Exxaro Tiles IPO to open IPO on August 4

Exxaro Tiles IPO to open IPO on August 4

The initial public offering (IPO) of Exxaro Tiles Ltd., a manufacturer of vitrified tiles, will open on August 4. The price band has been fixed at ₹118 –₹120 per equity share.

The IPO of 1,34,24,000 equity shares of face value of ₹10 each, comprises fresh issue of up to 1,11,86,000 equity shares and an offer for sale of up to 22,38,000 equity shares by Dixitkumar Patel, the selling shareholder.

The company plans to utilise the net proceeds towards repay/prepayment of certain borrowings, funding its working capital requirements besides utilising it for general corporate purposes.

Exxaro Tiles IPO price band set at Rs 118-120, to raise Rs 161 crore

Vitrified tiles maker Exxaro Tiles has fixed the price band at Rs 118-120 per share for its initial public offering. The offer will open for subscription on August 4 and will close on August 6.

Anchor investors' book, if any, is expected to open for a day on August 3, a day before the offer opening.

The company will launch public issue of 1,34,24,000 equity shares next week, which comprises a fresh issue of 1,11,86,000 equity shares, and an offer for sale (OFS) of 22,38,000 equity shares by selling shareholder Dixitkumar Patel. The total offer size comes to Rs 161.08 crore.

Also read: Devyani International fixes IPO price band at Rs 86-90, to raise Rs 1,838 crore

The offer includes a reservation of up to 2,68,500 equity shares for company’s employees.

Bids can be made by investors for a minimum of 125 equity shares and in multiples of 125 equity shares thereafter.

Exxaro Tiles will utilise the net proceeds from fresh issue for repaying debt (Rs 50 crore), and working capital requirements (Rs 45 crore).

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Exxaro Tiles is engaged in manufacturing and marketing of vitrified tiles used majorly for flooring solutions. Its business operations are broadly divided into two product categories - double charge vitrified tiles, and glazed vitrified tiles.

The company supplies products mainly in 6 sizes, and has more than 1,000 of designs in product basket, which are marketed under the rand ‘Exxaro’.

Domestically, it has PAN India presence (24 states/ union territories based on sales made during FY21) and internationally it supplies products in over 12 countries including Poland, UAE, Italy, Bosnia etc. For the fiscal 2021, revenue from exports contributed 13.88 percen to total revenue.

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Promoters Mukeshkumar Patel, Kirankumar Patel, Dineshbhai Patel, and Rameshbhai Patel - hold 55.19 percent equity stake in the company.

Pantomath Capital Advisors is the book running lead managers to the issue.

KFC & Pizza Hut operator Devyani International, and pharma company Windlas Biotech will also open their IPOs during same period.

Exxaro Tiles IPO to open on Aug 4; price band set at Rs 118-120

NEW DELHI: The initial public offer (IPO) of Exxaro Tiles, Gujarat-based manufacturer of vitrified tiles, will open for public bidding on August 4 and close on Friday. The price band for the offer has been decided at Rs 118-120 per equity share.Under the IPO, the company will issue 111,86,000 equity shares and one of its shareholders will sell 2,238,000 shares.The company proposes to utilize net proceeds from the fresh issue towards payment of borrowings and funding its working capital requirements besides utilizing it for general corporate purposes.Exxaro Tiles and its shareholders plan to raise Rs 161 crore from investors at a price band of Rs 118-120. Those who wish to apply for the IPO can do so in a lot of 125 shares, meaning a maximum application size of Rs 15,000. The issue is priced at a PE multiple of 26.43 as of FY21 earnings.Exxaro Tiles started off as a partnership firm in 2007-2008 to manufacture frit and thereafter diversified. It is now primarily engaged in the business of manufacturing and marketing of vitrified tiles used majorly for flooring solutions catering to residential and commercial segments. It claims to have a 2,000+ dealer network across 27 states.The company operates two manufacturing facilities which are located at Padra and Talod in Gujarat. Pantomath Capital Advisors Private is the appointed lead manager to the issue.