Gujarat-Based Vitrified Tiles Manufacturer Exxaro Tiles files for Rs 160 crore IPO

Gujarat-Based Vitrified Tiles Manufacturer Exxaro Tiles files for Rs 160 crore IPO

Exxaro Tiles, the Gujarat-based leading manufacturer of vitrified tiles, has filed its draft papers with capital market regulator Securities and Exchange Board of India (SEBI) to raise between Rs 150 - Rs 160 crore.

Also Read: Indigo Paints Plans IPO in 2020

The public offer of 1,34,24,000 equity shares will comprise a fresh issue of 1,11,86,000 equity shares and an offer for sale of 22,38,000 equity shares by the selling shareholder Dixit Kumar Patel.

The company in consultation with the merchant banker could consider a pre-IPO placement of up to 22 lakh equity shares for cash. If the company raises funds through pre-IPO placement, it could reduce the size of the fresh issue.

Besides for general corporate purposes, the proceeds from the fresh issue would be utilized in repaying/prepay of borrowings, fund its working capital requirements.

The equity shares will be listed on NSE and BSE. And, Pantomath Capital Advisors has been appointed as lead manager to the issue.

Exxaro Tiles is a partnership firm started by Mukeshkumar Patel, Dineshbhai Patel, Rameshbhai Patel, and Kirankumar Patel in 2007-2008 to manufacture frit. Later, they were involved in the business of manufacturing and marketing vitrified tiles.

The company has more than 2,000 registered dealers across 27 states. Apart from India, the company also exports its products abroad in more than 13 countries, including UAE, Bosnia, and Poland.

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