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Varmora Granito, a tiles and bathware maker based in Rajkot, recently filed its DRHP with SEBI, proposing a blended IPO with fresh equity worth INR 400 crore and an OFS of about 5.24 crore shares. Much of the fresh funds will go toward repaying debt across the parent company and its subsidiaries; the balance is meant for general corporate purposes. The company offers an extensive tile range, including glazed vitrified and ceramic variants, supported by a strong manufacturing footprint and wide distribution network.
A Rajkot-based tiles and bathware company has taken a step toward public listing by filing its draft red herring prospectus with SEBI. The move marks the beginning of an IPO journey that combines a fresh issue of shares worth INR 400 crore with an offer-for-sale of roughly 5.24 crore equity shares from its promoters and existing investor, Katsura Investments. Advertisement
Most of the new capital will be directed toward reducing borrowed obligations of the business and its units, including Covertek Ceramica, Varmora Sanitarywares, and Simola Tiles. Remaining proceeds are set aside for general corporate needs.
The company's product mix is vast, covering glazed vitrified, polished vitrified, and ceramic tiles. These cater to diverse applications across floors, walls, facades, slabs, and back panels. It operates through a strong distribution network comprising 286 exclusive showrooms and over 2,000 multi-brand outlets underpinned by manufacturing scattered across Gujarat's well-known Morbi cluster.
This IPO could be a turning point for Varmora Granito. It reflects a strategy that blends debt reduction with capital strengthening, providing a firmer platform to build on its robust product line and deep market presence.
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