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Markets EdgeLOUIS XIIISeptember 21, 20262 min readAd-free
Varmora Granito opens ₹148 IPO with ₹9 grey-market premium ahead of listing
Gujarat tiles exporter prices mainboard debut at 6% premium to band, testing appetite for mid-cap building materials.
Markets Edge deskMarkets Edge · Huang GoodmanSource: India TV News ↗
In plain words
Varmora Granito's **₹148** IPO trades at **₹9** premium, testing mid-cap tiles demand in a six-IPO week.
₹148
per share
₹9
implying a
₹157
listing price if sentiment holds
6.1%
gain over the IPO ceiling
Varmora Granito's initial public offering opened this week with an upper price band of ₹148 per share, the Gujarat-based tiles and sanitaryware manufacturer's first step onto India's mainboard exchanges. Unlisted shares traded at a grey market premium of ₹9, implying a ₹157 listing price if sentiment holds — a 6.1% gain over the IPO ceiling. The subscription window runs through the week alongside five other primary market debuts, including National Stock Exchange of India's record-sized offering that opened September 17 and closes Monday.
Varmora competes in India's fragmented ceramic tiles sector, exporting to 45 countries while maintaining domestic distribution through 1,200 dealers. The company reported revenue of ₹1,240 crore in fiscal 2024, up 18% year-on-year, with EBITDA margins holding near 14% despite raw material volatility. The IPO allocates 30% of the issue to retail investors, 15% to high-net-worth individuals, and the remainder to qualified institutional buyers. Lead managers include Equirus Capital and Unistone Capital, both mid-tier placement houses.
The ₹9 grey market premium sits well below the ₹20-₹30 ranges seen in recent manufacturing IPOs, signaling caution rather than euphoria. Allocators note the timing: Varmora lists during a week crowded with six simultaneous offerings, fragmenting liquidity and forcing differentiation on fundamentals rather than momentum. The tiles sector carries cyclical exposure to real estate construction, which has softened in tier-two cities over the past two quarters as borrowing costs remain elevated. Varmora's export book — roughly 35% of revenue — provides some insulation, though Middle East demand has cooled with delayed infrastructure projects.
The pricing reflects conservative underwriter discipline. At ₹148, the company's post-money valuation lands near 12x trailing twelve-month earnings, a discount to larger peer Kajaria Ceramics at 18x but in line with mid-cap comparables like Somany Ceramics. Retail subscription data will arrive daily through Friday, with institutional allocation details disclosed Monday. If the grey market premium compresses below ₹5 before listing, expect anchor investors to reassess positions in the immediate post-listing window.
Watch for retail subscription multiples by Thursday close and any upward revision in institutional demand through the weekend. Varmora's listing is tentatively set for September 30, five trading days after books close. The National Stock Exchange IPO absorbing ₹10,000 crore in the same window will determine how much secondary capital remains available for smaller issues. Grey market activity in Elevate Campuses and A One Steels India — the other two opens this week — will indicate whether mid-cap appetite is broad or selective.
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For the principal
Track retail subscription multiples by Thursday; grey market compression below ₹5 signals weakening appetite before September 30 listing.
For the operator
Watch institutional allocation Monday and NSE IPO's liquidity draw; 12x earnings discount to Kajaria offers value if export book stabilizes.
For the house
No named-account exposure; monitor grey market through Friday for post-listing volatility signal before considering secondary entry.
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