Gujarat-based Exxaro Tiles files for Rs 160 crore IPO

MUMBAI: Exxaro Tiles, Gujarat based manufacturer of vitrified tiles has filed its draft red herring prospectus (DRHP) to raise about Rs. 150 crores.

According to the DRHP, the initial public offering comprises 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 the selling shareholder Dixitkumar Patel.

The net proceeds from the fresh issue would be utilized towards repay or prepay of borrowings, fund its working capital req ..

The company has manufacturing plants for glazed vitrified tiles and has a combined manufacturing capacity of 1.32 crore square 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 the last fiscal of FY 20, Exxaro Tiles reported Rs 240.74 crore as its revenue from operations with EBITA of Rs. 43 crore and net profit of Rs 10.85 crores.

Pantomath Capital Advisors is the appointed lead m ..