The ₹708.02 crore Varmora Granito IPO is in its final day of subscription today, September 24, marking the end of the public offering period. The mainboard IPO, which opened for bidding on September 22, will close later today after three days of subscription. The IPO is priced at the upper price band of ₹148 per share, indicating strong investor interest in the ceramic tiles manufacturer.
The latest grey market premium (GMP) for Varmora Granito IPO has collapsed to ₹0 as of September 24, representing a complete reversal from the previous ₹8 premium reported on September 22. This zero premium indicates a flat listing at the upper price band of ₹148, with the estimated listing price matching the issue price. The GMP has moved from a high of ₹8 to ₹0, resulting in a net change of ₹-8 during the observed period. The current GMP of ₹0 suggests that grey market sentiment has shifted dramatically compared to earlier optimism, with the premium trading at zero premium above the issue price.
According to InvestorGain's comprehensive analysis, Varmora Granito IPO's grey market premium shows a volatile trend over the last 3 sessions, with the GMP moving from ₹8 to ₹0, resulting in a net change of ₹-8. The model reveals that 20% of sessions were positive versus 60% negative, with the premium fluctuating within a range of ₹7. The current GMP of ₹0 suggests a complete reversal in grey market sentiment compared to earlier volatility, with the highest recorded premium of ₹15 on September 18, 2026. The trend analysis shows that GMP has fluctuated between a low of ₹8.00 and a high of ₹15.00 during the analyzed period, indicating significant volatility in grey market trading activity.
Recent market developments highlight significant concerns about grey market premium reliability as an IPO indicator. Hero Motors exemplified this volatility when its GMP fell to almost zero from around 16% on September 16, yet the stock opened at ₹82 on debut (2% discount) and subsequently surged nearly 20% to hit upper circuit at ₹98.51. Similarly, SBI Funds Management listed at ₹613.30, gaining 6.85% over IPO price, but the actual listing fell short of grey market expectations that had indicated 16-18% premium. As per The Economic Times, Narendra Solanki from Anand Rathi notes that while GMP has predictable success rates, 'there is no method, no transparency and no traceability' in the numbers, with multiple sources often citing different figures. Kranthi Bathini from WealthMills Securities emphasizes that grey market premium is 'completely unregulated and speculative in nature', with the price discovery mechanism driven more by sentiment than fundamentals.
