Varmora Granito IPO Subscription Ends at 1.60 Times: Check Final Status

Mumbai, September 24: Varmora Granito IPO closed for subscription on Thursday after three days of bidding, with the ₹708.02 crore issue receiving a total subscription of 1.60 times.

The issue, which opened on September 22, saw demand build steadily through the three-day bidding period before QIB participation picked up sharply on the final day. By the September 24 update at 5:03:48 PM, investors had placed bids for 5,34,75,359 shares against 3,34,87,080 shares offered to the public.

The QIB (Ex Anchor) category emerged as the most subscribed portion at 3.10 times. The retail portion was subscribed 1.02 times, while the NII category ended at 0.94 times.

The Varmora Granito IPO had a price band of ₹140 to ₹148 per share, with a lot size of 101 shares. At the upper end of the price band, the minimum retail investment was ₹14,948.

With the bidding window now closed, the focus shifts to the IPO allotment and listing process. The tentative allotment date is September 25, while the shares are scheduled to be listed on September 29, 2026.

Varmora Granito IPO Subscription Details

Varmora Granito IPO is a ₹708.02 crore bookbuilding issue comprising a fresh issue of 2.16 crore shares worth ₹320 crore and an offer for sale of 2.62 crore shares worth ₹388.02 crore.

The IPO opened for subscription on September 22 and closed on September 24, 2026. The company had fixed the price band at ₹140 to ₹148 per share.

For retail investors, one lot consists of 101 shares. At the upper price band of ₹148, a single lot requires an investment of ₹14,948. Investors can apply for additional lots in multiples of 101 shares.

The issue had reserved 50% of the total issue for QIBs, 15% for NIIs and 35% for retail investors.

The shares are proposed to list on both the BSE and NSE, with September 29, 2026 set as the tentative listing date.

Varmora Granito IPO Subscription Status

The Varmora Granito IPO closed with an overall subscription of 1.60 times on September 24.

The QIB (Ex Anchor) portion received bids for 2,96,22,290 shares against 95,67,653 shares offered, resulting in a subscription of 3.10 times.

The NII category received bids for 67,70,838 shares against 71,75,828 shares available, taking the subscription to 0.94 times.

Within the NII category, both the portions for applications above ₹10 lakh and below ₹10 lakh were subscribed 0.94 times.

The retail category received bids for 1,70,82,231 shares against 1,67,43,599 shares on offer. This resulted in a subscription of 1.02 times.

Overall, the issue received bids for 5,34,75,359 shares against 3,34,87,080 shares offered to the public. The total amount bid stood at ₹791.435 crore.

The IPO received a total of 1,43,435 applications by the time bidding closed.

Day-wise Subscription Details

Varmora Granito IPO has now closed for subscription. The issue saw subscription levels increase across the three-day bidding period, with the overall figure moving from 0.12 times on Day 1 to 0.27 times on Day 2 before reaching 1.60 times on the final day.

Date	QIB (Ex Anchor)	NII	NII (> ₹10L)	NII (< ₹10L)	Retail	Total
Sep 22 (Day 1)	0.00x	0.05x	0.02x	0.12x	0.21x	0.12x
Sep 23 (Day 2)	0.11x	0.18x	0.14x	0.25x	0.41x	0.27x
Sep 24 (Day 3)	3.10x	0.94x	0.94x	0.94x	1.02x	1.60x

The final subscription figures are based on the September 24 update at 5:03:48 PM. QIB participation saw the biggest jump on the final day, taking the overall subscription to 1.60 times by the close of bidding.

Varmora Granito IPO Lot Size

Investors could apply for a minimum of 101 shares in the Varmora Granito IPO, with additional bids allowed in multiples of 101 shares.

At the upper price band of ₹148 per share, one retail lot required ₹14,948.

Investor Category	Lots	Shares	Amount
Retail (Min)	1	101	₹14,948
Retail (Max)	13	1,313	₹1,94,324
S-HNI (Min)	14	1,414	₹2,09,272
S-HNI (Max)	66	6,666	₹9,86,568
B-HNI (Min)	67	6,767	₹10,01,516

Varmora Granito IPO Anchor Investors

Varmora Granito raised ₹212.41 crore from anchor investors ahead of the public issue. The anchor bidding took place on September 21, 2026.

A total of 1,43,51,775 shares were offered to anchor investors. The anchor portion is subject to different lock-in periods.

The lock-in period for 50% of the anchor shares ends on October 25, 2026, while the lock-in period for the remaining shares ends on December 24, 2026.

About Varmora Granito Ltd.

Varmora Granito Ltd., incorporated in 2003, manufactures and markets ceramic and vitrified tiles. Its product portfolio includes Glazed Vitrified Tiles (GVT), Polished Vitrified Tiles (PVT) and ceramic tiles.

The company focuses on premium and technology-driven tile products, with GVT and technical tiles accounting for around 84% of its tile revenue in Fiscal 2026.

Varmora Granito operates eight manufacturing facilities in Gujarat’s Morbi cluster. In Fiscal 2026, 81.72% of its revenue was generated from in-house manufactured products. The company has also adopted Integrated Stone Technology (IST) through a technology partnership with Italy-based SACMI.

Varmora Granito IPO Key Dates

The Varmora Granito IPO opened for subscription on September 22 and closed on September 24, 2026. The tentative allotment is expected to be finalised on September 25.

Refunds are scheduled for September 28, while shares are expected to be credited to successful applicants on the same day. The tentative listing date for Varmora Granito shares on the BSE and NSE is September 29, 2026.

Conclusion

Varmora Granito IPO closed for subscription on September 24 with the issue subscribed 1.60 times overall. The QIB (Ex Anchor) portion recorded the highest demand at 3.10 times, followed by the retail category at 1.02 times, while the NII portion ended at 0.94 times.

The issue received bids for 5,34,75,359 shares against 3,34,87,080 shares on offer, with total applications reaching 1,43,435.

Now that the subscription window has closed, investors who applied will be watching for the allotment, which is tentatively scheduled for September 25. Refunds and share credits are expected on September 28, followed by the proposed BSE and NSE listing on September 29.

Source:

• https://www.bseindia.com/markets/publicissues/displayipo?id=4837&type=IPO&idtype=1&status=L&IPONo=7986&startdt=22%2F09%2F2026