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Exxaro Tiles third IPO to be launched on August 4

The net proceeds from its fresh issue will be utilised for repaying of debt (Rs 50 crore), and working capital requirements (Rs 45 crore).

July 29, 2021 / 06:38 PM IST
Promoters Mukeshkumar Patel, Kirankumar Patel, Dineshbhai Patel, and Rameshbhai Patel - hold 55.19 percent equity stake in the company. (Representative image)

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

Exxaro Tiles is set to be the third initial public offering (IPO) to be launched in the next week, on August 4, along with KFC & Pizza Hut operator Devyani International, and pharma company Windlas Biotech.

The IPO of 1,34,24,000 equity shares 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 offer includes a reservation of up to 2,68,500 equity shares for company's employees.

The company will disclose its offer price band and lot size on July 30. The offer will close on August 6.

The net proceeds from its fresh issue will be utilised for repaying of 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. It had commenced business as a partnership firm in 2007-08 as a manufacturer of frit, which is one of the raw materials used in manufacturing of tiles and have over the years, diversified, expanded and evolved into a manufacturer for vitrified tiles.

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.
Moneycontrol News
first published: Jul 29, 2021 06:15 pm

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