NEW DELHI: Gujarat-based Exxaro Tiles on Wednesday kicked off its Rs 161 crore IPO.
On the block is a fresh issue of 1,11,86,000 shares and an offer of sale (OFS) of 2,238,000 shares by one of its shareholders. The price band of the issue is fixed at Rs 118-120.
On Tuesday, the company allotted 19,73,325 shares to two domestic funds at the upper end of the price band, totalling Rs 23.68 crore.
Last heard, the unlisted stock was commanding a premium of Rs 20 in the grey market. Analyst views vary widely on the issue, with some finding the P/E valuation of 35.3 times (on restated FY21 EPS of Rs 3.4) demanding, while others say it’s reasonable.