Vitrified Tiles Major, Exxaro Tiles Limited's IPO to open on August 04, 2021

Gujarat based Exxaro Tiles Limited, one of the leading manufacturer of vitrified tiles in India having one of the highest operating profit margins in the organized ceramic industry; will open the Bid/Offer period in relation to its initial public offering of Equity Shares (the "Offer"/ "IPO") on Wednesday, August 04, 2021 and close on Friday, August 06, 2021. The price band for the Offer has been decided at Rs. 118 - Rs. 120 per Equity Share.

The Company and the Selling Shareholder may, in consultation with the book running lead manager (the "BRLM"), consider participation by Anchor Investors which shall be one Working Day prior to the Bid/Offer Opening Date, i.e. Tuesday, August 03, 2021.

The Initial Public Offering of upto 13,424,000 equity shares, of face value of Rs 10 each, comprises of a fresh issue of upto 111,86,000 equity shares and an offer for sale of up to 2,238,000 equity shares by Mr. Dixitkumar Patel ("Selling Shareholder").

The Company proposes to utilise the Net Proceeds from the Fresh Issue towards repay/prepayment of certain borrowings availed by the Company, funding its working capital requirements besides utilizing it for general corporate purposes.

Promoted by Mukeshkumar Patel, Dineshbhai Patel, Rameshbhai Patel and Kirankumar Patel, Exxaro Tiles started off as a partnership firm in 2007-2008 to manufacturer frit and thereafter diversified and is now primarily engaged in the business of manufacturing and marketing of vitrified tiles used majorly for flooring solutions catering to residential and commercial segments. It currently has a 2000+ dealer network across 27 states. The Company operates two state-of-the-art manufacturing facilities which are located at Padra and Talod respectively in Gujarat. The Company has PAN India presence (27 states based on sales made during Fiscal 2020) and and also has a global footprint in over 13 countries including Poland, UAE, Italy and Bosnia.

Pantomath Capital Advisors Private Limited is the appointed lead manager to the Issue.

All capitalized terms used herein and not specifically defined shall have the same meaning as ascribed to them in the Red Herring Prospectus dated July 28, 2021 ("RHP") filed with the Registrar of Companies, at Ahmedabad ("RoC").

Source : Equity Bulls

Keywords