Exxaro Tiles shares debut at a 5% premium as the vitrified tiles maker posts a lukewarm listing on stock exchanges
- Shares of Exxaro Tiles listed at a premium of 5% compared to its issue price of ₹120.
- The issue was subscribed 22.65 times, with retail investors leading the fray.
- The market capitalisation of Exxaro Tiles stood at ₹564 crore post listing.
AdvertisementShares of Exxaro Tiles listed at a premium of 5% as the vitrified tiles maker debuted on the stock exchanges on Monday.
After the listing, the total market capitalisation of Exxaro Tiles stood at ₹564 crore, according to data from BSE.
As of 10:15 a.m., the share price of Exxaro Tiles was hovering around ₹126.10, up by 5.1% over the issue price of ₹120 per share. The grey market premium was hovering at ₹15 per share – a premium of over 12% on the issue price.
In total, the vitrified tiles maker’s initial public offering (IPO) received a positive response from investors – the issue was subscribed nearly 23 times, with retail investors taking the lead.
|Qualified Institutional Buyers||17.67x|
|Retail Individual Investors||40.05x|
The Exxaro Tiles issue was open for subscription from August 4 to August 6. The company received bids for 25.96 crore shares as against 1.14 crore shares on offer. The issue was subscribed 22.65 times.
Overall, the IPO helped the company raise ₹161 crore. Of these proceeds, Exxaro Tiles intends to repay ₹50 crore debt and use ₹45 crore to meet its working capital requirements, with the rest going towards general corporate purposes.
Exxaro Tiles is engaged in the manufacturing and marketing activities of vitrified tiles. It manufactures double charge vitrified tiles and glazed vitrified tiles made from ceramic materials i.e., clay, quartz, and feldspar.
Its product portfolio consists of more than 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.
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Exxaro Tiles IPO: How to check allotment status, listing date and more
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