Tiles and bathware maker Varmora Granito Ltd on Monday raised Rs 212.4 crore from anchor investors, including Goldman Sachs and ICICI Prudential Mutual Fund, a day before the opening of its Rs 708-crore IPO for public subscription.
The company allotted 1.43 crore equity shares to 17 funds at Rs 148 per share, the top end of the IPO price band, according to a circular uploaded on the BSE website.
Apart from Goldman Sachs and ICICI Prudential Mutual Fund, others who participated in the anchor round included Bandhan Mutual Fund, India Acorn Fund, Turnaround Opportunities Fund, Motilal Oswal Mutual Fund, JM Financial Mutual Fund, Bharti AXA Life Insurance Company, Societe Generale, and BNP Paribas Financial Markets.
Varmora Granito's initial public offering (IPO) will open on September 22 and conclude on September 24 with the price band of Rs 140-148 per equity share.
The IPO comprises a fresh issue of equity shares aggregating up to Rs 320 crore and an offer for sale (OFS) of 2.62 crore shares worth up to Rs 388 crore by investor Katsura Investments.
Varmora Granito reduced the size of its fresh issue from the earlier proposed Rs 400 crore and also trimmed the OFS component from the 5.24 crore equity shares planned in its draft document filed in August 2025.
The Rajkot-based company plans to use the proceeds from the fresh issue to repay its borrowings and clear dues of its subsidiaries -- Covertek Ceramica, Varmora Sanitarywares and Simola Tiles. Also, funds will be used for general corporate purposes.
Varmora Granito offers a wide range of tiles, including glazed vitrified, polished vitrified and ceramic tiles.
The equity shares are proposed to be listed on both the BSE and the NSE on September 29.
Published on September 21, 2026
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