Varmora Granito IPO’sı 3. gününde talep yavaşlarken piyasa fiyatlaması zarif bir duruş sergiledi: GMP sıfır

Kısaca

Varmora Granito’nun IPO’sı üçüncü gününde talep zayıf seyretti; gri piyasa GMP sıfırlandı; ilk günlerle karşılaştırıldığında ilgi azaldı. İkinci gün toplam talep yüzde 27 olurken RIİ bölümünün talebi yüzde 40 olarak açıklandı; bant içindeki çıkışa odaklanıldı. İhraç kapsamı Rs 708-crore; yeni hisse 2,16 crore ve OFS 2,62 crore hisseden oluşuyor; listeleme 29 Eylül’de planlanıyor.

Ana mesele

Varmora Granito’nun IPO’sı üçüncü gününde talep sakinleşti ve gri piyasa GMP’si sıfır görünüyor.

Ne değişti?

Talep durgunluğu devam ediyor; listeleme yaklaşıyor; halka arz tutarı ve dilimler sabit kalıyor.

Beni nasıl etkiler?

Yatırımcılar için yatırım kararlarında dikkatli bir değerlendirme gerekecek.

Ne oldu?

Üçüncü gün talep sakinleşti; GMP sıfır olarak bildirildi.

Neden şimdi?

Piyasa görünümü ve satış baskısı nedeniyle talep yumuşadı.

Neden önemli?

Girişim için fiyatlama ve hedef kitle üzerinde etkili olabilir.

Kimler etkileniyor?

• Yatırımcılar
• Banka/kurumlar
• Yatırım danışmanları

Sektör ve piyasa etkisi

IPO talebindeki düşüş genel piyasa hissiyatını olumsuz etkileyebilir.

Riskler

• Gri piyasa belirsizliği
• Fiyat bandı altında talep azalması
• İkincil piyasadaki volatilite

Takip edilmesi gerekenler

• Listeleme tarihi olan 29 Eylül
• Birlikte açılan hisselerin dağıtım sonuçları
• GMP ve talep göstergelerindeki değişimler

Haberin tamamı

Varmora Granito’s IPO entered its third and final day of bidding on Thursday, September 24, with investor response remaining subdued. In the grey market, the IPO is currently commanding zero GMP, down sharply from the earlier premium of around 6%, indicating expectations of a flat listing.On Day 2, the issue was subscribed 27% overall, against the 3.39 crore shares on offer.

The retail portion was subscribed 40%, with investors bidding for shares against the 1.71 crore shares reserved for the category.The Rs 708-crore IPO is a book-built issue comprising a fresh issue of 2.16 crore shares worth Rs 320 crore and an offer for sale (OFS) of 2.62 crore shares worth Rs 388.02 crore.Read more: NSE IPO Tracker: Catch all the highlights hereThe issue will remain open for subscription until September 24, with the allotment expected to be finalised on September 25.

The company’s shares are proposed to be listed on both the NSE and BSE on September 29.The IPO has a price band of Rs 140-148 per share, with a lot size of 101 shares. At the upper end of the price band, retail investors will need to invest a minimum of Rs 14,948 for one lot.JM Financial Ltd, Goldman Sachs (India) Securities Pvt.

Ltd and SBI Capital Markets Ltd are the book-running lead managers for the issue, while KFin Technologies Ltd is the registrar.Varmora Granito IPO Subscription StatusOn Day 2, Varmora Granito’s IPO was subscribed 27% overall, with investors bidding for shares against the total issue size of 3.39 crore shares.The Retail Individual Investors (RIIs) category was subscribed 40%, against 1.71 crore shares reserved for the segment.The Non-Institutional Investors (NIIs) category saw 17% subscription, with the segment having 73.61 lakh shares on offer.Meanwhile, the Qualified Institutional Buyers (QIBs) category was subscribed 11%, against the 93.65 lakh shares reserved for institutional investors.Read more: Adroit Industries IPO Day 2: GMP at 25%, subscription reaches 5.18 times.

Should you subscribe?IPO Objects of the IssueVarmora Granito Ltd plans to use the net proceeds from the IPO primarily towards the repayment or pre-payment, either fully or partly, of outstanding borrowings and accrued interest. The funds will be used to repay debt availed by the company and its wholly owned subsidiaries, Covertek Ceramica Pvt. Ltd and Varmora Sanitarywares Pvt.

Ltd, as well as borrowings of subsidiary Simola Tiles LLP through investments in the subsidiary.The company has allocated Rs 245 crore towards debt repayment and general corporate purposes out of the fresh issue proceeds.Should you subscribe?According to Sushil Financial Services’ research report, Varmora Granito has demonstrated improving financial performance, with Total Income growing 1.4% in FY25 and 4.7% in FY26.

PAT declined 31.5% in FY25 before rebounding 79.0% in FY26, driving diluted EPS from Rs 1.74 to Rs 3.05 and improving RoNW to 7.79%. EBITDA margin also expanded to 14.18% in FY26 from 13.28% in FY25, supported by a shift toward premium GVT and technical tiles. However, at the upper price band, the issue is valued at around 48.5x FY26 diluted earnings, broadly in line with the disclosed listed-peer average of 47.1x (range: 28.6x-72.0x), leaving limited valuation cushion.

Given the broadly fair valuation relative to peers, the competitive and cyclical nature of the tile industry, and the company’s 23-year track record, premiumisation strategy and deleveraging balance sheet, the report recommends subscribing to the issue.Financial PerformanceVarmora Granito Ltd’s total income increased 5% to Rs 1,563 crore in FY26 from Rs 1,493 crore in FY25.

Over the same period, profit after tax (PAT) rose 79% to Rs 55 crore from Rs 31 crore.Read more:Moneyview IPO opens today: GMP signals 32% listing gains — Should you subscribe?About Varmora Granito LtdVarmora Granito Limited, incorporated in 2003, manufactures and markets ceramic and vitrified tiles, including Glazed Vitrified Tiles (GVT), Polished Vitrified Tiles (PVT) and ceramic tiles.

The company focuses on premium, technology-driven products, with GVT and technical tiles contributing around 84% of its tile revenue in Fiscal 2026. It operates eight manufacturing facilities in Gujarat’s Morbi cluster, with 81.72% of its Fiscal 2026 revenue coming from in-house manufactured products.

The company has also adopted Integrated Stone Technology (IST) through a technology partnership with Italy-based SACMI.Varmora has a distribution network of 305 exclusive brand outlets and 2,758 multi-brand outlets across India and overseas, along with B2B sales to builders, contractors, developers and government entities. The company also has a focus on renewable energy, with 16.22 MW of wind and solar capacity.

As of March 2026, Varmora had 1,153 permanent employees.Disclaimer: The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist.

Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here

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