Varmora Granito IPO Opens September 22: Price Band, Lot Size, Issue Structure and Key Dates

Varmora Granito IPO opens September 22: the direct answer

The Varmora Granito IPO is scheduled to open for public bidding on Tuesday, September 22, 2026, at a ₹140–₹148 price band. The minimum bid is 101 shares, or ₹14,948 at the cap price. The offer combines a ₹320-crore fresh issue with shares offered by Katsura Investments and is scheduled to close on September 24.

Those are the current disclosed offer terms, not a completed issue or a market-price signal. Varmora Granito Limited's red herring prospectus (RHP), dated September 16, sets out the issuer, the ₹320-crore fresh issue, the Katsura Investments OFS and the programme. The price band and lot size need a separate source treatment because the RHP fields for them contain placeholders; current reporting and IPO information pages corroborate the announced ₹140–₹148 range and 101-share lot.

This report separates fixed or announced offer terms from steps that remain ahead. In particular, the RHP's post-close dates are described as occurring “on or about” specified dates, and the proposed BSE and NSE listing is not the same thing as shares already trading.

Varmora Granito IPO dates: anchor session, public window and deadline

The RHP records Monday, September 21, 2026 as the anchor investor bid and offer date. It schedules the public bid and offer period to begin on Tuesday, September 22 and end on Thursday, September 24. These are the current programme dates in the prospectus, rather than a report of final demand or allocation.

For the September 24 close, the RHP states a 5:00 PM deadline for UPI mandate confirmation. That is a timetable term in the offer document. It should not be confused with a final subscription result, which can only be established after the public window has closed and valid bids have been processed.

An anchor allocation, public bids, the basis of allotment and trading are separate stages. The September 21 anchor date precedes the public window; it does not tell readers what the eventual public-book demand, allotment outcome or first trading price will be. Keeping the stages distinct is especially important while the offer is still before or within its scheduled bidding period.

Varmora Granito IPO price band, lot size and minimum retail amount

The announced Varmora Granito IPO price band is ₹140 to ₹148 for each equity share. Financial-news reporting published on September 17 and current IPO listings state that the minimum lot is 101 equity shares, with subsequent bids in multiples of 101 shares. A one-lot amount at the top of the announced band is therefore ₹14,948, calculated as 101 multiplied by ₹148.

The ₹14,948 figure is a cap-price calculation for the minimum lot, not a statement of the final offer price. In a book-built offer, the offer price is determined after bids are received within the disclosed range under the applicable process. A lower price within the range would produce a different one-lot arithmetic amount, while the final prospectus is expected to record the settled terms.

There is an important source distinction here. The September 16 RHP is the primary document for the offer's identity, structure and schedule, but its table retains blank price-band and related fields. Reddy News therefore treats the ₹140–₹148 range, 101-share lot and ₹14,948 minimum as announced terms corroborated by current reporting and platform information, rather than presenting them as values printed in those RHP blanks.

The RHP identifies retail individual investors, non-institutional investors and qualified institutional buyers as offer categories under the SEBI ICDR framework. It says the retail portion is not less than 35% of the offer and the non-institutional portion is not less than 15%, subject to the offer structure and valid bids. Those percentages define the programme's category framework; they do not establish how many shares will ultimately be allotted in any category or how much demand will be recorded.

How the roughly ₹708.02-crore Varmora Granito IPO is structured

The offer has two different components. First, Varmora Granito plans a fresh issue of equity shares aggregating up to ₹3,200 million, or ₹320 crore. Second, the RHP describes an offer for sale of up to 26,217,634 equity shares of face value ₹2 each by Katsura Investments, identified in the document as the investor selling shareholder.

The OFS has a share count rather than a rupee amount in the RHP because the final offer price had not been filled into the relevant fields. At the announced ₹148 cap price, 26,217,634 shares equate to ₹3,880,209,832, or about ₹388.02 crore. Adding that cap-price OFS calculation to the ₹320-crore fresh issue produces a combined amount of about ₹708.02 crore.

That ₹708.02-crore figure should be read narrowly: it is an upper-band illustration based on the announced cap price, not a completed fundraising result or a final offer valuation. The final offer price is determined through book building, and the final prospectus will set out the final offer size. The face value of ₹2 is the nominal value per equity share; it is not the ₹140–₹148 price-band value.

The RHP describes the offer as made in compliance with Regulation 6(1) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. That regulatory reference explains the disclosure and allocation framework cited in the document. It does not represent a SEBI endorsement of the offer or a statement that the regulator guarantees the adequacy of the prospectus, a distinction the RHP itself makes in its general risk disclosure.

Who receives the proceeds, and what the fresh issue is for

A fresh issue and an OFS have different cash destinations. Subject to offer expenses, the company receives the proceeds from the fresh issue because it is issuing new equity. The OFS portion represents existing equity shares offered by Katsura Investments, so proceeds from that component belong to the selling shareholder rather than to Varmora Granito.

The RHP identifies repayment or prepayment, in full or in part, of certain borrowings availed by Varmora Granito and its subsidiaries as an object of the fresh issue, alongside general corporate purposes. This identifies the stated intended use of fresh-issue proceeds. It does not mean debt repayment has already occurred, nor does it convert the OFS proceeds into company funds.

The distinction changes how the headline total should be read. About ₹708.02 crore is the cap-price value of the complete offer, while ₹320 crore is the disclosed maximum fresh-issue amount. The two figures describe different things: the overall public-offer structure on one hand, and the company-directed new-equity component on the other.

Varmora Granito IPO allotment date and listing date are indicative

The RHP's programme says the basis of allotment is expected on or about Friday, September 25, 2026. It then gives on or about Monday, September 28 for unblocking of ASBA accounts and credit of equity shares to successful allottees' demat accounts, followed by on or about Tuesday, September 29 for commencement of trading.

The wording “on or about” is material. It marks an intended operational sequence after the public window closes, not an outcome that has already happened or a date guaranteed regardless of processing and exchange formalities. This article therefore describes September 25 as the expected allotment-stage date and September 29 as the expected trading-start date, rather than treating either as a completed fact.

The RHP says the equity shares are proposed to list on BSE Limited and National Stock Exchange of India Limited, with NSE as the designated stock exchange. A proposed listing venue and an indicative trading date should not be mistaken for a confirmed listing event. Any update after the offer should separately establish the final allotment, credit and commencement-of-trading status from the relevant official notice.

What a book-built offer price does and does not establish

Varmora Granito's RHP describes a 100% book-built offer. In this format, the price band sets the range within which valid bids are made and the final offer price is determined through the book-building process. The ₹140 floor and ₹148 cap are therefore offer parameters; they are not a quotation from an already listed market.

The prospectus contains a specific caution for a first public issue: there has been no formal market for Varmora Granito's equity shares. It says the floor price, cap price and final offer price should not be viewed as an indication of the market price after listing, and it gives no assurance of active or sustained trading after listing. This is a prospectus risk disclosure, not an assessment of a later market outcome.

For clear reporting, offer terms answer one set of questions—what is scheduled, what range has been announced and how the issue is divided. They do not answer another set of questions, including final subscription, allocation to a particular category, the completed offer price or the price at which trading may later begin. Those facts remain unestablished at this pre-opening stage.

Varmora Granito business context: Gujarat manufacturing and product lines

Varmora Granito Limited is a Gujarat-based manufacturer whose corporate website presents tiles, stone, bathware and tile adhesives as its product categories. The site lists its registered office at Dhuva, Taluka Wankaner, Rajkot district, and a corporate office in Ahmedabad. This connects the offer to India's ceramic and construction-linked consumer-products manufacturing base.

The RHP says that, as of its date, the group operated eight in-house manufacturing facilities. It also reports 304 third-party contract manufacturers as at March 31, 2026. These are company disclosures in the prospectus and describe its stated manufacturing and supply arrangement; they are not an independent verification of output, quality or future scale.

The RHP further says the franchise-operated exclusive and multi-brand retail chain accounted for 66.80% of domestic sales in fiscal 2026. The remaining domestic sales relationship is not needed to interpret the offer terms, but the figure helps explain why the company is relevant beyond a single factory: its disclosed model combines manufacturing, contract manufacturing and a retail-channel presence.

The company website says its products have been exported to more than 100 countries and describes production capacity and product ranges in promotional language. These are issuer statements, not independently audited measurements in this article. For IPO reporting, the more limited point is that Varmora's disclosed operations span products used in building finishes and bathrooms, while the RHP remains the primary source for formal offer disclosures and risk factors.

What remains unknown and the risks readers should keep separate

Several central outcomes remain future events. As of the September 21, 2026 source-check cutoff, the completed public subscription, the final offer price, final issue size, basis of allotment, credits to demat accounts and actual commencement of trading were not established. The announced price band and timetable should not be written as if they answer those later questions.

The prospectus itself highlights market uncertainty for this first public issue, including the absence of a prior formal market and no assurance that active or sustained trading will develop after listing. It also says that equity and equity-related securities involve risk. Those disclosures are reasons to preserve the difference between a disclosed IPO term and a future market outcome; they are not a forecast.

A neutral IPO calendar article also has limits. It can explain the dates, pricing range, share lot, offer mix and stated objects of the fresh issue. It cannot establish an individual's circumstances or replace the full RHP, which includes risk factors, financial information and other detailed disclosures. Reddy News is reporting the offer structure and does not take a position on the shares.

Readers should also distinguish the RHP from older draft disclosures. Moneycontrol reported that the company had reduced the proposed fresh-issue amount from ₹400 crore in the August 2025 draft document and that the OFS had changed. The operative primary document used here is the September 16, 2026 RHP, while price-band facts are sourced separately because of the RHP placeholders. Earlier draft figures should not be substituted for the current disclosed structure.

Source checks, exchange context and related IPO coverage

Reddy News checked the September 16 Varmora Granito RHP hosted by JM Financial for the legal issuer, offer components, dates, proposed listing and stated objects of the fresh issue. Goldman Sachs (India) Securities, a book-running lead manager, says the RHP and abridged prospectus were filed with the Registrar of Companies, Gujarat at Ahmedabad and submitted to SEBI, BSE and NSE. Those first-party materials are the foundation for the structural claims in this report.

For the current price band, lot and cap-price retail arithmetic, this report uses the September 17 Moneycontrol report alongside the research record's independently corroborating IPO information. The NSE Market Watch IPO page was also checked on September 21; its Upcoming Issues table did not show a populated Varmora record in the extracted page. That absence does not establish a cancellation or change, so the RHP remains the controlling primary disclosure until a newer official notice or corrigendum appears.

Readers comparing IPO terminology can also consult Reddy News' related NSE IPO explainer, listed in the sources below. It concerns National Stock Exchange of India Limited's separate offer and is not a Varmora update. The present article is confined to Varmora Granito's disclosed calendar and structure, with source dates retained so later developments can be compared against this September 21, 2026 snapshot. This is not investment advice or a recommendation to apply, buy, hold or sell the shares.