Varmora Granito Sets Eyes on IPO to Expand Horizons

Varmora Granito Ltd, a leading tiles and bathware manufacturer, is preparing for an Initial Public Offering (IPO) as it seeks approval from market regulator SEBI. The company's draft filings indicate its aim to raise Rs 400 crore through fresh share issues while also conducting an Offer for Sale (OFS) of 5.24 crore equity shares.

Proceeds from the IPO are planned to be utilized mainly to pay down existing debts, including those of its subsidiaries. The company has set aside Rs 320 crore specifically for debt repayment and general corporate purposes. Prominent shareholders selling in the OFS include members of the Varmora family and investor Katsura Investments.

With a robust presence in the Indian tiles market, Varmora Granito boasts a diverse portfolio of over 3,500 products. It operates nine manufacturing facilities and continues to innovate with products like marble-look tiles. As the domestic tiles market surges, Varmora aims to leverage its IPO proceeds to further its business objectives.

(With inputs from agencies.)