Exxaro Tiles shares opened for trading at Rs 126, marking a premium of 5 per cent from issue price of Rs 120 per share. Exxaro Tiles shares rose as much as 10.25 per cent from the issue price to hit an intraday high of Rs 132.30.
Exxaro Tiles shares were in high demand during the three-day shares sale via initial public offering which ended on August 6. The IPO was subscribed 22.68 times wherein the portion reserved for Qualified Institutional Buyers was subscribed 17.67 times and portion for Retail Individual Investors was subscribed 40 times.
Exxaro Tiles’ Rs 161 crore IPO comprised of fresh issue of Rs 134.23 crore and an offer for sale of Rs 26.86 crore. The company sold shares in the price band of Rs 118-120 per share.
Exxaro Tiles was incorporated in 2008 and is involved in the marketing and manufacturing of vitrified tiles. The company manufactures double charge vitrified tiles (double layer pigment) as well as glazed vitrified tiles made from ceramic materials such as quartz, clay, and feldspar.
Exxaro Tiles’ product portfolio comprises more than 1000 different designs of tiles in six sizes. Galaxy Series, Topaz Series, and High Gloss Series are some of the well-established products of the firm. The company also supplies its products to large infrastructure projects such as educational, hotels, educational institutions, government, hospitals, among others.
As of 10:47 am, Exxaro Tiles shares traded 6.54 per cent higher from issue price at Rs 127.85, outperforming the Sensex which was trading on a flat note.