Varmora Granito raises Rs 212 crore from anchor investors ahead of Rs 708 crore IPO
Rajkot-based tiles and bathware maker Varmora Granito allotted 1.43 crore shares at Rs 148 apiece to 17 anchor investors. The IPO includes a Rs 320 crore fresh issue, with proceeds earmarked for debt repayment and subsidiary dues.
What happened
Rajkot-based tiles and bathware maker Varmora Granito raised Rs 212.4 crore from anchor investors ahead of its Rs 708-crore IPO. Fresh-issue proceeds will repay
Key facts
- Rs 212.4 crore raised from anchor investors
- 1.43 crore equity shares allotted to 17 funds
- Rs 148 per share
- Rs 708 crore IPO
- Rs 320 crore fresh issue
What changed
Rajkot-based tiles and bathware maker Varmora Granito raised Rs 212.4 crore from anchor investors ahead of its Rs 708-crore IPO. Fresh-issue proceeds will repay borrowings and subsidiary dues, supporting its tiles and sanitaryware business.
Why this matters
Anchor backing and IPO proceeds should help Varmora Granito reduce debt and fund a stronger operating base across tiles and sanitaryware.
What to watch
- Final IPO subscription levels across QIB, HNI, and retail categories and the eventual issue price.
- Listing premium or discount versus the Rs 148 anchor allocation price.
- Net debt, interest expense, and subsidiary payable reduction in the first two reported quarters after the IPO.
- Tile, sanitaryware, natural-gas, freight, and other input-cost trends affecting gross margin.
- Housing, renovation, and real-estate project activity in core western and northern Indian markets.