Varmora Granito has filed draft papers with the markets regulator Securities and Exchange Board of India (SEBI) seeking its go-ahead to mobilise funds through an Initial Public Offering (IPO). The proposed IPO is a combination of fresh issue of shares worth Rs 400 crore and Offer for Sale (OFS) of 5.24 crore equity shares by promoters and an investor Kastura Investments.

The company plans to use Rs 320 crore to repay its borrowings, Rs 280 crore to clear the borrowings of its subsidiaries -- Covertek Ceramica, Varmora Sanitarywares, and Simola Tiles -- and the remaining Rs 40 crore for general corporate purposes. JM Financial, Goldman Sachs (India) Securities and SBI Capital Markets have been appointed as lead managers to manage Varmora Granito's maiden public issue.

Varmora Granito offers a wide range of high-quality, durable, and stylish tiles, including glazed vitrified, polished vitrified, and ceramic tiles.