Ceramics & Building Materials - Listed on 29 September 2026
Varmora Granito (Ceramics & Building Materials) closed its IPO window in 2026 and listed on NSE and BSE on 29 September 2026 at an upper band issue price of Rs 148, opening at Rs 155 for a listing gain of +4.7% and closing day one at Rs 152.19 (+2.8% on closing basis). The IPO was subscribed 1.60x overall - QIB 3.10x, HNI/NII 0.94x, Retail 1.02x. The total issue size was Rs 708.02 Cr (Fresh Issue Rs 320 Cr, OFS Rs 388.02 Cr). IPO GMP data, subscription trends across Day 1 - Day 3 and Nifty performance around the listing window are detailed below.
Ceramics & Building Materials
Varmora Granito is a tile and building-materials manufacturer operating under the Varmora brand, with products spanning glazed vitrified tiles, polished vitrified tiles, ceramic tiles, bathware and adhesives. The company operates manufacturing facilities in Morbi, Gujarat, and sells through exclusive and multi-brand outlets, B2B channels and exports to more than 100 countries.
Issue structure, listing outcome and context
The ₹708.02 crore IPO comprised a ₹320 crore fresh issue and ₹388.02 crore offer for sale, priced at ₹148 per share at the upper end. The issue opened on 22 September and closed on 24 September 2026, with listing on NSE and BSE on 29 September. The shares listed on NSE at ₹155, a 4.73% premium to the issue price, and closed at ₹152.19 on the listing day.
Number of times each investor category subscribed by close of Day 3.
How overall subscription built up across the three-day issue window.
Grey market premium (GMP) tracked day-by-day across the IPO window. Absolute GMP is the premium in rupees over the upper issue price; GMP % is that premium as a percent of the issue price.
| Day | GMP (Rs) | GMP % |
|---|---|---|
| Day 1 | Rs 5 | +3.38% |
| Day 2 | Rs 3 | +2.03% |
| Day 3 | Rs 0 | 0.00% |
| Day 4 | Rs 0 | 0.00% |
| Day 5 | Rs 0 | 0.00% |
Comparison between market-based GMP prediction and IPOGyani's AI-powered listing gain prediction.
Prediction Accuracy: 6.0 pp (Reasonably accurate)
How the broader market moved around the Varmora Granito IPO window. Helpful for isolating how much of the listing gain came from company fundamentals vs. market tailwind.
Varmora Granito IPO listed at +4.7% versus the upper issue price of Rs 148 on 29 September 2026.
Varmora Granito IPO was subscribed 1.60x overall. QIB portion was subscribed 3.10x, HNI / NII 0.94x and Retail 1.02x.
IPO GMP started at Rs 5 on Day 1 and moved to Rs 0 by the close of the issue window. See the day-by-day GMP table above for the full trajectory.