Exxaro Tiles made a healthy debut at the stock market on Monday. Exxaro Tiles stock opened at Rs 126 on the Bombay Stock Exchange (BSE) on its listing day. On National Stock Exchange (NSE), the scrip got listed at Rs 126. Windlas Biotech on the other hand saw its stock open on Monday at Rs 439 on the BSE and Rs 437 on the NSE. Both companies managed to make a good impression during their IPO subscription days by having their investors participate in a robust manner.
Exxaro Tiles IPO Listing
The public issue received a massive response from investors as the issue was subscribed around 22.65 times against its allotted shares by the time the subscriptions closed. The retail investors had subscribed to the issue the most with an overwhelming 40.05 per cent against their allotted shares. The QIBs subscribed to the issue a total of 17.67 times, while the NIIs subscribed to it 5.36 times. There were also employee subscriptions that reached 2.53 times for the public issue.
The stock was expected to list at a price of Rs 132, which would have translated into a 10 per cent premium over the upper end of the price band of the IPO, which was Rs 120. This was expected after the robust response that the company saw on its subscription days from the IPO investors.
The public issue worth Rs 161.09 crore had a fresh issue worth Rs 134.23 crore and an offer for sale (OFS) that was worth Rs 26.86 crore with 2,238,000 equity shares. The issue also carried a price band of Rs 118 to Rs 120 per equity share with a Rs 10 per equity share face value.
The company aims to use the proceeds from the issue to fund the repayment and pre-payments of the company’s borrowings. The remainder of the funds were aimed at fueling the general corporate activities as well as meeting the requirements of working capital.
Windlas Biotech IPO Listing
Keeping in mind that the company opened with a stock price of Rs 439 on the BSE and Rs 437 on the NSE, there were slightly higher estimations for its price before it opened. The price was expected to open at Rs 550 against the issue price of Rs 460 per share. This would have been against the upper end of the issue price band.
The public issue saw some consistent subscription numbers across the board from its investor categories. The retail individual investors and the qualified institutional buyers (QIBs) had subscribed to the Windlas IPO 24.22 times and 24.40 times respectively. The non-institutional investors had subscribed to the issue a total of 15.73 times against their allotted shares for the issue. This left the total subscription at a healthy 22.44 times.
The Windlas IPO had an issue price of Rs 401.54 crore with a fresh issue and an offer for sale (OFS). The fresh issue for the company aggregated up to Rs 165 crore, while the OFS aggregated up to Rs 236.54 crore with 5,142,067 equity shares. The issue had a price band of Rs 448 to Rs 460 per equity share and a face value of Rs 5 per equity share.
The book-built issue was meant by the company to fund the purchase of necessary equipment for the expansion of the company’s existing facility in Dehradun Plant IV. The rest of the funds were meant for financing the incremental working capital requirements of the company, repayment and pre-payment of company borrowings as well as general corporate purposes.
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