Aequitas Research

Hong Jie Seow

Independent Insight Provider

IPOs and Placements coverage across Asia Pacific

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Varmora Granito Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/varmora-granito-limited" target="_blank" data-smartkarma-citation="entities:45655:1" rel="noopener">Varmora Granito Limited (6590052Z IN)</a> is looking to raise at least US$100m in its upcoming India IPO. The deal will be run by Goldman Sachs, JM Financial and SBI Capital.</li>
<li>Varmora Granito Limited (VGL) is a leading Indian manufacturer and trader of varied types of tiles. As of FY25, its portfolio comprised over 3,500 SKUs.</li>
<li>VGL generates 78.69% of its revenue from India, selling its products through both B2C and B2B channels. Its domestic revenue is primarily driven by its B2C channel.</li>
</ul>



Varmora Granito Limited (6590052Z IN) is looking to raise at least US$100m in its upcoming India IPO. The deal will be run by Goldman Sachs, JM Financial and SBI Capital.
Varmora Granito Limited (VGL) is a leading Indian manufacturer and trader of varied types of tiles. As of FY25, its portfolio comprised over 3,500 SKUs.
VGL generates 78.69% of its revenue from India, selling its products through both B2C and B2B channels. Its domestic revenue is primarily driven by its B2C channel.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front,  a number of companies are lining up to start 2H listing season, which is likely to be one of the busiest over the past few years.</li>
<li>On the placements front as well, given ongoing earnings annoucement there were only one large placement last week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front,  a number of companies are lining up to start 2H listing season, which is likely to be one of the busiest over the past few years.
On the placements front as well, given ongoing earnings annoucement there were only one large placement last week.


ECM Weekly (18 August 2025)- Eve Energy, CNGR, Will Semi, 52 Toys, JSW, Bluestone, Tuas, Hexaware

India

Varmora Granito is looking to raise at least US$100m in its upcoming India IPO. The deal will be run by Goldman Sachs, JM Financial and SBI Capital.
Varmora Granito Limited (VGL) is a leading Indian manufacturer and trader of ceramic tiles and allied products, offering glazed vitrified tiles (GVT), polished vitrified tiles (PVT), and ceramic tiles. As of FY25, its portfolio comprised over 3,500 SKUs across 20 surface types for applications such as flooring, walls, façades, kitchen slabs, and back paneling.

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Varmora Granito Limited (6590052Z IN)

Varmora Granito Pre-IPO Tearsheet

Varmora Granito Limited plans to raise over US$100m in India IPO with Goldman Sachs, JM Financial, and SBI Capital as lead managers, highlighting...

Hong Jie Seow

ECM Weekly (18 August 2025)- Eve Energy, CNGR, Will Semi, 52 Toys, JSW, Bluestone, Tuas, Hexaware

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Varmora Granito Pre-IPO Tearsheet

​Varmora Granito Limited plans to raise over US$100m in India IPO with Goldman Sachs, JM Financial, and SBI Capital as lead managers, highlighting...

Hong Jie Seow

ECM Weekly (18 August 2025)- Eve Energy, CNGR, Will Semi, 52 Toys, JSW, Bluestone, Tuas, Hexaware

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Varmora Granito Limited plans to raise over US$100m in India IPO with Goldman Sachs, JM Financial, and SBI Capital as lead managers, highlighting...