Carlyle-backed Varmora eyes a pre-IPO fundraising round of up to $150 mn

livemint.com:

MUMBAI : Sanitaryware maker Varmora Granito, backed by global private equity firm Carlyle Group, is looking to raise $100-150 million in a pre-public listing round, two people familiar with developments in the company said. The mix of primary and secondary fundraise from private equity investors is expected to see the company valued at ₹5,000 crore (nearly $600 million), the people added. “There is significant inbound interest from funds that are willing to invest in the company," said one of the persons cited above.

The Morbi, Gujarat-based company, which is looking to list on Indian bourses in 18-24 months, has seen inbound interest from investors such as GIC and 360 One, among others, the second person said. “Carlyle is likely to take some money off the table in this (current funding) round, and will also sell partially during the IPO (initial public offering)," this person said. Both the people requested not to be named.

The development underscores the growing investor interest in private companies that are headed for an IPO. Other such as FirstCry, Oyo, Ixigo and Ola Electric have reportedly seen similar interest. Emailed queries to Varmora Granito did not elicit any response.

Spokespersons of Carlyle and 360One declined to comment. GIC, too, did not respond to requests for comment. The development comes two years after Carlyle invested $100 million to acquire a significant minority stake in the company from the promoters in July 2022, at an undisclosed valuation.