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

Varmora Granito Ltd, a tiles and bathware manufacturer based in Rajkot, India, is preparing to go public with an initial public offering (IPO) valued at Rs 708 crore. The company announced the IPO on September 17, 2026, with the price band set at Rs 140-148 per equity share. The public issue will be open for three days, closing on September 24, 2026.

Anchor investors will participate in the bidding process on September 21. The IPO is comprised of a fresh equity share issuance of up to Rs 320 crore and an Offer for Sale (OFS) of 2.62 crore shares by Katsura Investments up to Rs 388 crore. These details were provided in a public announcement by Varmora Granito, which also disclosed that the company has reduced the size of its fresh issue from the previously proposed Rs 400 crore and the OFS component from 5.24 crore shares as outlined in its August 2025 draft filing.

The company intends to utilize the proceeds from the IPO to repay borrowings and settle the borrowings of its subsidiaries Covertek Ceramica, Varmora Sanitarywares, and Simola Tiles. Additionally, the funds will be allocated towards general corporate purposes. The equity shares will be offered 50% to qualified institutional buyers (QIBs), 35% to retail investors, and 15% to non-institutional investors.

The shares are set to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on September 29, 2026. Book-running lead managers for the IPO include JM Financial, SBI Capital Markets, and Goldman Sachs (India) Securities, while KFin Technologies serves as the registrar.