Nitco Tiles has filed the draft red herring prospectus with the Securities and Exchange Board of India (Sebi) for an initial public offering (IPO) of one crore shares.According to a release issued by the company today, the premium for shares of Rs 10 each will be determined through a 100% book-building process.Vivek Talwar, managing director of Nitco Tiles, said: "Funds from the IPO will be used to expand our existing manufacturing facilities of ceramic floor tiles. We are also planning to enter the wall tiles segment by setting up a greenfield project or by acquiring an existing wall tile unit."The company is also planning to install windmills to reduce power costs, he added.The company has appointed UTI Bank, IL&FS Investmart and Karvy as the book running lead managers for the issue.
