Varmora Granito has made an initial public offering of equity shares comprising a fresh issue and an offer for sale, aggregating to ₹708.021 crore.

Trilegal advised Varmora Granito on this IPO. The Firm also advised investor selling shareholder, Katsura Investments, an affiliate of investment funds ultimately managed and advised by affiliated entities of The Carlyle Group Inc.

The Capital Markets team advising Varmora on the mandate was led by Richa Choudhary (Partner) and Maitreya Rajurkar (Partner), and comprised Pooja Tada (Senior Associate) and Associates Yug Gambhir, Samruddhi Varma, and Arnab Goswami.

The Capital Markets team advising Carlyle on the mandate was led by Murtaza Zoomkawala (Partner), and comprised Rainika Malhotra (Senior Associate) and Nandini Ravishankar (Associate).

The Corporate team advising on the matter was led by Sneha Vardhan (Partner), and comprised Vyshnav Karthik (Counsel), Archit Gupta (Senior Associate) and Bhakti Pathak (Associate).

Khaitan & Co advised JM Financial Limited, Goldman Sachs (India) Securities Private Limited and SBI Capital Markets Limited, the book running lead managers on this IPO.

The transaction team consisted of Subhayu Sen (Partner), Aparna Bagree (Partner), Johann Valladares (Principal Associate), Sarjana Das (Senior Associate), Associates Nibha Yadav, Aryan Agarwal and Gauravi Talwar.

Varmora offers a diverse range of products comprising tiles, including glazed vitrified tiles, polished vitrified tiles and ceramic tiles.

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 and its subsidiaries. The IPO also facilitated a partial exit for Carlyle through an offer for sale.

If you would like your Deals, Columns, Press Releases to be published on Bar & Bench, please fill in the form available here.