Exxaro Tiles IPO: ₹161.09 crore worth tile maker company's IPO (Initial Public Offering) is opening for subscription today and it will be available for bidding till 6th August 2021. However, Exxaro Tiles share price has been improving in the grey market ahead of the public issue opening as in the last three days; it has surged from ₹16 to ₹22. Exxaro Tiles IPO GMP today is ₹22, ₹2 up from its Tuesday's price of ₹20. According to market observers, Exxaro Tiles IPO grey market premium may pick momentum once the subscription gets opened. However they maintained that 15 to 20 per cent listing gain been shown in the grey market ahead of subscription opening is not bad and it may attract some additional bidders as people look at GMP before going into the details of the financials of Exxaro Tiles.
Here we list out important details in regard to Exxaro Tiles IPO:
- Exxaro Tiles IPO GMP: Shares of the tile making company are available at a premium price of ₹22 in the grey market today. This is ₹2 up from its yesterday's price of ₹20. According to market observers, Exxaro Tiles IPO grey market premium has been rising for the last three days and it has jumped from ₹16 to ₹22 in this period. They expected strong response of the investors as 15 to 20 per cent listing gain being shown by the grey market ahead of subscription opening may attract those bidders who look at GMP as an indicator for success or failure of the IPO.
- Exxaro Tiles IPO price: The company management has fixed issue price band at ₹118 to ₹120 per equity share.
- Exxaro Tiles IPO fundamentals: Advising bidders to subscribe the IPO with caution; Saurabh Joshi, Research Analyst at Marwadi Shares and Finance said, "Considering the FY-21 adjusted EPS of ₹3.40 on post-issue basis, the company is going to list at a P/E of 35.27 with a market cap of ₹5,369 mn, while its peers namely Kajaria Ceramics, Asian Granito and Somany Ceramics are trading at a P/E of 51.37, 10.55 and 43.15 respectively. We assign a subscribe (With Caution)" rating to this IPO as the company has wide product portfolio of tiles with high scope of growth in this segment and is available at a reasonable valuation. However, higher working capital requirement with volatile cash flows keeps us cautious at the same time from a longer-term perspective."
- Exxaro Tiles IPO size: The company management aims to raise ₹161.09 crore from this public issue.
- Exxaro Tiles IPO lot size: A bidder of this public issue will have to apply in lots and one lot of this IPO will comprise 125 shares of the company.
- Exxaro Tiles investment limit: A bidder can apply for a minimum of one lot while it can apply for maximum 13 lots of the IPO. This means, minimum and maximum investment allowed in this IPO is ₹15,000 and ₹1,95,000 respectively.
- Exxaro Tiles IPO allotment date: Likely date for share allotment is 11th August.
- Exxaro Tiles IPO listing date: The shares of the company will be listed at both NSE and BSE and the likely date for share listing is 17th August 2021.
