Exxaro Tiles share sale via initial public offering (IPO) will open for bidding tomorrow- August 4, and will end on Friday, August 6 – remaining open for subscribers for three days. The Rs 161 crore initial public offer has an issue size is 13.4 million equity shares comprising 11.18 million fresh shares and an offer for sale of up to 2.23 million. The company, which manufactures and sells vitrified floor tiles, is selling shares in the price band of Rs 118 to Rs 120 per equity share, through its public offer.
A retail individual investor can buy a minimum of one lot of 125 shares up to a maximum of 13 lots. The minimum bid lot is 125 equity shares and at multiples of 125 equity shares thereafter.
Exxaro Tiles was incorporated in 2008 and is involved in the marketing and manufacturing activities of vitrified tiles. The company manufactures double charge vitrified tiles (double layer pigment) as well as glazed vitrified tiles made from ceramic materials such as quartz, clay, and feldspar.
Exxaro Tiles’ product portfolio comprises more than 1000 different designs of tiles in six sizes. Galaxy Series, Topaz Series, and High Gloss Series are some of the well-established products of the firm. The company also supplies its products to large infrastructure projects such as educational, hotels, educational institutions, government, hospitals, among others.
Mr. Kirankumar Patel, Mr. Mukeshkumar Patel, Mr. Dineshbhai Patel, and Mr. Rameshbhai Patel are the promoters of the company. Exxaro Tilles seeks to utilise the IPO proceeds to repay its secured borrowings, meet its working capital requirements, and for general corporate purposes.
The shares are proposed to be listed on stock exchanges BSE and NSE.