Tiles & Bathware Maker Varmora Granito To Launch ₹708-Crore IPO On September 22; Price Band Fixed At ₹140-148

New Delhi, September 17, 2026: Tiles and bathware maker Varmora Granito Ltd is set to launch its Rs 708-crore initial public offering (IPO) on September 22.

The price band for the public issue has been fixed at Rs 140-148 per equity share, according to a public announcement on Thursday.

The three-day public issue will close on September 24, while the bidding for anchor investors will take place on September 21.

The IPO comprises a fresh issue of equity shares aggregating up to Rs 320 crore and an Offer for Sale (OFS) of 2.62 crore shares worth up to Rs 388 crore by investor Katsura Investments.

IPO Size Reduced

Varmora Granito has reduced the size of its fresh issue from the earlier proposed Rs 400 crore and also trimmed the OFS component from the 5.24 crore equity shares planned in its draft document filed in August 2025.

The Rajkot-based company plans to use the proceeds from the fresh issue to repay its borrowings and clear the borrowings of its subsidiaries — Covertek Ceramica, Varmora Sanitarywares and Simola Tiles. Also, funds will be used for general corporate purposes.

Issue Allocation And Listing

Varmora Granito offers a wide range of high-quality, durable and stylish tiles, including glazed vitrified, polished vitrified and ceramic tiles.

The company has reserved 50 per cent of the issue for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.

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The equity shares are proposed to be listed on both the BSE and NSE on September 29.

JM Financial, SBI Capital Markets and Goldman Sachs (India) Securities are the book-running lead managers to the issue, while KFin Technologies is the registrar.

(Disclaimer: Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)