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Muted response to Asian Granito India IPO

Monday, July 30, 2007

The response to the IPO of Asian Granito India remained muted at the end of the penultimate day of the issue. The IPO had received bids for 13.47 lakh shares which was 0.19 times the issue size of 70 lakh shares.

Asian Granito India manufactures vitrified tiles. The company currently has an installed capacity of 14,000 square meters (sq mt) per day and is second largest domestic producer of vitrified tiles controlling 10.57% of the installed capacity to produce domestic vitrified tiles. Asian Granito’s subsidiary, Asian Tiles, manufactures ceramic floor tiles. It has a capacity of 7,000 sq mt per day.

To modernise and expand its existing vitrified plant and set up a wall tile unit, Asian Granito is coming out with an initial public offering (IPO).

At the offer price band of Rs 85-Rs 102, the P/E range works out to 7.8-9.3, respectively, based on consolidated FY 2007 EPS of Rs 10.9 on post-issue equity of Rs 21.06 crore.

Posted by FR at 6:51 PM  


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