Tiles seller Varmora Granito’s Rs.708-Cr IPO gets 1.60 times subscription

Ahmedabad-based Varmora Granito ’s INR 708-Cr initial public offering (IPO) was subscribed 1.60 times. Qualified institutional buyers (QIBs) led the bidding with 3.10x subscription, while the retail portion was subscribed 1.02 times and the non-institutional investors’ part was subscribed 0.94 times. The lead managers for the transaction were JM Financial, Goldman Sachs (India) Securities, and SBI Capital Markets.The INR 708 crore offering consists of a fresh issue of shares worth INR 320 crore and an offer for sale (OFS) of shares worth INR 388.02 crore.Founded in 1994 by Parshottam Patel, Raman Patel and Vallabh Patel, Varmora Granito manufactures ceramic and vitrified tiles, focusing on Glazed Vitrified Tiles (GVT) and technical tiles, which accounted for approximately 84% of its tile revenue in fiscal 2026. The company operates eight manufacturing facilities in Morbi. For the fiscal year 2026, it reported a total income of INR 1,563 crore and a profit after tax of INR 55 crore.The company plans to use the net proceeds from the fresh issue primarily for the repayment of outstanding borrowings, including those of its subsidiaries: Covertek Ceramica, Varmora Sanitarywares, and Simola Tiles.