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This article is more than 3 month old.

Exxaro Tiles shares list at 5% premium over issue price

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On NSE, Exxaro shares started trading at Rs 126 apiece, marking a premium of 5 percent.

Exxaro Tiles shares list at 5% premium over issue price
Vitrified tiles maker Exxaro Tiles' shares made a lukewarm debut on Dalal Street on Monday. On BSE, the Exxaro Tiles stock opened at Rs 126 apiece, indicating a premium of 5 percent over its issue price of Rs 120. On NSE as well, Exxaro shares started trading at Rs 126 apiece, marking a premium of 5 percent.
At 11:50 am, the Exxaro stock traded at Rs 127.50 apiece on BSE, up 6.5 from the issue price, having risen to as high as Rs 132.30 earlier in the day.
The Rs 161-crore initial public offer (IPO) of Exxaro Tiles was subscribed nearly 23 times at the end of the three-day bidding process. The IPO received 25.97 crore bids against the issue size of 1.15 crore shares.
The portion reserved for qualified institutional buyers was subscribed 13.74 times and that for non-institutional investors 2.01 times. The quota reserved for retail investors saw a 17.64 times subscription.
Shares under the Exxaro IPO were offered in the price band of Rs 118-120. The public offer comprised fresh issuance of shares worth Rs 134 crore and an offer for sale of shares worth Rs 27 crore.
The company's management plans to use the proceeds from the IPO to pay its existing long-term debt of around Rs 50 crore, and for working capital requirements and general corporate purposes.
Exxaro Tiles is into the manufacturing and marketing of vitrified tiles. Exxaro's business operations are broadly divided into two categories: double charged vitrified tiles and glazed vitrified tiles. The company has two manufacturing plants, one each at Talod and Padra in Gujarat, with a combined installed production capacity of 1.32 crore square metres per annum.
Exxaro has a pan-India network of more than 2,000 registered dealers. It supplies its products to more than 12 countries.
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