Exxaro Tiles IPO Update : Exxaro Tiles is set for it’s initial public offering (IPO) in the first week of August. Exxaro Tiles IPO will open for public bidding (subscription) on August 4, Wednesday and close on August 6, Friday. The price band for the offer has been decided between Rs 118-120 per equity share.
Exxaro Tiles IPO contains below shares to be sale
- Fresh Issuance : Rs. 134.23 Crore (111.86 lakhs equity shares)
- Offer for sale : Rs. 26.86 Crore (22.38 lakhs equity shares)
Exxaro Tiles will use raised money for below things:
- To pay companies debt and borrowings
- General corporate purposes
- To support the incremental working capital requirement of the company
About Company Exxaro Tiles:
Exxaro Tiles is Gujarat-based manufacturer of vitrified tiles, The company manufactures Double Charge Vitrified Tiles (double layer pigment) and Glazed Vitrified Tiles made from ceramic materials i.e. clay, quartz, and feldspar. Its product portfolio consists of 1000+ different designs of tiles in 6 sizes. Topaz Series, Galaxy Series, and High Gloss Series are some of the well-established products of the company. It claims to have a 2000+ dealer network across 27 states.
Exxaro Tiles Financials
Exxaro Tiles reported revenue from operations at Rs 255.14 crore in the fiscal ended March 2021, with most of it accruing in the last nine months of the year. While Ebitda stood at Rs 47.2 crore during the period, profit was at Rs 15.29 crore. It lost Rs 40-50 crore in the last financial year due to Covid-led lockdown.
The company expects its revenue to touch close to Rs 400 crore in FY22 as operations normalise and profit of Rs 40 crore as per Himanshu Shah, chief financial officer of the company.