Varmora Granito IPO News
Global alternative asset manager Carlyle Group-backed Katsura Investments sold its 1.21 percent stake in the IPO-bound tiles company Varmora Granito at a valuation of over Rs 4,500 crore on October 28.
Katsura Investments, which started investing in the company in August 2022, has transferred 24,43,940 equity shares to promoter entity Varmora International at a price of Rs 204.59 per share for nearly Rs 50 crore.
This was the secondary sale as per the share purchase agreement dated September 30, 2025.
As per the draft document filed with the SEBI dated August 7 this year, promoters held 51.3 percent shareholding in Varmora Granito, the Gujarat-based tiles company, while the remainder 48.7 percent shares are owned by the public shareholders including Katsura Investments with 36.42 percent stake.
This transaction valued the expected IPO of the tiles and bathware maker at Rs 1,472.77 crore and the company at Rs 4,525 crore.
As a part of IPO, Varmora Granito will issue fresh shares worth Rs 400 crore, while Katsura Investments and promoters will be offloading 5.24 crore shares via offer-for-sale route.
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Amongst them, Katsura Investments, a special purpose vehicle owned by the CAPG-II investment fund, an affiliate of The Carlyle Group, will be the largest selling shareholder in the offer-for-sale, selling 4.91 crore equity shares (equivalent to 24.38 percent of pre-offer paid up equity).
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Varmora Granito that competes with listed peers like Kajaria Ceramics, Somany Ceramics, and Asian Granito India proposed to utilise Rs 320 crore of fresh issue proceeds for repayment of certain outstanding borrowings, and the remaining funds for general corporate purposes.
JM Financial, Goldman Sachs (India) Securities, and SBI Capital Markets will manage the Varmora Granito IPO as merchant bankers.