Varmora Granito to turn net cash after IPO, plans ₹100 crore faucet business acquisition

Varmora Granito's IPO opened today, with ₹245 crore of the fresh issue going toward debt repayment. Chairman Bhavesh Varmora says growth will come from glazed vitrified tiles, or GVT, which have grown 12% a year over the past three years. CFO Bhavesh Koshti says the company will turn net cash after the listing and is planning a South India joint venture along with a faucet manufacturing acquisition.