Varmora Granito Ltd has attracted significant investor interest by raising Rs 212.4 crore from anchor investors ahead of its upcoming IPO, which is set to open on 22 September and list on 29 September.
Varmora Granito Ltd has drawn investor interest ahead of its initial public offering, raising Rs 212.4 crore from anchor investors the day before subscriptions open. According to the circular on the BSE website, the tiles and bathware maker allotted 1.43 crore shares to 17 funds at Rs 148 each, the top of the price band.
Goldman Sachs and ICICI Prudential Mutual Fund were among the buyers, alongside Bandhan Mutual Fund, India Acorn Fund, Turnaround Opportunities Fund, Motilal Oswal Mutual Fund, JM Financial Mutual Fund, Bharti AXA Life Insurance Company, Societe Generale and BNP Paribas Financial Markets. The IPO is due to open on 22 September and close on 24 September, with pricing set at Rs 140 to Rs 148 a share.
The issue combines a fresh sale of shares worth up to Rs 320 crore and an offer for sale of 2.62 crore shares worth up to Rs 388 crore by Katsura Investments. LiveMint reported that the company reduced both the fresh issue and the secondary sale from the larger plans outlined in its draft filing in August 2025, trimming the overall size of the offering.
Proceeds from the new shares are intended to help reduce borrowings and settle dues owed by subsidiaries Covertek Ceramica, Varmora Sanitarywares and Simola Tiles, with the balance earmarked for general corporate purposes. The Rajkot-based company sells a range of tiles, including glazed vitrified, polished vitrified and ceramic products, and its shares are scheduled to list on the BSE and NSE on 29 September. IPOSarthi and other IPO trackers said the issue size is 1,096.04 crore rupees, while NDTV Profit and Business Standard described the main issue as Rs 708 crore, reflecting the combined fresh issue and offer-for-sale structure.
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