Exxaro Tiles shares list at 5% premium over IPO price

Exxaro Tiles shares listed at a weak premium over IPO price.
(Image: REUTERS)

Exxaro Tiles shares marked a muted listing on the bourses today amid flat market momentum. Exxaro Tiles stocks began trading at Rs 126 per share, 5% above the upper end of the IPO price of Rs 120 per share. Established in 2008 as a manufacturer of frit, one of the raw materials used in the manufacturing of tiles, Exxaro has over the years diversified, expanded and evolved as a manufacturer of vitrified tiles used majorly for flooring solutions. On its Dalal Street debut, Exxaro Tiles had a market capitalization of Rs 563 crore

The IPO of Exxaro Tiles was subscribed 22.65 times by investors earlier this month, with all pockets of investors oversubscribing their portion of the IPO. The public issue consisted of Rs 134 crore worth issue of fresh equity shares and an offer for sale (OFS) worth Rs 26.86 crore. Post the IPO, promoter shareholding in the company will come down to 42.5% from 56% pre-IPO. Institutional investors will hold a 28.7% stake in the company while public shareholding will increase to 28.8% from 0 prior to the IPO.

Exxaro Tiles will join such as Kajaria Ceramics, Somany Ceramics, Asian Granito India, Orient Bell, Prism Johnson, Greenply Industries, HSIL Ltd, Cera Sanitaryware, and Century Plyboards on the stock exchanges.

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