Varmora Granito Limited
Against an issue price of ₹148. Split- and bonus-adjusted official closes — a past move, never a forecast.
Varmora Granito Limited was a mainboard initial public offer.
The book was open from 22 September 2026 to 24 September 2026.
The issue was priced at ₹148 a share, from a band of ₹140 to ₹148.
As of the exchange's 24-Sep-2026 19:00:00 update the book was subscribed 1.58 times, just above the shares on offer, counting bids on NSE and BSE together.
Against their reserved portions: qualified institutional buyers 3.16 times, non-institutional investors 0.92 times and retail investors 1.00 times. Those portions add up to the whole offer; the sub-categories below each one are already counted inside it.
1.47 crore shares were bid at cut-off — applications that accept whatever price the issue is finally set at rather than naming one.
17 anchor investors were allotted shares before the book opened, worth ₹212 crore.
The shares listed on 29 September 2026.
The last official close on file is ₹129 (5 November 2026), which is 12.6% below the issue price.
It now trades as VARMORA, and its filed financials are on its company page.
Shares sold in the issue at ₹148 last closed at ₹129.3.
See VARMORA’s filed financials and price history →Official exchange closes, restated for splits, bonuses and rights issues since listing. A record of past price movement, not a forecast.
- Registrar
- KFin Technologies Limited
- Lead managers
- JM Financial Limited
- Goldman Sachs (India) Securities Private Limited
- SBI Capital Markets Limited
- Bidding opens22 Sept 2026
- Bidding closes24 Sept 2026
- Basis of allotmentnot published
Not published in the exchange feeds we ingest — we do not estimate it.
- Listing29 Sept 2026
Investors have bid for 1.58 times the shares on offer. Each category below has its own reserved portion, and those portions add up to the whole offer.
Bids placed on NSE alone, excluding BSE. It is smaller than the 1.58x headline above and the two must never be compared or added together.
Every bid names a price, or accepts whatever the final price turns out to be. This shows how many shares have been bid for at each price or above it — so the bar at the top of the band counts only the bids willing to pay it.
The columns are near-identical because they are: demand falls only 0.73% between ₹140 and ₹148, so almost every bid was willing to pay the top of the band. The axis starts at zero — the flatness is the finding, not a missing scale.
These accept whatever price the issue is finally set at, so they have no place on the price axis and are not in the chart.
How much of the demand falls away between the bottom and the top of the band.
Cumulative shares bid at or above each price in the band, from the exchange's own demand schedule. Bids placed at cut-off carry no price and are counted separately.
Anchor investors are institutions allotted shares one working day before public bidding opens, at a price fixed then. Their shares are locked in for a set period. At least 7 of them are domestic mutual funds; we could not classify 10 of the names either way.
| BANDHAN MUTUAL FUND A/C BANDHAN LARGE AND MID CAP FUNDmutual fund | ₹25 cr |
| GOLDMAN SACHS FUNDS - GOLDMAN SACHS INDIA EQUITY PORTFOLIO | ₹25 cr |
| ICICI PRUDENTIAL MUTUAL FUND A/C ICICI PRUDENTIAL HOUSING OPPORTUNITIES FUNDmutual fund | ₹25 cr |
| ICICI PRUDENTIAL MUTUAL FUND A/c RETIREMENT FUND- PURE EQUITY PLANmutual fund | ₹20 cr |
| SOCIETE GENERALE - ODI | ₹20 cr |
| INDIA ACORN FUND LTD | ₹15.8 cr |
| MOTILAL OSWAL LARGE CAP FUND | ₹15.8 cr |
| TURNAROUND OPPORTUNITIES FUND | ₹10.5 cr |
| BHARTI AXA LIFE INSURANCE COMPANY LIMITED | ₹10 cr |
| BNP PARIBAS FINANCIAL MARKETS - ODI | ₹10 cr |
| UNION SMALL CAP FUND | ₹10 cr |
| JM FINANCIAL MUTUAL FUND - JM FLEXI CAP FUNDmutual fund | ₹6 cr |
| 360 ONE EQUITY OPPORTUNITY FUND - SERIES 2 | ₹5.3 cr |
| LC PHAROS MULTI STRATEGY FUND VCC-LC PHAROS MULTI STRATEGY FUND SF1 | ₹5 cr |
| JM FINANCIAL MUTUAL FUND - JM MID CAP FUNDmutual fund | ₹4 cr |
| JM FINANCIAL MUTUAL FUND - JM SMALL CAP FUNDmutual fund | ₹3 cr |
| JM FINANCIAL MUTUAL FUND - JM Value Fundmutual fund | ₹2 cr |
From the issuer’s anchor allotment filing. A record of who was allotted what — not a recommendation.
- Anchor investors — first trancheSEBI ICDR 2018 Reg. 32(5)(b) — 50% of the anchor allocation, 30 days from allotment29 Oct 202650% of this tranche
- Anchor investors — second trancheSEBI ICDR 2018 Reg. 32(5)(a) — the remaining 50% of the anchor allocation, 90 days from allotment28 Dec 202650% of this tranche
- All other pre-issue capitalSEBI ICDR 2018 Reg. 17 — all other pre-issue capital, 6 months from allotment29 Mar 2027whole tranche releases on this date
- Promoters' minimum contributionSEBI ICDR 2018 Reg. 16(1)(a) — promoters' minimum contribution, 18 months from allotment29 Mar 2028whole tranche releases on this date
Computed from the SEBI ICDR 2018 lock-in rules, not disclosed by the issuer or the exchange. The regulation counts from the date of allotment, which no feed we ingest publishes, so these are counted from the listing date and fall at most two to three business days later than the true expiry.
Every offer document must set out the reasoning behind its own price: what the company earned in the years before it came to market, and what multiple of those earnings it is asking for. This is that chapter — the issuer’s argument for its price, not our assessment of it.
| Year | Basic | Diluted | Weight |
|---|---|---|---|
| FY2024 | ₹2.19 | ₹2.19 | 1 |
| FY2025 | ₹1.75 | ₹1.74 | 2 |
| FY2026 | ₹3.08 | ₹3.05 | 3 |
Figures as printed in the offer document's "Basis for Offer Price" chapter. A record of the case the issuer made for its own price, not our valuation of it.
Everything we extracted from this issue's offer document is the pricing justification rather than the restated statements — it is shown under how the offer was priced. The restated financial statements themselves have not been extracted for this issue.
We have not extracted this section from the offer document for this issue yet. It is read from the abridged prospectus, and several offer documents are served as .zip archives or as scanned pages with no text layer.
The offer document must name the listed companies the issuer considers comparable, and print their valuation figures beside its own. This is that list — the issuer’s choice of comparison, not ours.
| Company | P/E | P/B | RoNW | EPS | Income |
|---|---|---|---|---|---|
| Asian Granito India Limited | 72.0 | — | 1.2% | 0.70 | ₹18,581 cr |
| Kajaria Ceramics Limited | 40.3 | — | 15.9% | 30.48 | ₹48,304 cr |
| Orient Bell Limited | 47.7 | — | 3.8% | 8.46 | ₹6,915 cr |
| Somany Ceramics Limited | 28.6 | — | 8.8% | 19.80 | ₹27,898 cr |
The issuer's own figures as printed at the head of the same table — its claim about itself, on the same basis as its claims about the companies below.
Figures as PRINTED by the issuer in its own offer document. The comparison set is the issuer's choice, not ours.
| Firm | Issues | Typical listing move | Below issue @30d | @90d | @180d |
|---|---|---|---|---|---|
Goldman Sachs Securities Private Limited 2024 – 2026 | 13 3 measurable | +2.8% | 1 of 2 | 0 of 1 | 1 of 2 |
JM Financial Limited 2021 – 2026 | 75 24 measurable | +13.3% | 10 of 21 | 2 of 5 | 0 of 3 |
SBI Capital Markets Limited 2022 – 2026 | 46 7 measurable | +4.5% | 5 of 7 | 1 of 3 | 0 of 2 |
| Firm | Issues | Typical listing move | Below issue @30d | @90d | @180d |
|---|---|---|---|---|---|
Kfin Technologies Limited 2021 – 2026 | 140 46 measurable | +8.9% | 20 of 41 | 5 of 11 | 3 of 7 |
A count of what happened to the other issues each firm was named on, computed from exchange closes. Not a rating, not a ranking, and not a view on the firm.
- Prospectus· PDF · exchange archive25 Sept 2026
- Red herring prospectus (RHP)· ZIP · exchange archive
- Draft red herring prospectus (DRHP)· ZIP · exchange archive7 Aug 2025
- Anchor investor allotment· ZIP · exchange archive
- Financial ratios advertisement· ZIP · exchange archive
Filed with SEBI and the exchanges by the issuer. These are the source for every figure on this page.
Compiled from NSE and SEBI offer documents and exchange feeds. A description of the issue and of the bids received — not investment advice, and not a view on whether to apply. No grey-market premium, no allotment lookup and no listing-gain estimate is published here.