Exxaro Tiles IPO description – Exxaro Tiles is engaged in manufacturing and marketing of vitrified tiles used for flooring solutions. Starting in 2007-08 as a manufacturer of raw material for tiles, the company has diversified, expanded and evolved into a manufacturer for vitrified tiles. The company’s business operations are broadly divided into two product categories – Double Charge Vitrified Tiles and Glazed Vitrified Tiles
The company supplies its products mainly in 6 sizes. It has over 1000 designs in its product basket, which are marketed under the “Exxaro” brand. Exxaro also supplies wall tiles to certain of its dealers wherein it get the products manufactured on outsourced basis.
As of March 2021, the company has more than 2,000 registered dealers in 27 states catering to various projects including residential, commercial, educational institutions, hotels, hospitals, government, religious institutions, builders/developers, etc. Exxaro also supplies products for large infrastructure related projects. Internationally, it supplies products in over 13 countries including Poland, UAE, Bosnia etc. For the nine months ended 31 December 2020, its revenue from exports contributed 18.34% to its top line.
Promoters of Exxaro Tiles – Mr Mukeshkumar Patel, Mr Kirankumar Patel, Mr Dineshbhai Patel, and Mr Rameshbhai Patel
Exxaro Tiles IPO details
| Subscription Dates | 4 – 6 August 2021 |
| Price Band | INR118 – 120 per share |
| Fresh issue | 11,186,000 shares |
| Offer For Sale | 2,238,000 shares |
| Total IPO size | 13,424,000 shares |
| Minimum bid (lot size) | 125 shares |
| Face Value | INR10 per share |
| Retail Allocation | 35% |
| Listing On | NSE, BSE |
Exxaro Tiles Financial Performance (in INR crore)
| FY2018 | FY2019 | FY2020 | FY2021 | |
| Revenue | 221.2 | 244.0 | 244.0 | 259.9 |
| Expenses | 205.9 | 236.3 | 231.8 | 242.7 |
| Net income | 9.1 | 9.0 | 11.3 | 15.3 |
| Margin (%) | 4.1 | 3.7 | 4.6 | 5.9 |
Registrar of Exxaro Tiles IPO
Link Intime India Private Limited
C-101, 1st Floor,
247 Park Lal Bahadur Shastri Marg,
Vikhroli (West) Mumbai – 400 083
Phone: +91 22 4918 6200
Fax: +91 22 4918 6195
Email: [email protected]
Website: http://www.linkintime.co.in
Exxaro Tiles Contact Details
Exxaro Tiles Limited
Survey No. 169 & 170,
Vavdi Harsol Road,
Mahelav, Taluka: Talod,
District.: Sabarkantha – 383 305, Gujarat
Phone: +91 02772 350555
Email: [email protected]
Website: www.exxarotiles.com
Valuation of Exxaro Tiles (as of FY2021)
Earnings Per Share (EPS): INR4.54
Price/Earnings (PE ratio): 25.99 – 26.43
Return on Net Worth (RONW): 11.88%
Net Asset Value (NAV): INR38.20 per share
Exxaro Tiles IPO GMP Daily Trend
| Date | Exxaro IPO GMP | Kostak | Subject to Sauda |
| 14 August 2021 | INR10 | – | – |
| 13 August 2021 | INR10 | – | – |
| 12 August 2021 | INR7 | – | – |
| 11 August 2021 | INR10 | – | – |
| 10 August 2021 | INR10 | – | – |
| 9 August 2021 | INR10 | – | – |
| 7 August 2021 | INR20 | Few trades | Few trades |
| 6 August 2021 | INR15 | Few trades | Few trades |
| 5 August 2021 | INR15 | Few trades | Few trades |
| 4 August 2021 | INR20 | Few trades | Few trades |
| 3 August 2021 | INR20 | Few trades | Few trades |
| 2 August 2021 | INR20 | – | – |
| 31 July 2021 | – | – | – |
| 30 July 2021 | – | – | – |
Exxaro Tiles IPO Subscription Details (no. of times, at 5 PM)
| Category | Shares Offered | Day 1 | Day 2 | Day 3 |
| QIB | 13,15,550 | 0.95 | 1.65 | 17.67 |
| NII | 46,04,425 | 0.65 | 0.93 | 5.36 |
| Retail | 52,62,200 | 9.24 | 21.10 | 39.82 |
| Employees | 2,68,500 | 0.74 | 1.56 | 2.53 |
| Total | 1,14,50,675 | 4.63 | 10.29 | 22.55 |
Exxaro Tiles IPO Reviews
Angel Broking – Subscribe
Anand Rathi –
Antique Stock Broking –
Arihant Capital – Subscribe
Ashika Research –
AUM Capital –
BP Wealth –
Canara Bank Securities –
Choice Broking – Avoid
Hem Securities – Subscribe
ICICIdirect –
Marwadi Financial Services – Subscribe with caution
Motilal Oswal –
Nirmal Bang –
Prabhudas Lilladher –
SMC Global – 1.5/5
Ventura Securities –
Exxaro Tiles IPO Allotment Status
Exxaro Tiles IPO allotment is now available on Link Intime’s website. Click on this link to get allotment status.
Listing Performance of Exxaro Tiles
IPO Opening Date: 4 August 2021
IPO Closing Date: 6 August 2021
Finalisation of Basis of Allotment: 11 August 2021
Initiation of refunds: 12 August 2021
Transfer of shares to demat accounts: 13 August 2021
Listing Date: 16 August 2021
Opening Price on NSE: INR126 per share (up 5% from IPO price)
Closing Price on NSE: INR132.3 per share (up 10.25% from IPO price)
Very interesting company! Price is expected to be around 120 so the PE ratio will be nearly 35. All its competitors trade above 45 PE.