Varmora Granito raises over Rs 212 crore via anchor book, Rs 708-crore IPO to open on September 22

The latest market report highlights that Varmora Granito, the Gujarat-based ceramic and vitrified tiles manufacturing firm, has boosted Rs 212.4 crore via anchor book on September 21, a day before the IPO opening.

The firm approached capital markets to mobilize up to Rs 708 crore via initial public offering (IPO) at the upper end of price range of Rs 140-148 per share. The IPO comprises fresh issuance of shares worth Rs 320 crore, and an offer-for-sale of 2.62 crore shares worth Rs 388 crore.

The offering will open for public subscription on September 22, and close on September 24.

Varmora Granito has allotted 1.43 crore equity shares to 13 institutional market participants via anchor book at Rs 148 per share, including 74.86 lakh shares allocated to five domestic mutual funds – ICICI Prudential AMC, Bandhan Mutual Fund, Motilal Oswal AMC, JM Financial MF, and Union AMC which have applied through a total of 9 schemes.

Goldman Sachs, Societe Generale, 360 ONE, India Acorn Fund, Turnaround Opportunities Fund, Bharti Axa Life Insurance, LC Pharos Multi Strategy Fund, and BNP Paribas Financial Markets additionally participated in the anchor book.

Varmora Granito intends to utilise Rs 245 crore of net fresh offering proceeds for repaying debt against the total outstanding borrowings of Rs 350.6 crore availed by the firm and its subsidiaries as of May 2026. And the remaining amount will be utilised for general corporate purposes.

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On the financial front, the firm has recorded earnings of Rs 62 crore for the fiscal year ended March 2026, up 76.1 percent from Rs 35.2 crore in previous fiscal year. Topline during the same period increased 4.6 percent to Rs 1,512.5 crore from Rs 1,446 crore.

JM Financial, Goldman Sachs (India) Securities, and SBI Capital Markets are acting as the merchant bankers for the Varmora Granito IPO.