Carlyle-backed Varmora’s pre-IPO investors face 28% markdown at IPO price

Eighty-two investors who bought shares of Carlyle-backed Varmora Granito Ltd before its IPO face a 28 percent markdown at the upper price band. These investors bought shares at Rs 204.59 each between October 23 and November 20, 2025. Now, the shares are worth Rs 148 at the upper end.