Tiles & Bathware Maker Varmora Granito To Launch ₹708-Cr IPO On Sep 22

Tiles and bathware maker Varmora Granito Ltd is set to launch its ₹708-crore initial public offering (IPO) on September 22.

The price band for the public issue has been fixed at ₹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 ₹320 crore and an Offer for Sale (OFS) of 2.62 crore shares worth up to ₹388 crore by investor Katsura Investments.

Varmora Granito has reduced the size of its fresh issue from the earlier proposed ₹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.

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% of the issue for qualified institutional buyers (QIBs), 35% for retail investors and the remaining 15% for non-institutional investors.

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.