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Exxaro Tiles made a decent debut on bourses with its shares listed at a 5% premium over the issue price of Rs 120 per share. The stock opened at Rs 126 on the National Stock Exchange (NSE) and on the BSE. Earlier, the company’s initial public offer received 22.68 times subscription at the end of the last day of an offer on August 6.
The Rs 161.08 crore public offer received bids for 25,96,52,625 shares against 1,14,50,675 shares on offer, as per an update on the exchanges. The category reserved for qualified institutional buyers was subscribed 17.67 times, while that for non-institutional investors 5.36 times and retail investors’ portion received 40.10 times subscription.
The initial public offer of 1,34,24,000 equity shares had a fresh issue of up to 1,11,86,000 equity shares and an offer for sale of up to 22,38,000 equity shares. Exxaro Tiles IPO had a price range of Rs 118-120 per share.
The company’s IPO was fully subscribed within hours of opening on August 4. Exxaro Tiles, a leading manufacturer of vitrified tiles, has earlier raised Rs 23.68 crore from anchor investors.
Proceeds from the fresh issue would be utilised by the company towards repaying or prepaying of borrowings, funding its working capital requirements besides general corporate purposes. Pantomath Capital Advisors was the book running lead manager to the offer.