Exxaro Tiles Limited

Exxaro Tiles Limited is a Gujarat-based manufacturer and marketer of vitrified tiles used primarily for flooring applications, selling under its own Exxaro brand. The company's product range spans double charge vitrified tiles and glazed vitrified tiles, offered across more than a thousand designs, and it produces its output from two manufacturing facilities located at Padra and Talod in Gujarat. By the time of its public issue the company had built a distribution network of over 2,000 registered dealers, giving it a presence across roughly 27 Indian states and union territories, alongside exports to more than a dozen countries internationally. This combination of domestic depth and a modest international footprint positioned Exxaro as a mid-sized player within India's competitive ceramic and vitrified tile manufacturing industry. The company is controlled by the Patel family promoter group. The IPO combined a fresh issue of new shares, whose proceeds were earmarked mainly for debt repayment and working capital needs, with a smaller offer for sale component by existing shareholders, reflecting a mix of growth funding and partial shareholder liquidity.

The company raised approximately Rs 23.68 crore from anchor investors ahead of the issue at the Rs 120 upper price band, with allocations to Quant Mutual Fund (through its Quant Active Fund and Quant Small Cap Fund) and AG Dynamic Funds.