Trilegal advised Varmora Granito and The Carlyle Group on an INR 7,080.21 million IPO by Varmora Granito

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 IPO comprised 47,839,255 equity shares aggregating to INR 7,080.21 million.

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.

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

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

About Trilegal

Trilegal is a leading full-service law firm in India with over 25 years of experience, trusted for its in-depth expertise and client-centric approach. The firm advises a diverse set of clients, including Fortune 500 companies, global investment funds, major Indian conglomerates, domestic and international banks, technology and media giants, family offices, and high-net-worth individuals. Operating under a distinctive lockstep model, Trilegal is the largest equity partnership in the country, with offices across Mumbai, Delhi, Gurugram, Bengaluru, Chennai, Pune, and GIFT City.

Trilegal has consistently been recognised among India’s top-tier firms in leading legal directories such as Chambers & Partners (Asia Pacific and Global), Legal 500 Asia Pacific, and Benchmark Litigation. It has also earned several prestigious accolades, including being named Law Firm of the Year at the ET Global Legal Awards 2026, Best Overall Law Firm by India Business Law Journal (IBLJ) 2025, Innovative Lawyers in Disputes & Crisis Management by the Financial Times (FT) Innovative Lawyers Asia-Pacific Awards in 2025, and M&A Firm of the Year by IFLR Asia-Pacific in 2024.

For more information, please get in touch with Prakruti Jani | Mob: +91-9867868976 | BD@trilegal.com.