Varmora Granito raises ₹212.4 crore from anchor investors ahead of IPO
The Rajkot-based tiles and bathware maker has set its IPO price band at ₹140-148 per share for the September 22-24 issue
Varmora Granito Ltd, a tiles and bathware maker, has successfully raised ₹212.4 crore from anchor investors ahead of its IPO. Among the investors were Goldman Sachs, ICICI Prudential Mutual Fund, and several other mutual funds. The IPO, which will open on September 22 and close on September 24, has a price band of Rs 140-148 per equity share.
The company has reduced the size of its fresh issue and the offer for sale component from the previously planned amounts. The raised funds will be used to repay the company's borrowings, clear dues of its subsidiaries, and for general corporate purposes. The equity shares are expected to be listed on both the BSE and NSE on September 29.
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