Varmora Granito secures ₹212.4 crore anchor backing ahead of ₹708 crore IPO
Rajkot-based tiles and bathware maker Varmora Granito allotted 1.43 crore shares to 17 anchor funds at ₹148 each. Its IPO, including a ₹320 crore fresh issue and up to ₹388 crore OFS, is set to open September 22; fresh proceeds will go toward debt and subsidiary dues.
What happened
Rajkot-based tiles and bathware maker Varmora Granito raised ₹212.4 crore from anchor investors ahead of its ₹708 crore IPO. Fresh-issue proceeds will repay
Key facts
- ₹212.4 crore raised from anchor investors
- 1.43 crore equity shares allotted to 17 funds
- ₹148 per share anchor allotment price
- ₹708 crore total IPO size
- ₹320 crore fresh issue
What changed
Rajkot-based tiles and bathware maker Varmora Granito raised ₹212.4 crore from anchor investors ahead of its ₹708 crore IPO. Fresh-issue proceeds will repay borrowings and subsidiary dues, with listing proposed on September 29.
Why this matters
Varmora Granito’s ₹212.4 crore anchor raise signals institutional confidence ahead of its IPO, while fresh proceeds earmarked for debt reduction could strengthen operating flexibility in tiles and bathware.
What to watch
- QIB, NII and retail subscription multiples, especially whether QIB demand materially exceeds anchor participation.
- Grey-market premium and its stability through the final subscription day.
- Pricing versus listed tile, sanitaryware, building-material and consumer-durable peers.
- Share of fresh issue actually directed to high-cost debt repayment and the resulting pro forma net-debt-to-EBITDA and interest-coverage metrics.
- OFS seller identities, promoter holding after listing, and lock-in-related future supply risk.