Bookbuilding IPO | ₹[.] Cr | Listing at BSE, NSE |
SEBI has approved the Initial Public Offer (IPO) of Varmora Granito Ltd. on December 15, 2025. The company will proceed with next steps to launch the Initial Public Offer (IPO) subject to market conditions and other approvals. The SEBI approval is valid for 12 months.
Varmora Granito Ltd. IPO is a Book Build Issue consisting of fresh issue of ₹400.00 crores and an offer for sale (OFS) of upto 5.24 crore equity shares.
The equity shares are proposed to be listed on NSE and BSE. JM Financial Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue. Key details like IPO dates, IPO price bands and lot size are yet to be announced.
Refer to Varmora Granito IPO DRHP for more details.
| IPO Date | [.] |
| Listing Date | [.] |
| Face Value | ₹2 per share |
| Price Band | |
| Lot Size | |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Fresh Issue | [.] shares (agg. up to ₹400 Cr) |
| Offer for Sale | 5,24,35,268 shares of ₹2 (agg. up to ₹[.] Cr) |
| Share Holding Pre Issue | 20,16,25,108 shares |
| Description | Date |
|---|---|
| Filed with SEBI/Exchange | Thu, Aug 7, 2025 |
| SEBI/Exchange approval received | Mon, Dec 15, 2025 |
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Offer |
| Retail Shares Offered | Not less than 35% of the Offer |
| NII Shares Offered | Not less than 15% of the Offer |
Incorporated in 2003, Varmora Granito Limited is engaged in the business of manufacturing and marketing ceramic and vitrified tiles. The company’s product portfolio includes a wide range of tiles across formats such as glazed vitrified tiles (GVT), polished vitrified tiles (PVT), and ceramic tiles.
The company distributes its products through a multi-channel network comprising:
As of March 31, 2025, the company’s distribution network covered 949 cities across 27 states and union territories in India.
The product portfolio included more than 3,500 stock-keeping units (SKUs) as of March 31, 2025.
Manufacturing Facilities
As of March 31, 2025, the company operated nine manufacturing facilities, all located in the Morbi industrial cluster in Gujarat.
Export Operations
As of March 31, 2025, the company exported products to over 100 countries, supported by a dedicated export team comprising 47 personnel.
Employees
The company employed 1,156 permanent employees as of March 31, 2025.
Varmora Granito Ltd.'s revenue increased by 1% and profit after tax (PAT) dropped by 32% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 1,589.80 | 1,476.16 | 1,264.20 |
| Total Income | 1,492.68 | 1,472.58 | 1,399.92 |
| Profit After Tax | 30.77 | 44.94 | 55.06 |
| EBITDA | 198.29 | 150.33 | 180.68 |
| NET Worth | 722.90 | 678.59 | 642.23 |
| Total Borrowing | 505.16 | 412.89 | 267.65 |
| Amount in ₹ Crore | |||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Repayment/ pre-payment, in full or in part, of all or certain outstanding borrowings and accrued interest thereon availed by: The company and wholly-owned subsidiaries namely Covertek Ceramica Private Limited and Varmora Sanitarywares Private Limited (formerly, Varmora Sanitarywares LLP), and of the subsidiary, Simola Tiles LLP, through investment in such Subsidiaries; and | 320.00 |
| 2 | General corporate purposes. |
| KPI | Mar 31, 2025 |
|---|---|
| ROE | 4.14% |
| ROCE | 6.32% |
| RoNW | 4.88% |
| PAT Margin | 2.06% |
| EBITDA Margin | 13.28% |
| Pre IPO | Post IPO | |
|---|---|---|
| Promoter Holding | 51.3% |
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Fees payable to the BRLMs and commissions (including underwriting commission, brokerage and selling commission) | |
| 2 | Commission/processing/uploading fee for SCSBs, Sponsor Bank(s) and Banker(s) to the Offer. Brokerage, underwriting commission and selling commission and bidding charges for Members of the Syndicate, Registered Brokers, CRTAs and CDPs | |
| 3 | Fees payable to the Registrar to the Offer | |
| 4 | Fees payable to other advisors to the Offer (including statutory auditors, industry expert and independent chartered accountant) | |
| 5 | Listing fees, SEBI, BSE and NSE processing fees, book building software fees and other regulatory expenses | |
| 6 | Printing and distribution of stationery | |
| 7 | Fees payable to the legal counsels to the Offer | |
| 8 | Advertising and marketing expenses | |
| 9 | Miscellaneous |
Varmora Granito IPO is a main-board IPO of 0 equity shares of the face value of ₹2 aggregating up to ₹[.] Crores. The issue is priced at To be declared. The minimum order quantity is .
The Varmora Granito IPO open and close dates are not available as of now.
Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Varmora Granito IPO using UPI as a payment gateway. Zerodha customers can apply in Varmora Granito IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Varmora Granito IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Varmora Granito IPO dates are not announced. Please check back again after some time.
Varmora Granito IPO lot size and the minimum order quantity is not available at this time. Please check again later.
You can apply in Varmora Granito IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Varmora Granito IPO will be done on [.], and the allotted shares will be credited to your demat account by . Check the Varmora Granito IPO allotment status.
The Varmora Granito IPO listing date is not yet announced. The tentative date of listing is .
