Trilegal and Khaitan & Co advised on Varmora Granito’s INR 7,080.21 million (₹708 Crore) IPO.

Varmora Granito Pvt Ltd undertook an initial public offering comprising 47,839,255 equity shares aggregating to INR 7,080.21 million.

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 Katsura Investments, an affiliate of investment funds ultimately managed and advised by affiliated entities of The Carlyle Group Inc., through an offer for sale.

Trilegal advised Varmora Granito and the investor selling shareholder, Katsura Investments, an affiliate of investment funds ultimately managed and advised by affiliated entities of The Carlyle Group Inc. (Carlyle), on Varmora’s initial public offering.

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

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

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

Khaitan & Co advised the Book Running Lead Managers on the IPO.

The deal team comprised Subhayu Sen, Aparna Bagree, Johann Valladares, Sarjana Das, Nibha Yadav, Aryan Agarwal and Gauravi Talwar.