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.