The initial public offering (IPO) of Exxaro Tiles, the firm that manufactures double charge vitrified tiles and glazed vitrified tiles, started off the first day trade on a strong note on August 16, as it listed at a over 10 percent premium on the bourses. The stock opened at Rs 126 on the BSE and on the National Stock Exchange.
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.
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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.
Its offer comprised a fresh issue of Rs 134.23 crore and the remaining was offer for sale portion.
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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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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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