Varmora Granito banks $22M from anchors ahead of IPO
What's the deal? Tiles and bathware maker Varmora GranitoDealroom has a profile for this one. Try Dealroom → raised US$28.8M from anchor investors on September 21, a day before opening its US$9.61-crore IPO to the public. The company allotted 1.43 crore equity shares to 17 funds at US$2.01 apiece — the top end of its US$1.9-US$2.01 price band.
Who's backing it? Goldman SachsDealroom has a profile for this one. Try Dealroom → and ICICI Prudential Mutual FundDealroom has a profile for this one. Try Dealroom → led the anchor round. Others included Bandhan Mutual FundDealroom has a profile for this one. Try Dealroom →, India Acorn FundDealroom has a profile for this one. Try Dealroom →, Turnaround Opportunities FundDealroom has a profile for this one. Try Dealroom →, Motilal Oswal Mutual FundDealroom has a profile for this one. Try Dealroom →, JM Financial Mutual FundDealroom has a profile for this one. Try Dealroom →, Bharti AXA Life InsuranceDealroom has a profile for this one. Try Dealroom → Company, Societe Generale, and BNP Paribas Financial Markets.
Why now? The Rajkot-based company will use fresh-issue proceeds to repay borrowings and clear dues of its subsidiaries — Covertek CeramicaDealroom has a profile for this one. Try Dealroom →, Varmora SanitarywaresDealroom has a profile for this one. Try Dealroom →, and Simola TilesDealroom has a profile for this one. Try Dealroom → — plus general corporate purposes. Public subscription runs September 22 to 24.
What's in the offering? The IPO combines a fresh issue of US$43.5M with an offer for sale of 2.62 crore shares worth up to US$52.7M by investor Katsura InvestmentsDealroom has a profile for this one. Try Dealroom →. Varmora trimmed both components from its August 2025 draft, cutting the fresh issue from US$54.3M and the OFS from 5.24 crore shares.
What's the endgame? Varmora sells glazed vitrified, polished vitrified, and ceramic tiles alongside bathware. The equity shares are set to list on both the BSE and NSE on September 29.
The signal: Anchor demand from global and domestic institutions signals continued appetite for mid-sized Indian listings, even as Varmora scaled back its ambitions from the original filing.
Read more: money.rediff.com
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