Asian Granito India will debut on bourses on 23 August 2007. The company has fixed the issue price at Rs 97 as against the IPO price band of Rs 85 to Rs 102.

At the issue price of Rs 97, the PE works out to 8.89, based on the year ended March 2007 EPS of Rs 10.9.

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 investors category was subscribed 10.01 times, the retail individual investors category was subscribed 4.64 times and the employees category was subscribed 1.37 times.

The company had made a pre IPO placement of 7,60,800 shares to EXIM Bank at Rs 65 per share and another placement of 5 lakh shares to Nirmal Kotecha at Rs 75 per share. EXIM Bank had also sanctioned a term loan of Rs 25 crore for the expansion.

Asian Granito India engaged in the business of manufacturing vitrified tiles, started its operations in October 2003 by setting up a new manufacturing unit for vitrified tiles with a capacity of 4,000 square meters per day.

The company aims to expand capacities in spinning, knitting and garment manufacturing at a total cost of Rs 184.5 crore. It has tied up debt of Rs 103.7 crore under Technology Upgradation Fund Scheme.

The plant of company is at the Ceramics Zone in Sabarkantha, Gujarat. Presently the company has capacity of 14,000 square metres of vitrified tiles per day. After the said capital expenditure, the company`s capacity is expected to increase to 16,000 square metres of vitrified tiles per day.

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