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Varmora Granito shares trade near flat after premium IPO debut
The stock listed at about a 5% premium to its IPO price, and the ₹708-crore offering was subscribed 1.58 times.
Varmora Granito shares traded flat to slightly higher on Tuesday after debuting on Indian exchanges at a premium to its IPO price, with the stock opening at ₹152 on the BSE up 2.7%, and at ₹155 on the NSE, about 4.7% above its issue price of ₹148.
The tiles and bathware maker said its market capitalization stood around ₹3,474.93 crore following listing. On the first trading day, the shares rose more than 1% on the BSE, while they were largely flat on the NSE.
The company’s ₹708-crore IPO was subscribed 1.58 times on the final day of bidding. The IPO price band was ₹140 to ₹148 per share, and the deal included a fresh issue of shares worth up to ₹320 crore, plus an offer-for-sale of 2.62 crore shares worth up to ₹388 crore by investor Katsura Investments.
LiveMint Markets noted that Varmora Granito reduced the fresh issue size from an earlier ₹400 crore plan and also cut the OFS component from 5.24 crore shares outlined in its draft prospectus filed in August 2025, with an emphasis on growing glazed vitrified tiles revenue.