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Exxaro Tiles shares jump 10 percent at close in debut trade

In terms of volume, Exxaro Tiles traded with 7.41 lakh equity shares on the BSE, and 46.33 lakh equity shares on the NSE

August 16, 2021 / 06:14 PM IST
 
 
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Vitrified tiles maker Exxaro Tiles shares closed with a 10.21 percent premium at Rs 132.25 on the BSE, and gained 10.25 percent to settle at Rs 132.30 on the National Stock Exchange on its stock market debut on August 16.

The closing was better than the opening tick (Rs 126) and grey market premium (Rs 130) against an issue price of Rs 120.

In terms of volume, Exxaro Tiles traded with 7.41 lakh equity shares on the BSE, and 46.33 lakh equity shares on the NSE.

The Rs 161.09-crore public issue of Exxaro Tiles was subscribed more than 22 times. The offer comprised a fresh issue of Rs 134.23 crore by the company and of which the net proceeds are going to be utilised for working capital.

Incorporated in 2008, Gujarat-based Exxaro Tiles makes vitrified tiles used majorly for floors. It commenced business as a manufacturer of frit, a raw material used in tiles and over the years, evolved into a manufacturer of vitrified tiles.

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The company is promoted by Mukeshkumar Patel, Dineshbhai Patel, Rameshbhai Patel and Kirankumar Patel.

Also read: Windlas Biotech listing disappoints, Exxaro Tiles jumps 10%: What should investors do now?

Indian ceramic industry has been growing exponentially in the last couple of years. The industry has seen a shift from unorganised to organised, a widening share of glazed vitrified tiles and polished glazed vitrified tiles, growing global penetration of large slabs and innovation to manufacture products suitable for a global market.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Moneycontrol News
first published: Aug 16, 2021 06:14 pm

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