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Exxaro Tiles fixes IPO price band at 118-120 per share

Proceeds from the fresh issue would be utilized towards repay/prepay of borrowings, fund its working capital requirements besides utilizing it for general corporate purposes. (iStockphoto)Premium
Proceeds from the fresh issue would be utilized towards repay/prepay of borrowings, fund its working capital requirements besides utilizing it for general corporate purposes. (iStockphoto)

  • Exxaro Tiles Ltd will open on 4 August and close on 6 August. The company will issue 13.42 million shares comprising a fresh issue of 11.19 million shares and an offer for sale of up to 2.24 million shares by Dixit Kumar Patel.

MUMBAI: Exxaro Tiles Ltd has fixed price band for its initial public offering (IPO) at 118-120 a share. The IPO will open on 4 August and close on 6 August.

The company will issue 13.42 million shares comprising a fresh issue of 11.19 million shares and an offer for sale of up to 2.24 million shares by Dixit Kumar Patel. At the upper end price band of 120, the firm will raise approximately 161 crore.

Proceeds from the fresh issue would be utilized towards repay/prepay of borrowings, fund its working capital requirements besides utilizing it for general corporate purposes.

As of December 2020, the company had total secured borrowings (long term and short term) of 152.58 crore.

ETPL has two production facilities and has a combined production capacity of around 13 million sq. m.

Exxaro Tiles is engaged in the manufacturing of double charged vitrified tiles (DCVT) and Glazed Vitrified Tiles (GVT). Exxaro unit 1 is based in Vadodara, Gujarat. The facility manufactures double charge tiles with a production capacity of 4.7 million sq. m per annum.

Exxaro Unit 2 is located at Himmatnagar in Gujarat. It comprises vested infrastructure of 120 acres land bank at one location. The largest ever plant currently using 30 acre of land, state of the art machinery and facilities under one roof. Installed production capacity is 9.4 Million sq. m per annum

For fiscal year 2020, the company has total revenue of 243.96 crore against 244 crore a year ago. Net profit for the period stood at 11.26 crore versus 8.92 crore last year.

Panthomath Capital Advisors is the book lead running manager on the issue.

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