Varmora Granito IPO
Varmora Granito Limited (VARMORA) · mainboard IPO on NSE and BSE · Book Building. Listed on 29 September 2026.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain -3.0% (likely range -18% to +1%), day's high +1.3%, chance of a gain 33%. Actual: +4.7% at the open, +10.7% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 93,65,510 | 2,96,22,290 | 3.16x | |
| NII (HNI) total | 73,61,217 | 67,70,838 | 0.92x | |
| Big NII (above ₹10 lakh) | 49,07,478 | 45,18,437 | 0.92x | |
| Small NII (₹2-10 lakh) | 24,53,739 | 22,52,401 | 0.92x | |
| Retail | 1,71,76,172 | 1,70,92,735 | 1.00x | |
| Total | 3,39,02,899 | 5,34,85,863 | 1.58x |
Bids on NSE and BSE together, as published by NSE, as of 24 Sep 2026, 07:00 PM. Shares offered exclude the anchor portion. 27% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Varmora Granito's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Ivalue InfosolutionsSep 2025 | 3.18x | 1.26x | 1.28x | 1.82x | ₹560 Cr | -4.7% | -0.2% |
| Godavari BiorefineriesOct 2024 | 2.76x | 0.90x | 1.71x | 1.83x | ₹563 Cr | -12.5% | +0.7% |
| HealthCare Global EnterprisesMar 2016 | 2.36x | 0.43x | 0.83x | 1.56x | ₹650 Cr | -3.6% | -2.8% |
| Popular Vehicles and ServicesMar 2024 | 1.97x | 0.66x | 1.05x | 1.23x | ₹601 Cr | -2.0% | -2.0% |
| Avalon TechnologiesApr 2023 | 3.57x | 0.41x | 0.84x | 2.21x | ₹909 Cr | 0.0% | 0.0% |
| Aster DM HealthcareFeb 2018 | 2.10x | 0.55x | 1.18x | 1.31x | ₹1,010 Cr | -3.7% | -1.1% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| JM Financial | 109 | +22.8% | 75% |
| Goldman Sachs (India) Securities | 16 | +18.4% | 69% |
| SBI Capital Markets | 56 | +16.7% | 61% |
Offer documents (NSE)
Frequently asked
What is the Varmora Granito IPO price band and lot size? ₹140–148 per share, with a lot of 101 shares, so the smallest retail bid is ₹14,948.
How many times has it been subscribed? 1.58x overall: QIB 3.16x, NII 0.92x, retail 1.00x.
How did it list? It opened at ₹155, +4.7% against the issue price of ₹148, and closed its first day +2.8%.
