Tag: Exxaro Tiles IPO

Devyani makes strong debut, Windlas lists at discount: how latest IPOs fared

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Four stocks entered the listed arena on Dalal Street on Monday, with Devyani International outshining others making a strong debut as its shares listed at a premium of 57 percent over the issue price. Krsnaa Diagnostics shares started trading on stock exchanges BSE and NSE at a premium of 5-7 percent.

Out of the four stocks that debuted on August 16, Windlas Biotech’s was the only one that opened at a discount to its issue price. On NSE, the stock listed at a discount of 5 percent.

Here’s how the four stocks — Devyani, Windlas, Krsnaa and Exxaro — fared at the opening:

Read more on the listing of Devyani, Exxaro, Krsnaa and Windlas shares here

The IPO of Devyani International — the largest franchisee of Yum Brands in India — was subscribed 27 times in a three-day bidding process that concluded on August 6. The portion reserved for qualified institutional buyers (QIB) was subscribed 95.27 times, and that for non-institutional investors 213.06 times. The quota for retail individual investors saw a subscription of 39.51 times. (Read more on Pizza Hut operator’s IPO)

The public offer of Krsnaa Diagnostics was subscribed 8.56 times. The category meant for QIBs saw a subscription of 49.83 times, and that for non-institutional investors 116.30 times. The quota for retail investors was subscribed 42.04 times. (Read more on Krsnaa IPO)

Windlas Biotech’s IPO saw a subscription of 22 times. The category for QIBs was subscribed 24.40 times, and that for non-institutional investors 15.73 times. The portion reserved for retail investors saw a subscription of 24.27 times. (Read more on Windlas Biotech IPO)

Exxaro Tiles’ IPO was subscribed 23 times in the bidding process.  The portion reserved for QIBs was subscribed 13.74 times and that for non-institutional investors 2.01 times. The quota reserved for retail investors saw a 17.64 times subscription. (Read more on Exxaro IPO)

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Exxaro Tiles shares list at 5% premium over issue price

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Vitrified tiles maker Exxaro Tiles’ shares made a lukewarm debut on Dalal Street on Monday. On BSE, the Exxaro Tiles stock opened at Rs 126 apiece, indicating a premium of 5 percent over its issue price of Rs 120. On NSE as well, Exxaro shares started trading at Rs 126 apiece, marking a premium of 5 percent.

At 11:50 am, the Exxaro stock traded at Rs 127.50 apiece on BSE, up 6.5 from the issue price, having risen to as high as Rs 132.30 earlier in the day.

The Rs 161-crore initial public offer (IPO) of Exxaro Tiles was subscribed nearly 23 times at the end of the three-day bidding process. The IPO received 25.97 crore bids against the issue size of 1.15 crore shares.

Also read: Is the euphoria around IPOs fading?

The portion reserved for qualified institutional buyers was subscribed 13.74 times and that for non-institutional investors 2.01 times. The quota reserved for retail investors saw a 17.64 times subscription.

Also read: Exxaro IPO subscribed 23 times on final day

Shares under the Exxaro IPO were offered in the price band of Rs 118-120. The public offer comprised fresh issuance of shares worth Rs 134 crore and an offer for sale of shares worth Rs 27 crore.

Also read: IPOs that may hit Street this month

The company’s management plans to use the proceeds from the IPO to pay its existing long-term debt of around Rs 50 crore, and for working capital requirements and general corporate purposes.

Exxaro Tiles is into the manufacturing and marketing of vitrified tiles. Exxaro’s business operations are broadly divided into two categories: double charged vitrified tiles and glazed vitrified tiles. The company has two manufacturing plants, one each at Talod and Padra in Gujarat, with a combined installed production capacity of 1.32 crore square metres per annum.

Exxaro has a pan-India network of more than 2,000 registered dealers. It supplies its products to more than 12 countries.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Exxaro Tiles likely to finalise share allotment for IPO today; here’s how to check status

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Vitrified tiles maker Exxaro Tiles is likely to finalise the allotment of shares for its initial public offer on Wednesday. Its IPO was subscribed nearly 23 times last week.

Once the share allotment is finalised, those who have applied for the Gujarat-based company’s IPO can check the status of their applications either directly through the website of BSE or on the website of the registrar, Link Intime India Pvt Ltd.

Here are the links for the bidders to check the status of their application:

BSE: bseindia.com/investors/appli_check.aspx
Registrar: linkintime.co.in/MIPO/Ipoallotment.html

One can check the status only after share allotment is finalised.

Here’s a step-by-step guide on how you can check the allotment status through the BSE website:

• Go to the BSE website using the following link: bseindia.com/investors/appli_check.aspx.
• Once you are on the ‘status of issue application’ page, select the ‘equity’ option to proceed.
• Select Exxaro Tiles from the drop-down menu.
• Enter details such as your application number and your Permanent Account Number (PAN). Click on ‘search’ to proceed.
• The allotment status will be displayed on the website.

How to check the status through the registrar’s portal

• Go to the website of the registrar using this link (Link Intime India in this case): https://linkintime.co.in/MIPO/Ipoallotment.html).
• Select Exxaro Tiles from the drop-down menu.
• Enter the required details such as the application number, the client ID and the PAN, and click on ‘search’ to proceed.
• The status will be displayed on the website.

By the final day of the three-day bidding process, the IPO received a total of 25.97 crore bids against the issue size of 1.15 crore shares, marking a subscription of 22.68 times, the exchange data showed.

The portion reserved for qualified institutional buyers was subscribed 13.74 times and that of non-institutional investors 2.01 times. The quota reserved for retail investors was subscribed 17.64 times.

The IPO to raise Rs 161 crore opened on August 4, and closed on August 6. The shares were offered in a price band of Rs 118-120.

The IPO comprised a fresh issuance of shares worth Rs 134 crore and an offer for sale of shares worth Rs 27 crore. At the upper end of the price band, bidding for one lot of 125 shares costs investors Rs 15,000.

The company’s management plans to use the proceeds from the IPO to pay its existing long-term debt of around Rs 50 crore, and for working capital requirements and general corporate purposes.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Exxaro Tiles IPO subscribed 23 times on final day

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Vitrified tiles maker Exxaro Tiles’ initial public offer (IPO) was subscribed nearly 23 times on Friday, the last day of the three-day bidding process.

By the end of the day, the IPO had received 25.97 crore bids against the issue size of 1.15 crore shares, marking a subscription of 22.68 times, data from NSE showed.

The portion reserved for qualified institutional buyers was subscribed 13.74 times and that for non-institutional investors 2.01 times. The quota reserved for retail investors saw a 17.64 times subscription.

Gujarat-based Exxaro Tiles’ IPO was subscribed 10.29 times on Thursday, the second day of bidding, and nearly five times on the previous day.  It was fully subscribed within hours on Wednesday.

The IPO to raise Rs 161 crore had opened on Wednesday. Shares were offered in a price band of Rs 118-120.

Also read: IPOs in August 2021: Devyani, Krsnaa, Windlas and other IPOs that may hit Street this month

The IPO comprised fresh issuance of shares worth Rs 134 crore and an offer for sale of shares worth Rs 27 crore. At the upper end of the price band, bidding for one lot of 125 shares cost investors Rs 15,000.

Also read: Exxaro Tiles IPO opens for subscription. Should you consider it?

The company’s management plans to use the proceeds from the IPO to pay its existing long-term debt of around Rs 50 crore, and for working capital requirements and general corporate purposes.

Also read: Devyani International, Windlas Biotech IPOs open for subscription

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Exxaro Tiles IPO subscribed over 5 times so far on Day 2

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Gujarat-based Exxaro Tiles’ initial public offer (IPO) was subscribed more than five times so far on Thursday, the second day of the bidding process. The company has set a price band of Rs 118-120 apiece for the public offer.

By 10:15 am, the IPO had received 5.82 crore bids against the issue size of 1.15 crore shares, marking a subscription of 5.08 times, data from NSE showed.

The portion reserved for qualified institutional buyers was subscribed 95 percent and that for non-institutional investors 51 percent so far. The quota reserved for retail investors saw 5.41 times subscription.

Vitrified tiles maker Exxaro Tiles’ initial public offer (IPO) was subscribed nearly five times on Wednesday, the first day of bidding. The Rs 161-crore IPO received bids for 5,30,66,375 shares, translating into a 4.63 times subscription compared with the issue size of 1,14,50,675 shares, according to NSE data.

The portion meant for retail individual investors (RIIs) was subscribed 9.24 times, and that for non-institutional investors 65 percent. The quota reserved for qualified institutional buyers (QIBs) was subscribed 95 percent.

The IPO, subscription for which began on Wednesday and will end on Friday, August 6, is expected to raise Rs 161 crore for the firm. For the public offering, the Gujarat-based company has established a price range of Rs 118-120 per share.

Also read: IPOs in August 2021: Devyani, Krsnaa, Windlas and other IPOs that may hit Street this month

The IPO comprises fresh issuance of shares worth Rs 134 crore and an offer for sale of shares worth Rs 27 crore. At the upper end of the price band, bidding for one lot of 125 shares will cost investors Rs 15,000.

Also read: Exxaro Tiles IPO opens for subscription. Should you consider it?

The company’s management plans to use the proceeds from the IPO to pay its existing long-term debt of around Rs 50 crore, and for working capital requirements and general corporate purposes.

Also read: Devyani International, Windlas Biotech IPOs open for subscription

“In our existing business model, we are more in the domestic market, say around 86 percent, and the remaining 14 percent of the top line is in exports. We are targeting to take our revenue growth from the existing level to 4-5 times in the next four to five years,” Himanshu Shah, CFO, Exxaro Tiles, told CNBC-TV18 on Wednesday.

“We are targeting 20 percent from exports from the coming turnover and the remaining will be our domestic market as we are stronger there,” he said.

On Tuesday, Exxaro Tiles had raised Rs 23.68 crore from two anchor investors, allocating 19.73 lakh shares at Rs 120 apiece.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Exxaro Tiles IPO subscribed more than 4 times so far on Day 1

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Vitrified tiles maker Exxaro Tiles’ initial public offer (IPO) was subscribed more than four times on Wednesday, the first day of the bidding process. The IPO, which began for subscription on Wednesday and will end on Friday, August 6, is expected to raise Rs 161 crore for the firm.

For the public offering, the Gujarat-based company has established a price range of Rs 118-120 per share.

Also read: IPOs in August 2021: Devyani, Krsnaa, Windlas and other IPOs that may hit Street this month

By 4:25 pm, the IPO had received 4.95 crore bids against the issue size of 1.15 crore shares, marking a subscription of 4.33 times, data from NSE showed.

While the portion reserved for qualified institutional buyers saw subscription of 48 percent, that for non-institutional investors received 2 percent bids. The quota reserved for retail investors was subscribed 4.31 times.

Also read: Exxaro Tiles IPO opens for subscription. Should you consider it?

The IPO comprises fresh issuance of shares worth Rs 134 crore and an offer for sale of shares worth Rs 27 crore. At the upper end of the price band, bidding for one lot of 125 shares will cost investors Rs 15,000.

Also read: Devyani International, Windlas Biotech IPOs open for subscription

The company’s management plans to use the proceeds from the IPO to pay its existing long-term debt of around Rs 50 crore, and for working capital requirements and general corporate purposes.

“In our existing business model, we are more in the domestic market, say around 86 percent, and the remaining 14 percent of the topline is in exports. We are targeting to take our revenue growth from the existing level to 4-5 times in the next four to five years,” Himanshu Shah, CFO, Exxaro Tiles, told CNBC-TV18.

“We are targeting 20 percent from exports from the coming turnover and the remaining will be our domestic market as we are stronger there,” he said.

On Tuesday, Exxaro Tiles had raised Rs 23.68 crore from two anchor investors, allocating 19.73 lakh shares at Rs 120 apiece.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Exxaro Tiles IPO opens for subscription. Should you consider it?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Vitrified tiles maker Exxaro Tiles plans to raise Rs 161 crore through an initial public offer (IPO) that opened for subscription on Wednesday. The Gujarat-based company has set a price band of Rs 118-120 apiece for the public offer.

On Tuesday, Exxaro Tiles raised Rs 23.68 crore from two anchor investors, ahead of the IPO, allocating 19,73,325 shares at Rs 120 apiece.

The IPO comprises fresh issuance of shares worth Rs 134 crore and an offer for sale of shares worth Rs 27 crore. At the upper end of the price band, bidding for one lot of 125 shares will cost investors Rs 15,000.

The IPO will close for subscription on August 6. Three other companies — Windlas Biotech, Devyani International and Krsnaa Diagnostics — are also launching their IPOs today.

Also read: IPOs in August 2021: Devyani, Krsnaa, Windlas and other IPOs that may hit Street this month

Here’s what brokerages say about Exxaro Tiles’ IPO:

Angel Broking

In terms of valuations, the post-issue FY2021 PE works out to be 35.2x at the upper end of the issue price band, which is low compared to peers Somany Ceramics (43.7x) and Kajaria Ceramics (52.7x), said Amarjeet Maurya, AVP – Mid Caps, Angel Broking.

Exxaro has had better revenue growth compared to its peers over the FY18-21 period, said Maurya, who recommends ‘subscribing’ to the issue saying its valuation is reasonable.

Also read: Devyani International IPO opens for subscription today: Should you subscribe?

Religare Broking

The brokerage has a positive view on the company from a long-term perspective.

“Along with having a strong product portfolio and large dealer network, the company’s focus on innovation and quality products aided to gain a higher market share. Going forward, the company’s strategy is to enhance brand visibility, strengthen product portfolio, expand dealer network in India as well as globally,” Religare Broking said in a note.

Besides, Exxaro plans to set up a gas station for internal gas consumption and optimise its power and fuel costs (which account for 29-30 percent of its
revenue). This will help the company reduce external dependency as
well as improve operating margins, according to the brokerage.

Also read: Windlas Biotech IPO opens for subscription; should you invest?

SMC Institutional Equities

The brokerage has a ‘subscribe’ rating on the IPO. The organised tiles industry has been gaining market share post GSP implementation and mid-sized companies have a higher growth potential going ahead, it said in a note.

Choice Broking

The brokerage has assigned an ‘avoid’ rating to the IPO.

“At Rs 120, the company is demanding a PE valuation of 35.3x (to its restated FY21 EPS of Rs 3.4). Considering the RoE of 5.6 percent, the demanded valuation seems to be highly stretched. There are already much better established peers in the listed space, which an investor can consider for investment,” Choice said in a note.

The brokerage has highlighted the following risks and concerns:

–Subdued economic activities, especially in the real estate sector
–Unfavorable movements in raw material prices
–Working capital-intensive business
–Rise in interest rates
–Competition

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow