Exxaro Tiles IPO
Exxaro Tiles IPO — date, price band, lot size & details 2021
Exxaro Tiles listed on 16 Aug 2021 at ₹126, 5% above the ₹120 issue price.
Exxaro Tiles makes double charge and glazed vitrified tiles at two plants in Gujarat. Its total income was Rs 259.85 crore in FY2021.
Stock price
Exxaro Tiles is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 14 November.
- Open 04 Aug 2021
- Close 06 Aug 2021
- Allotment 11 Aug 2021
- Refund/credit 12 Aug 2021
- Listing 16 Aug 2021
Issue summary
The terms of the offer, as filed.
| IPO Dates | 4 to 6 Aug, 2021 |
|---|---|
| Price Band | ₹118 – ₹120 |
| Face Value | ₹10 |
| Lot Size | 125 Shares |
| Issue Size | ₹160.78 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Employee Discount | Rs 12.00 per share |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 15,000 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 125 shares at the ₹120 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 125 | ₹15,000 |
| Retail (max) | 13 | 1,625 | ₹1,95,000 |
| S-HNI (min) | 14 | 1,750 | ₹2,10,000 |
| S-HNI (max) | 66 | 8,250 | ₹9,90,000 |
| B-HNI (min) | 67 | 8,375 | ₹10,05,000 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Profit after tax rose from Rs 8.92 crore in FY2019 to Rs 15.22 crore in FY2021.
- 02Rs 133.98 crore of the Rs 160.78 crore issue was fresh capital, with Rs 50.00 crore planned for repaying debt.
- 03EBITDA rose from Rs 37.83 crore in FY2019 to Rs 47.35 crore in FY2021.
- 04It has 2,000+ registered dealers across 27 states and exports to 13+ countries.
- 05Net worth grew from Rs 101.61 crore on 31 March 2019 to Rs 128.19 crore on 31 March 2021.
Risks · 5
- 01Total borrowing was Rs 161.00 crore on 31 March 2021, higher than net worth of Rs 128.19 crore.
- 02Total income was almost flat, at Rs 244.01 crore in FY2019 and Rs 259.85 crore in FY2021.
- 03The pre-issue P/E was 26.43 at the upper band of Rs 120, based on EPS of Rs 4.54.
- 04Tiles are a crowded market with many makers in Gujarat, and both of its 2 plants are in the state.
- 05Promoter holding fell from 56.09% before the issue to 42.07% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Exxaro Tiles offer document.
| Metric | 31 Mar 2021 | 31 Mar 2020 | 31 Mar 2019 |
|---|---|---|---|
| Assets | 369.31 | 387.06 | 358.26 |
| Total Income | 259.85 | 243.96 | 244.01 |
| Profit After Tax | 15.22 | 11.26 | 8.92 |
| EBITDA | 47.35 | 42.96 | 37.83 |
| NET Worth | 128.19 | 112.89 | 101.61 |
| Reserves and Surplus | 102.48 | 87.18 | 75.90 |
| Total Borrowing | 161.00 | 174.16 | 158.66 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Exxaro Tiles RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Exxaro Tiles IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹4.54 | ₹3.40 |
| P/E Ratio (x) | 26.43 | 35.29 |
| Market Cap at Offer Price (₹ Cr) | ₹402.29 | ₹537.18 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹120 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹118.53 Cr of the issue is earmarked to named objects.
Exxaro Tiles IPO Anchor Investors
3 anchor investors across 2 fund houses committed ₹23.68 Cr a day before the issue opened.
| Anchor Investor | Fund House | Shares | Amount (₹ Cr) | % of Anchor Book |
|---|---|---|---|---|
| Quant Mutual Fund-Quant Active Fund | Quant Mutual Fund | 778,250 | 9.34 | 39.44% |
| Quant Mutual Fund-Quant Small Cap Fund | Quant Mutual Fund | 778,250 | 9.34 | 39.44% |
| Ag Dynamic Funds Limited | - | 416,825 | 5.00 | 21.12% |
| Total anchor allocation | 23.68 | |||
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
It makes double charge vitrified tiles, which use a double layer of pigment for heavy traffic areas, and glazed vitrified tiles. It sells 1000+ designs in 6 sizes under the Exxaro brand, including the Topaz, Galaxy and High Gloss series.
Its two plants, at Padra and Talod in Gujarat, have an installed capacity of 1,32,00,000 sq mt a year. It has 2,000+ registered dealers across 27 states, 6 display centres, and exports to 13+ countries including Poland, Bosnia and the USA.
The IPO was Rs 160.78 crore, with Rs 133.98 crore of fresh issue and Rs 26.81 crore of offer for sale. Rs 50.00 crore was planned for repaying borrowings and Rs 45.00 crore for working capital.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Exxaro Tiles IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Pantomath Capital Advisors Pvt Ltd
20 issues handledBest listing: Astron Paper & Board Mill (+130.0%). Weakest: Glottis (-34.9%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Exxaro Tiles?
The current Grey Market Premium is ₹0.
What is the Exxaro Tiles IPO price band?
₹118 to ₹120, on a face value of ₹10.
When is the allotment?
The basis of allotment is 11 August 2021, with listing on 16 August 2021.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
