Varmora Granito Ltd files DRHP with SEBI
India, 7 August 2025: Rajkot-headquartered Varmora Granito Ltd (VGL) filed its Draft Red Herring Prospectus (DRHP) with the Securities Exchange Board of India (SEBI) for its initial public offering (IPO). The offer comprises Fresh Issue aggregating up to Rs 400 crore and Offer for Sale (OFS) of up to 5,24,35,268 equity shares. The OFS comprises investor selling shareholder Kastura Investments, and Promoter Group Selling Shareholders namely, Parsotambhai Jivrajbhai Patel, Ramanbhai Jivrajbhai Varmora and Vallabhbhai Jivrajbhai Varmora.
VGL is one of the leading players in the Indian tiles market in terms of revenue in Fiscal 2025 among the selected listed peers (Source: Technopak Report). According to the Technopak Report, VGL is the fastest growing among the selected listed peers in India in terms of revenue CAGR, with tiles as its primary segment, between Fiscals 2023 to 2025.
According to the Technopak Report, the company was the first to launch digitally printed wall tiles in 2010 and one of the first in the industry to introduce homogenous-body slabs ((i) 1170 x 1770 mm; and (ii) 1185 x 1785 mm full-body slabs) in 2006, double charge tiles in 2012, high gloss and rocker in 2017 and kitchen slabs (80×260) in 2020. The company is also the first to commercialize integrated stone technology (“IST”) in Asia in 2024 (Source: Technopak Report), with a technology partnership with SACMI Imola S.C. (“SACMI”), an Italian tile equipment provider.
VGL’s product offerings comprise a wide range of high-quality, durable and aesthetic tiles. The primary focus is on selling premium products such as GVT which represented 78.71%, 75.37% and 69.35% of revenue from operations from tiles in Fiscals 2025, 2024 and 2023, respectively. VGL has nine strategically located manufacturing facilities in the Morbi cluster in Gujarat.
JM Financial Limited, Goldman Sachs (India) Securities Private Limited and SBI Capital Markets Limited are the Book Running Lead Managers (BRLMs) and Trilegal is the Legal Counsel.