The initial public offering (IPO) of the Exxaro Tiles opened today on Wednesday (4 August). The IPO will close on Friday (6 August). The purpose of the Exxaro Tiles IPO is to meet its working capital requirements and reduce borrowings.
According to Moneycontrol.com, the IPO will also be used for general corporate purposes. Experts like Arihant Capitals have given a subscribe rating to the Exxaro Tiles IPO. IIFL Securities have also recommended ‘subscribe’ for the Exxaro IPO.
Here are some of the important details about the IPO:
The total size of the issue is 13.4 million equity shares. The IPO comprises an offer for sale (OFS) by investor Dixitkumar Patel of 2.23 million and as many as 11.18 million fresh shares.
Subscribers can bid for a minimum of 125 equity shares and in its multiple thereafter. They can bid for a maximum of 13 shares.
The price band of the Exxaro IPO share is Rs 118 to Rs 120 per piece. A discount of Rs 12 is available on the final issue price to the employees. As many as 268,500 shares have been reserved for the employees.
The qualified institutional buyers have 25 percent of the IPO reserved for them. As much as 35 percent has been reserved for non-institutional investors. The largest chunk — 40 percent — is for retail investors.
At the higher end of the price band, the total value of all shares being offered for subscription is Rs 161.08 crore.
The maximum investment for subscribers could be of Rs 1.95 lakh for 13 lots while minimum investment is of Rs 15,000 for a single lot.
Quant Mutual Fund and AG Dynamic Funds are the anchor investors of the Exxaro IPO.
from Firstpost India Latest News https://ift.tt/37lTZGU
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