The initial public offering (IPO) of Durlax Top Surface Ltd, a leading company involved in the business of solid surfaces for over a decade, received overwhelming response for its SME IPO worth Rs. 40.80 crores, and got subscribed over 160.93 times as per NSE data on 21 June 2024. The non-institutional investor category saw the highest interest, and was subscribed over 415 times. The retail segment was subscribed over 202 times and the qualified investor segment was subscribed over 48 times. The company's shares will be listed on the NSE EMERGE Platform on June 26 2024.
As per reports, the grey market premium on the company's share was around Rs 68/share, indicating a listing gain of over 100%. The proceeds of the public issue will be utilised to fund company's expansion plans including meeting working capital requirements and general corporate purposes. Expert Global Consultants Private Ltd is the book running lead manager of the issue.
The company received bids for over 87 crore equity share aggregating to a total subscription amount of Rs 5,924 crore against the 60 lakh shares offered in the public issue. The initial public offering of Rs. 40.80 crore, comprised of a fresh issue of R 28.56 crore (42 lakh equity shares) and offer for sale (OFS) of Rs 12.24 crore (18 lakh shares), each with face value of Rs. 10. The company has finalized a price band of Rs. 65-68 per equity share for the public issue. Out of the fresh issue of Rs. 28.56 crore, company plans to utilize Rs. 17.50 crore towards financing the working capital requirements, and Rs 6 crore towards general corporate purpose.
Shravan Suthar, Chairman and Managing Director, Durlax Top Surface Ltd, said "We extend our heartfelt gratitude to our investors for their trust and confidence in the company and its management. With the steadfast support of all our stakeholders, we are confident in our ability to implement our growth strategy effectively, generating exponential value for everyone involved."
About Durlax Top Surface Ltd
Established in 2010, Durlax Top Surface Ltd manufactures solid surface materials. The company has two brands, namely LUXOR and ASPIRON. The LUXOR brand offers acrylic UV solid sheets while ASPIRON offers modified solid sheets. Both brands offer seamless designs, antibacterial and fire-retardant properties, ensuring a comprehensive range of high-quality solid sheets. The company has reported excellent operational and financial performance over years. The Company has witnessed a multi-fold growth in revenue and profitability over the years. For FY23-24 ended March, company has reported net profit of Rs. 5.05 crore (Y-o-Y growth of 141%) and revenue of Rs. 90.84 crore (Y-o-Y growth of 141%), as compared to profitability and revenue of Rs. 2.09 crore and Rs. 66.84 crore in FY22-23. As on March 2024, the net worth of the company was reported at Rs. 21.84 crore.
