Varmora Granito files IPO papers with SEBI

Varmora Granito Ltd, has submitted the Draft Red Herring Prospectus(DRHP) to SEBI for its upcoming Initial Public Offering(IPO). The IPO will consist of fresh issues of equity shares amounting to Rs 400 crore, along with an offer-for-sale of 5.24 crore shares by its promoters and existing investors.

Varmora manufactures premium ceramic tiles, bathware, sanitaryware, adhesives, and engineered stone, offering 3,500+ product variations, including marble-look finishes with integrated stone technology.

It operates 9 manufacturing plants in Gujarat’s Morbi cluster and has a strong distribution network, including 286 exclusive outlets, 2,000+ multi-brand outlets, and B2B channels serving builders and government projects.

The company plans to utilize the IPO proceeds as follows: Rs 320 crore for repaying its own borrowings, Rs 280 crore to settle the debts of its subsidiaries (Covertek Ceramica, Varmora Sanitarywares, and Simola Tiles), and Rs 40 crore for general corporate purposes.

JM Financial, Goldman Sachs India Securities, and SBI Capital Markets are appointed as the lead managers for the IPO.