Trilegal and Khaitan & Co have acted as Varmora Granito IPO legal advisors on one of the tile sector’s most closely watched public offerings of 2026. Varmora Granito made an initial public offering of equity shares comprising a fresh issue and an offer for sale, aggregating to ₹708.021 crore. The transaction also enabled a partial exit by private equity major The Carlyle Group through its affiliate, Katsura Investments.
Introduction
The IPO is a 100% book-built mainboard issue comprising a fresh issue of equity shares aggregating up to ₹320 crore and an offer for sale of up to 2.62 crore equity shares aggregating up to ₹388.02 crore by Katsura Investments. The book running lead managers to the issue were JM Financial Limited, Goldman Sachs (India) Securities Private Limited, and SBI Capital Markets Limited, with the shares listed on BSE and NSE.
Based in Gujarat, Varmora Granito manufactures a range of tiles, including glazed vitrified, polished vitrified and ceramic tiles, as well as bathware products. The proceeds from the IPO are proposed to be utilised towards repayment and/or pre-payment, in full or in part, of certain outstanding borrowings of Varmora Granito and its subsidiaries, and the IPO also facilitated a partial exit for Carlyle through an offer for sale.
Deal Value
The Varmora Granito IPO is a book-built issue of ₹708.02 crore, combining a fresh issue of 2.16 crore shares aggregating to ₹320.00 crore and an offer for sale of 2.62 crore shares aggregating to ₹388.02 crore. The final issue price was set at ₹148 per share.
Legal Teams Involved
Trilegal — Counsel to Varmora Granito and Katsura Investments (Carlyle)
Trilegal advised Varmora Granito on this IPO and also advised investor selling shareholder, Katsura Investments, an affiliate of investment funds ultimately managed and advised by affiliated entities of The Carlyle Group Inc.
Capital Markets Team — advising Varmora Granito:
- Richa Choudhary — Partner
- Maitreya Rajurkar — Partner
- Pooja Tada — Senior Associate
- Yug Gambhir — Associate
- Samruddhi Varma — Associate
- Arnab Goswami — Associate
Capital Markets Team — advising Carlyle / Katsura Investments:
- Murtaza Zoomkawala — Partner
- Rainika Malhotra — Senior Associate
- Nandini Ravishankar — Associate
Corporate Team:
- Sneha Vardhan — Partner
- Vyshnav Karthik — Counsel
- Archit Gupta — Senior Associate
- Bhakti Pathak — Associate
Khaitan & Co — Counsel to the Book Running Lead Managers
Khaitan & Co advised JM Financial Limited, Goldman Sachs (India) Securities Private Limited and SBI Capital Markets Limited, acting as the book running lead managers (BRLMs), as to Indian law in relation to the initial public offering of Carlyle Group-backed Varmora Granito Limited.
Transaction Team:
- Subhayu Sen — Partner
- Aparna Bagree — Partner
- Johann Valladares — Principal Associate
- Sarjana Das — Senior Associate
- Nibha Yadav — Associate
- Aryan Agarwal — Associate
- Gauravi Talwar — Associate
Significance and Impact
The Varmora Granito IPO marks a significant milestone for the Indian building materials sector, bringing a Gujarat-based tile manufacturer to the public markets on both BSE and NSE. Varmora Granito’s IPO comprised a fresh issue of shares worth ₹320 crore and an OFS of 2.62 crore shares worth up to ₹388 crore by Katsura Investments; the company had reduced the size of both components from the structure proposed in its draft prospectus filed in August 2025, with the fresh issue earlier planned at ₹400 crore and the OFS initially comprising 5.24 crore shares.
All OFS proceeds go to Katsura Investments (Carlyle Group) and no portion accrues to Varmora Granito Limited — an important distinction, as the OFS represents a partial exit by an existing institutional investor, not a capital infusion into the business. The dual-mandate structure adopted by Trilegal — advising both the issuer and the selling shareholder through separate, ring-fenced teams — is a notable feature of the transaction’s legal architecture.
The IPO received 1.58 times subscription during the three-day bidding period, and the company had raised ₹212.4 crore from anchor investors ahead of the issue, with Goldman Sachs and ICICI Prudential Mutual Fund among the participants. The transaction demonstrates continued investor appetite for consumer-facing manufacturing businesses accessing the Indian capital markets.
The Varmora Granito ₹708.021 crore IPO, now listed on BSE and NSE, reinforces the active pipeline of mid-market capital markets mandates in India. Trilegal provided comprehensive legal coverage across the issuer and the selling PE shareholder, while Khaitan & Co guided the three book running lead managers through the regulatory process. For a running tracker of deal activity across Indian law firms, see the Deal Meter.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
