Asian Granito India settled at Rs 94.75 on BSE, a discount of 2.3% over the IPO price of Rs 97.

The stock debuted at Rs 100.15, a premium of 3.2% over the IPO price of Rs 97. It hit a low of Rs 82.10 and high of Rs 103.35. On BSE, 1.42 crore shares changed hands in the counter.

The company has fixed the issue price at Rs 97 as against the IPO price band of Rs 85 to Rs 102.

The current price of Rs 94.75 discounts its FY 2007 EPS of Rs 10.90 (based on consolidated financial performance) by a PE multiple of 8.69.

At the issue price of Rs 97, the IPO was priced 8.89 times the company’s FY 2007 (year ended March 2007) EPS of Rs 10.90. The equity capital is Rs 21.06 crore. Face value per share is Rs 10.

Asian Granito India's IPO had ended on 31 July 2007 with 4.51 times subscription. The qualified institutional buyers (QIBs) category was subscribed 3.06 times, the non-institutional investor category 10.01 times, the retail individual investors category 4.64 times and the employees category 1.37 times.

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.

The IPO was made to finance modernisation and expansion of the existing vitrified plant.

Asian Granito India reported a consolidated net profit of Rs 22.99 crore on sales of Rs 168.19 crore in the year ended March 2007.