Varmora Granito Files for ₹400 Crore IPO, Aims to Repay Debt and Fund Growth

Varmora Granito Ltd, a leading tiles and bathware manufacturer, has submitted draft papers to SEBI for an initial public offering. The IPO comprises a fresh issue of ₹400 crore and an offer for sale of 5.24 crore shares by promoters and investor Kastura Investments.

Proceeds will primarily service debt, with ₹320 crore allocated for parent company borrowings and ₹280 crore for subsidiary liabilities. The remaining ₹40 crore will fund general corporate purposes. The Rajkot-based firm operates nine manufacturing facilities in Gujarat's Morbi cluster.

Specializing in glazed vitrified, polished vitrified, and ceramic tiles, Varmora Granito's portfolio includes over 3,500 SKUs across 20 surface types. The company recently expanded its marble-look product line using integrated stone technology.

Distribution channels include 286 exclusive brand outlets, 2,000+ multi-brand outlets, and B2B partnerships with construction firms and government projects. JM Financial and Goldman Sachs are managing the public offering.