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    Exxaro Tiles likely launch Rs 200 crore IPO next week

    Synopsis

    The first ever IPO from the ceramics industry in more than 10 years received approval from the Securities and Exchange Board of India (Sebi) last month.

    Exxaro Tiles likely launch Rs 200 crore IPO next weekiStock
    The company aims to use the proceeds from the fresh issue of shares towards retiring its existing debt, funding its working capital requirements and for general corporate purposes.
    MUMBAI: Exarro Tiles is likely to launch its initial public offering worth Rs 150-200 crore next week, sources close to the development told ETMarkets.com.

    The first ever IPO from the ceramics industry in more than 10 years received approval from the Securities and Exchange Board of India (Sebi) last month.

    Investment banking sources suggested that the company could be valued at around Rs 550 crore when its IPO opens for subscription for the public.

    Exxaro Tiles will issue fresh equity shares of up to 11.18 million and an offer for sale of up to 2.23 million shares in the public offering. The company is likely to issue 2.2 million shares to institutional investors through the anchor allotment route.

    The company aims to use the proceeds from the fresh issue of shares towards retiring its existing debt, funding its working capital requirements and for general corporate purposes.

    The Gujarat-based tile maker boasts one of the highest operating margins in the ceramic industry at 20 per cent as per its 2019-20 financials. In 2019-20, Exxaro Tiles reported revenues of Rs 240 crore and net profit of Rs 10.9 crore.



    ( Originally published on Jul 27, 2021 )
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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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