Last day of Exxaro Tiles Limited’s IPO: issue subscribed 22.57 times, best interest of retail investors subscribed 39.88 times

Gujarat-based Exxaro Tiles Limited, one of the leading vitrified tile manufacturers in India with one of the highest operating profit margins in the organized ceramics industry, has received offers of 25 84 73 750 shares against the 1,1450,675 shares offered, according to 5:00 pm data available on the stock exchanges.

The portion reserved for individuals was subscribed 39.88 times. While the Qualified Institutional Buyer category was subscribed 17.67 times, the Non-Institutional Investor category was subscribed 5.36 times and the Employees Only category was subscribed 2.53 times.

The initial public offering consisted of a new issue of a maximum of 111,86,000 shares and a sale offer of a maximum of 2,238,000 shares by the selling shareholders.

Key brokerages like Arihant Capital, SMC Global, Canara Bank Securities, HEM Securities have recommended “subscribing” to the issue for a long-term perspective.

The Indian ceramics industry has grown exponentially over the past two years as the industry changes speed, including the continuous shift from unorganized to organized organization, shifting of product focus with a growing share of Glazed Vitrified Tile (GVT) and Polished Vitrified Tile (PGVT), growing global penetration of large slabs, implementation of best-in-class technology and innovation to manufacture products suitable for global markets. Transformational changes like GST, RERA, eway invoice and others have paved the way for the industry to move from an unorganized to an organization. This is of considerable importance as the industry has been dominated by an unorganized segment.

Pantomath Capital Advisors Private Limited is the designated lead manager of the Offer.

Company Info

Promoted by Mukeshkumar Patel, Dineshbhai Patel, Rameshbhai Patel and Kirankumar Patel, Exxaro Tiles started as a partnership company in 2007-2008 with the frit manufacturer and then branched out and is now mainly engaged in manufacturing and marketing of vitrified tiles used primarily for flooring solutions for the residential and commercial segments. It currently has a network of over 2,000 resellers in 27 states. The Company operates two state-of-the-art manufacturing facilities located in Padra and Talod, Gujarat, respectively. The company is present in PAN India (27 states based on sales made in FY2020) and also has a global presence in more than 13 countries, including Poland, United Arab Emirates, Italy and Bosnia.

About Eleanor Blackburn

Check Also

Caterpillar posts strong second-quarter profit as it raises prices

DEERFIELD, Ill. (AP) — Caterpillar had a strong second quarter and beat most profit expectations …

Leave a Reply

Your email address will not be published.