IPO News

Exxaro Tiles Limited Issue subscribed 4.67 times, Retail portion booked 9.29 times on day 1

Posted On : 2021-08-04 21:18:55( TIMEZONE : IST )

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, received bids of 5,35,23,750 shares against the offered 1,14,50,675 equity shares, as per the 5:00 pm data available on the bourses.

The portion reserved for retail investors was subscribed 9.29 times. While the Qualified Institutional Buyer category was subscribed 1.11 times, the Non-Institutional Investor category was subscribed 0.65 times and Employee Reserved category was subscribed 0.74 times.

The Initial Public Offering of comprises of a fresh issue of up to 111,86,000 equity shares and an offer for sale of up to 2,238,000 equity shares by Selling Shareholders.

The Company raised Rs. 23.68 crores through the Anchor Book. Quant Mutual Fund and AG Dynamic were the investors that participated in the anchor book.

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

Company Information

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.

Source : Equity Bulls