New Delhi, Sep 29 (PTI) Shares of tiles and bathware maker Varmora Granito Ltd on Tuesday ended over 3 per cent higher against the issue price of Rs 148.
The stock made its debut at Rs 152, up 2.70 per cent from the issue price on the BSE. During the day, it jumped 10.43 per cent to Rs 163.45. Shares of the firm ended at Rs 152.80, up 3.24 per cent.
At the NSE, the stock listed at Rs 155, a premium of 4.72 per cent. It ended at Rs 152.19, higher by 2.83 per cent.
The company’s market valuation stood at Rs 3,453.46 crore.
The initial public offering (IPO) of Varmora Granito Ltd received 1.58 times subscription on the last day of bidding on Thursday.
The company’s Rs 708-crore IPO had a price band of Rs 140-148 per equity share.
The IPO had a fresh
issue of equity shares aggregating up to Rs 320 crore and an offer-for-sale (OFS) of 2.62 crore shares worth up to Rs 388 crore by investor Katsura Investments.
Varmora Granito reduced the size of its fresh issue from the earlier proposed Rs 400 crore and also trimmed the OFS component from the 5.24 crore equity shares planned in its draft document filed in August 2025.
The Rajkot-based company plans to use the proceeds from the fresh issue to repay its borrowings and dues of its subsidiaries — Covertek Ceramica, Varmora Sanitarywares and Simola Tiles. Also, funds will be used for general corporate purposes.
Varmora Granito offers a wide range of tiles, including glazed vitrified, polished vitrified and ceramic tiles. PTI SUM TRB
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