Exxaro Tiles Limited IPO Details and Review

Dates, Price band, Lot size, Risks, Review and broker recommendations etc.
Exxaro Tiles IPO

Exxaro Tiles IPO: Key Details

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Company Information

Exxaro Tiles Limited, incorporated in 2007, is engaged in the manufacturing and marketing of vitrified tiles used majorly for flooring solutions. They commenced business as a manufacturer of frit, which is one of the raw materials used in the manufacturing of tiles and have over the years, diversified, expanded, and evolved into a manufacturer for vitrified tiles. Their brand series include Topaz Series, Galaxy Series, High Gloss Series, etc.

Their operations are broadly divided into two product categories:

  • Double Charge Vitrified Tiles: Tiles that are fed through a press that prints the pattern with a double layer of pigment, 3 to 4 mm thicker than other types of tiles.
  • Glazed Vitrified Tiles: Flat slabs manufactured from ceramic materials such as clay, feldspar and quartz and other additives. These tiles are coated with glaze materials prior to the firing process.

Some of their key product development highlights include:

  • 3D Effect in Double Charge Vitrified Tiles
  • Replica of Natural Stones in Double Charge Vitrified Tiles
  • High transparent glaze in weight method for glazed vitrified tiles.

Competitive Strengths

  • State-of-the-art manufacturing facilities with strong focus on design and quality
  • Widespread sales and dealers network
  • Wide product portfolio comprising 1000+ designs
  • Experienced management and dedicated employee base

Company Strategy

  • Strengthen brand value
  • Expand dealer network in existing markets and increase export presence
  • Increase sales by enhancing manufacturing capacities and procuring materials on outsourced basis
  • Continue to improve operating efficiencies through technology enhancements and setting up own gas station

Proceeds from fresh issue of Exxaro Tiles IPO will be used to:

  • Prepayment/repayment of certain secured borrowings availed by the Company;
  • Funding the working capital requirements of the Company; and
  • General corporate purposes

The proceeds from the Offer for Sale shall be received by the Selling Shareholder

Exxaro Tiles IPO: Financials

201920202021
Revenue from Ops₹242.25 Cr₹240.74 Cr₹255.15 Cr
Profit before Excep*₹7.68 Cr₹12.17 Cr₹17.16 Cr
Profit after Tax8.92 Cr₹11.26 Cr₹15.22 Cr
EPS (Basic)2.663.364.54
*Tax and Exceptional Items
As of March 2020EPS (Avg*)P/E (Floor)P/E (Cap)
Based on basic EPS3.8330.8131.33
* Weighted Average for last 3 years

Exxaro Tiles IPO: Comparison with listed industry peers

CompanyP/E (Cap)
Exxaro Tiles31.33
Highest (Orient Bell)61.20
Lowest (Asian Granito)9.89
Sector Avg42.76

Exxaro Tiles IPO Dashboard

Issue Details

TypeValue
Issue Size₹161.09 Cr
Fresh Issue₹134.23 Cr
Offer for Sale₹26.86 Cr
Face Value₹10/- per Equity Share
IPO Price₹118 – ₹120
Lot Size125 shares
LotsMin 1 – Max 13

Key Dates

Date TypeDate
Bid Open 04/08/2021
Bid Close 06/08/2021
Allotment Finalization11/08/2021
Initiation of Refunds12/08/2021
Credit of Shares13/08/2021
Listing Date17/08/2021

Lot Size and Price

LotsSharesAmount
1125₹15,000
131625₹1,95,000

Promoter Holding

HoldingPercentage
Pre-Issue56.09 %
Post-Issue42.5 %

Exxaro Tiles IPO: Investor Quota and Shares Offered

Investor TypeQuotaShares on Offer
QIB50%[●] shares
NII15%[●] shares
RII (Retail)35%[●] shares
Total100%[●] shares

Exxaro Tiles IPO: Risks

  • Volatility in the supply and pricing of raw materials and stores & spares
  • The shortage or non-availability of power, fuel, and water facilities may adversely affect the vitrified tiles
    the manufacturing process and have an adverse impact
  • An inability to expand or manage the distribution network for business or the loss of any significant
    dealer may adversely affect business
  • The company requires significant amounts of working capital for continued growth.
  • Failure to manage inventory could have an adverse effect on net sales, profitability, cash flow
    and liquidity.

For complete internal and external risk factors, you can refer to the RHP of the company.

Exxaro Tiles IPO: Registrar and Lead Managers

Registrar of the Issue

Link Intime
C-101, 247 Park
L B S Marg, Vikhroli (West)
Mumbai 400 083
Maharashtra, India

Phone: 022 4918 6200
Email: [email protected]

Lead Managers of the Issue

Pantomath Capital Advisors Private Limited


Phone: +91 22 6194 6700
Email: [email protected]

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