Gujarat-based Exxaro Tiles files IPO papers: Check out share price, price band, and other details here

Exxaro Tiles, a leading manufacturer of vitrified tiles, has filed draft papers with capital markets regulator Sebi to raise an estimated Rs 150-160 crore through an initial share-sale.

The initial public offering of up to 1.34 crore equity shares will comprise a fresh issue of up to 1.12 crore equity shares and an offer for sale of up to 22.38 lakh equity shares by Dixitkumar Patel, according to draft red herring prospectus (DRHP).

The Gujarat-based company may, in consultation with the merchant banker, consider a pre-IPO placement of up to 22 lakh equity shares for cash consideration. The number of equity shares pursuant to the pre-IPO placement will be reduced from the fresh issuance.

According to market sources, the company would raise Rs 150-160 crore from the IPO.

Proceeds from the fresh issue would be utilised towards repaying/prepay of borrowings, fund its working capital requirements besides utilising it for general corporate purposes.

Promoted by Mukeshkumar Patel, Dineshbhai Patel, Rameshbhai Patel and Kirankumar Patel, Exxaro Tiles is 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 an over 2,000 dealer network across 27 states.

Pantomath Capital Advisors has been appointed as lead manager to the issue.

The equity shares will be listed on NSE and BSE.

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