Mélange Corporate businesses

Gujarat based, Exxaro Tiles received SEBI Nod to float IPO

Exxaro The company had filed DRHP with SEBI on March 15, 2021.

Gujarat based Exxaro Tiles Limited, one of the leading manufacturer of vitrified tiles in India having one of the highest operating profit margins in the organized ceramic industry

Gujarat based Exxaro Tiles Limited, one of the leading manufacturer of vitrified tiles in India having one of the highest operating profit margins in the organized ceramic industry; has received market regulator Securities and Exchange Board of India’s (SEBI) nod to raise upto Rs. 150-160 crore, as per market sources, through the Initial Public Offering (IPO) route. The company had filed DRHP with SEBI on March 15, 2021.

The initial public offering of up to 1,34,24,000 equity shares will comprise 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 by Dixitkumar Patel. The equity shares, of face value Rs 10 each, will be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange) BSE.

The Company may, in consultation with the BRLM, may consider a pre-ipo placement of up to 22,00,000 equity shares for cash consideration. The Net proceeds from the Fresh Issue would be utilized towards repay/prepay of borrowings, fund its working capital requirements besides utilizing it for general corporate purposes.

Promoted by Mukeshkumar Patel, Dineshbhai Patel, Rameshbhai Patel and Kirankumar Patel, Exxaro Tiles started off as a partnership firm in 2007-2008 to manufacturer frit and thereafter diversified and is now primarily engaged in the business of manufacturing and marketing of vitrified tiles used majorly for flooring solutions catering to residential and commercial segments. It currently has a 2000+ dealer network across 27 states.  
The Company has one of the single largest manufacturing plants for glazed vitrified tiles and has a combined manufacturing capacity of 1.32 cr sq. mt p.a.  Exxaro clocks one of the highest operating profit margins in the organized ceramic industry with EBITA of close to 20% as per the current fiscal. In last fiscal of FY 20, Exxaro Tiles reported Rs 240.74 crs as its revenue from operations with EBITA of Rs. 43 crs and Profit after Tax of Rs 10.85 crs. Its revenues from exports have seen a CAGR growth of 150.87% between Fiscals 2018 and 2020.

Disclaimer: The following Press Release comes to you under a network of a strategic syndication partnership with PR Newswire. Prittle Prattle News takes no editorial responsibility for the same.

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