Varmora Granito Secures ₹212 Cr from Anchor Investors Ahead of ₹708 Cr IPO

Varmora Granito, an Indian tiles and bathware manufacturer, has raised ₹212.4 crore from anchor investors ahead of its highly anticipated initial public offering (IPO). The company will issue fresh shares worth up to ₹320 crore as part of the IPO, which is set to open on September 22-24 with a price band of ₹140-148 per share.

The anchor investors who participated in the round include Goldman Sachs and ICICI Prudential Mutual Fund, among others. Varmora Granito plans to use the proceeds from the fresh issue to repay its borrowings and clear dues of its subsidiaries, as well as for general corporate purposes.

The company's IPO comprises a fresh issue of equity shares aggregating up to ₹320 crore and an offer for sale (OFS) of 2.62 crore shares worth up to ₹388 crore by investor Katsura Investments. Varmora Granito offers a wide range of tiles, including glazed vitrified, polished vitrified, and ceramic tiles.