Exxaro Tiles IPO Subscribed 10.29 Times On Day 2
Exxaro Tiles Ltd.'s Rs 161-crore initial public offering continued to see traction among retail investors on the second day of subscription.
The vitrified tilemaker's issue received 4.67 times more demand than the shares on offer at the end of day 1, becoming the most subscribed IPO among the four that launched on Wednesday.
Besides Exxaro Tiles, Krsnaa Diagnostics Ltd., Devyani International Ltd. and Windlas Biotech Ltd. launched their maiden offers on Aug. 4. The IPOs will close on Aug. 6.
The tilemaker will sell 1.34 crore shares at Rs 118-120 apiece, seeking a market value of Rs 537 crore at the upper end of the price band. The three-day IPO, according to the company’s red herring prospectus, comprises a fresh issue of Rs 134.23 crore and a Rs 26.85-crore offer for sale by non-promoter selling shareholder, Dixitkumar Patel.
The company plans to use proceeds from the fresh issue to pay long-term debt of up to Rs 50 crore and augment working capital requirements of up to Rs 45 crore.
Exxaro Tiles has raised Rs 23.68 crore by allocating 19.73 lakh shares to three anchor investors before the IPO.
Subscription Details: Day 2
The IPO was subscribed 10.29 times as of 5 p.m. on Aug. 5.
Institutional investors: 1.65 times
Non-institutional investors: 0.93 times
Retail investors: 21.10 times
Employees: 1.56 times