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Varmora Granito IPO Sees Modest Start, GMP Cools

24 Sep

Summary

IPO subscribed 11% on Day 1, retail portion at 20%.
Grey market premium dropped to 2% from 6%.
IPO closes September 24, listing expected September 29.

Varmora Granito's initial public offering, valued at Rs 708 crore, commenced its subscription period on an unspecified date, with Day 1 seeing an overall subscription rate of 11%. The retail investor segment showed stronger interest, reaching 20% subscription.

The grey market premium for the IPO has decreased to 2%, down from an earlier 6%, indicating a potentially modest listing price. The issue's price band is set between Rs 140 and Rs 148 per share.

The three-day IPO subscription window is scheduled to conclude on September 24. Following this, share allotment is expected on September 25, with the company's shares slated for listing on the NSE and BSE on September 29.

The company intends to utilize the net proceeds from the IPO primarily for repaying outstanding borrowings and accrued interest. A portion will also be allocated for general corporate purposes.

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