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Exxaro Tiles IPO Subscribed Over 10 Times On Second Day Of Issue

Exxaro Tiles IPO Subscribed Over 10 Times On Second Day Of Issue

NDTV
Thursday, August 5, 2021 4:34 PM GMT

Exxaro Tiles IPO: On Thursday, retail individual investors showed massive interest as the portion reserved for them was subscribed 21.29 times -the highest among the three groups of investors today.

Exxaro Tiles share sale via initial public offering (IPO) was subscribed 10.40 times on the second day of its issue, according to subscription data on the stock exchanges. Exxaro Tiles IPO opened for investors on August 4 and will close tomorrow, August 6, remaining open for bidding for a period of three days. The IPO was subscribed 4.67 times on the first day of its issue. On Thursday, retail individual investors showed massive interest as the portion reserved for them was subscribed 21.29 times - the highest among the three groups of investors today. The portion set aside for the qualified institutional buyers or QIB was subscribed 1.66 times, while non-institutional investors or NII showed tepid interest as the portion reserved for them was subscribed 0.97 times. ''At the higher end of the price band, Exxaro Tiles IPO is priced at a P/E of around ~35 times FY21 earnings (post-issue). This is lower compared to its listed peers Kajaria Ceramics (53 times), and Somany Ceramics (57 times). Given their superior financial profile, the peers are trading at higher valuations.  It is to be noted that Exxaro Tiles would be listed in the T2T segment. Hence, there could be a five per cent circuit, restricting large moves post-listing. 
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