The initial public offering (IPO) of Exxaro Tiles, the firm that manufactures double charge vitrified tiles & glazed vitrified tiles, received overwhelming response from investors, as the issue was subscribed 22.68 times during August 4-6. The company received bids for 25.96 crore equity shares against offer size of 1.14 crore equity shares.
The IPO share allotment of Exxaro Tiles is expected today i.e. August 11, 2021.
Retail investors provided strong support to the public issue as their reserved portion was subscribed 40.10 times. The portion set aside for qualified institutional buyers was subscribed 17.67 times and non-institutional investors' portion witnessed 5.36 times subscription. Employees had put in bids 2.53 times their portion set aside for them.
Exxaro Tiles had the lowest fund raising of Rs 161.09 crore among the four IPOs (Devyani International, Windlas Biotech and Krsnaa Diagnostics) launched during August 4-6. The offer comprised a fresh issue of Rs 134.23 crore and the remaining was offer for sale portion. The net fresh issue proceeds will be utilised for repaying debts and working capital requirements.
Its shares traded at a premium of Rs 10 in the grey market, which is 8.3 percent higher compared to expected final issue price of Rs 120 per share, the IPO Watch data showed.
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Investors who had participated in the public issue of Exxaro Tiles can check their allotment status online either on the BSE website or on the official IPO registrar's website.
On the BSE website, bidders have to select 'Equity' and 'Issue Name' (Exxaro Tiles Limited), and then enter 'Application number' and 'PAN Number'. Finally click on 'I'm not a robot, and 'search' button to know the application status.
On the website of IPO registrar, bidders can select 'Exxaro Tiles Limited - IPO', and enter either PAN Number or Application Number or DPID/Client ID or Account Number/IFSC. Finally they have to enter Captcha and click on Submit button to know the allotment status.
After the finalisation of allotment, the funds will be refunded to ineligible bidders on August 12 and equity shares will be credited to demat accounts of eligible investors on August 13.
Finally, the trading in equity shares will commence with effect from August 16, and shares are available for trading on the BSE as well as National Stock Exchange.
Exxaro Tiles is engaged in manufacturing & marketing of vitrified tiles. Domestically, the company has PAN India presence in 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.
As on March 2021, company's product portfolio consists of over 1,000 designs which are categorised into various series and available over 6 sizes.
Exports contribution in total revenue was 13.88 percent in FY21, 13.51 percent in FY20, and 6.68 percent in FY19. Its EBITDA grown at a CAGR of 11.86 percent and profit after tax at a CAGR of 30.61 percent during FY19-FY21.
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