirely in Morbi, Gujarat, and its meaningful reliance on glazed vitrified tiles for revenue are factors investors should weigh alongside its established distribution network and export presence.
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What Happens After the Varmora Granito IPO Closes?
After the Varmora Granito IPO closes on September 24, the company will proceed through the usual allotment, refund, and listing process, with investors advised to track official announcements for the exact listing date on the BSE and NSE.
Key Takeaways on the Varmora Granito IPO
The Varmora Granito IPO has started strong with a healthy anchor book ahead of public subscription. The Varmora Granito IPO price band of Rs 140-148 implies a full issue size of up to Rs 708 crore, and the Varmora Granito IPO subscription window runs from September 22 to September 24.
Conclusion
The Varmora Granito IPO has raised Rs 212.4 crore via its anchor book ahead of the Rs 708 crore public issue opening on September 22. With a well-established manufacturing base in Morbi and an extensive distribution network, the company enters the public markets amid healthy sector demand, though cyclical and concentration risks remain. Please read the disclaimer below before making any investment decision.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
FAQs on Varmora Granito Ipo
How much did Varmora Granito raise via its anchor book?
Ans. Varmora Granito raised Rs 212.4 crore via its anchor book on September 21, a day ahead of its IPO opening for public subscription.
What is the price band of the Varmora Granito IPO?
Ans. The price band of the Varmora Granito IPO is Rs 140-148 per share.
What is the total size of the Varmora Granito IPO?
Ans. The total size of the Varmora Granito IPO is up to Rs 708 crore at the upper end of the price band, comprising a Rs 320 crore fresh issue and a Rs 388 crore offer for sale.
When does the Varmora Granito IPO open and close?
Ans. The Varmora Granito IPO opens for public subscription on September 22 and closes on September 24.
What does Varmora Granito manufacture?
Ans. Varmora Granito manufactures ceramic and vitrified tiles, along with bathware, operating nine manufacturing facilities in the Morbi cluster of Gujarat.
How will Varmora Granito use its IPO proceeds?
Ans. Varmora Granito plans to use around Rs 320 crore from the fresh issue mainly to repay borrowings of the company and its subsidiaries, with the balance for general corporate purposes.
Is Varmora Granito IPO a good investment?
Ans. Whether the Varmora Granito IPO is a good investment depends on an investor’s view of the ceramic tiles industry’s cyclicality and the company’s specific valuation and execution track record.
