Rajkot: Tile manufacturer Varmora Granito Ltd (VGL) has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), marking a key step towards launching the much-anticipated Varmora Granito IPO.
Varmora Granito IPO will feature a fresh equity issue worth up to ₹400 crore and an Offer for Sale (OFS) of up to 5,24,35,268 equity shares by existing investors and promoters.
The OFS participants include Kastura Investments and promoter group members Parsotambhai Jivrajbhai Patel, Ramanbhai Jivrajbhai Varmora, and Vallabhbhai Jivrajbhai Varmora.
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Industry Leadership & Growth
According to the Technopak Report, VGL is one of India’s top tile companies by revenue in FY25 and the fastest-growing among its listed peers between FY23 and FY25.
The company’s portfolio spans high-quality, durable, and aesthetically designed tiles, with a strong emphasis on premium products such as glazed vitrified tiles (GVT), which contributed 78.71% of tile revenue in FY25.
Innovation Milestones
VGL has consistently led innovation in the Indian tile industry:
- First to launch digitally printed wall tiles (2010)
- First to introduce homogeneous-body slabs (2006)
- Launched double charge tiles (2012)
- Introduced high gloss and rocker finishes (2017)
- Rolled out kitchen slabs (2020)
- First in Asia to commercialize Integrated Stone Technology (IST) (2024) in collaboration with SACMI Imola S.C., Italy
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Manufacturing & Operations
The company operates nine manufacturing facilities strategically located in Gujarat’s Morbi cluster, a hub for ceramic and vitrified tile production.
Varmora Granito IPO Advisors
JM Financial Limited, Goldman Sachs (India) Securities Private Limited, and SBI Capital Markets Limited will serve as the Book Running Lead Managers (BRLMs) for the IPO, with Trilegal as legal counsel.
