The initial public offering (<keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword>) of <keyword id="22081052" type="General" weightage="100" keywordseo="Durlax-Top-Surface" source="keywords">Durlax Top Surface</keyword> Ltd, a leading company involved in the business of solid surfaces for over a decade, received overwhelming response for its <keyword id="19965144" type="General" weightage="20" keywordseo="SME-IPO" source="keywords">SME IPO</keyword> 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 <keyword id="22018728" type="General" weightage="20" keywordseo="NSE-EMERGE-Platform" source="keywords">NSE EMERGE Platform</keyword> on June 26 2024. As per reports, the <keyword id="19905703" type="General" weightage="20" keywordseo="Grey-Market-premium" source="keywords">grey market premium</keyword> 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." <cmsannotation type="cmsannotation" annotationid="About Durlax Top Surface Ltd" comment="subhead" text="About Durlax Top Surface Ltd">About Durlax Top Surface Ltd </cmsannotation>Established in 2010, Durlax Top Surface Ltd manufactures solid surface materials. The company has two brands, namely <keyword id="22143301" type="General" weightage="20" keywordseo="Luxor" source="keywords">LUXOR</keyword> and <keyword id="22143302" type="General" weightage="20" keywordseo="Aspiron" source="keywords">ASPIRON</keyword>. 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.

Durlax Top Surface's IPO subscribed around 161 times

IPOs of <keyword id="22105289" type="General" weightage="20" keywordseo="Aasan-Loans" source="keywords">Aasan Loans</keyword> (<keyword id="22105288" type="General" weightage="20" keywordseo="Akme-Fintrade" source="keywords">Akme Fintrade</keyword> India) and <keyword id="22105291" type="General" weightage="20" keywordseo="DEE-Piping-Systems" source="keywords" meta.keywordsubtype="org" meta.entityname="DEE Piping Systems" meta.hostid="261" meta.entityid="DEE Piping Systems">DEE Piping Systems</keyword> (DEE Development Engineers Limited) are set to hit the D-street for subscription today, and will close on Friday, 21st June. With a price band of Rs 114-Rs 120, Aasan Loans, which offers loans to rural and semi-urban populations, aims to raise 132 crores via a fresh issue of 1.1 crore shares. With its niche in vehicle and business financing, experts are advising staying away from the <keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword>, given how competitive the Indian NBFC space is. The company also harbours significant NPAs, and has had some compliance issues in the past as well. The other mainboard IPO, <keyword id="22105286" type="General" weightage="100" keywordseo="DEE-Piping" source="keywords">DEE Piping</keyword> Systems, intends to raise Rs 418 crore via combination of fresh issue and offer for sale (OFS). While Rs 325 crores will be raised via fresh issue, Rs 93.01 crores will be raised via OFS. With its price band set between Rs 193-Rs 203, DEE specialises in providing piping solutions to oil, gas, chemicals and power industries. <cmsannotation type="cmsannotation" annotationid="SME IPO dashboard" comment="subhead" text="SME IPO dashboard">SME IPO dashboard</cmsannotation> While these are mainboard IPOs, 3 small and medium enterprises (SME), namely <keyword id="22105292" type="General" weightage="20" keywordseo="Falcon-Technoprojects-India" source="Orion">Falcon Technoprojects India</keyword>, <keyword id="22071172" type="General" weightage="20" keywordseo="Durlax-Top-Surface" source="Orion">Durlax Top Surface</keyword> and <keyword id="22105290" type="General" weightage="20" keywordseo="Gem-Enviro" source="keywords">GEM Enviro</keyword> are also opening for subscription today. The company, which aims to raise Rs 13.69 crore, offers mechanical and plumbing services, which includes installing air conditioners, water supply and lighting systems. Its share price has been set at Rs 92. The other company on the SME dashboard is Durlax Top Surface, which has 2 brands, namely LUXOR and ASPIRON. The company manufactures solid surface materials, which include UV acrylic solid sheets. The company wants to raise Rs 40.80 crore, out of which Rs 28.56 crore will be raised via fresh issue, and the remaining will be accumulated via offer for sale. The stock’s price band is set between Rs 65-68. Gem Enviro, which specialises in plastic waste management and recycling, aims to raise Rs 44.93 crore via this IPO. Stock analyst Dilip Dawda recommends investing in this IPO for medium to long-term gains, given that the company has paid dividend over the past 2 years <cmsannotation type="cmsannotation" annotationid="IPOs closing today" comment="subhead" text="IPOs closing today">IPOs closing today</cmsannotation> IPOs of <keyword id="22105287" type="General" weightage="20" keywordseo="GPES-Solar" source="keywords" meta.keywordsubtype="org" meta.entityname="GPES Solar" meta.hostid="261" meta.entityid="GPES Solar">GPES Solar</keyword>, which opened on 14th June, and United Cotfab, which opened on 13th June, are closing today. GPES Solar, which is in the business of solar inverters and panels, aims to raise Rs 31 crore. Its IPO was oversubscribed around 408.3 times. Retail investors oversubscribed to the share by around 519.57 times. However, Dawda recommends subscription to this IPO only if you are a market veteran and have surplus, long-term funds to park. The IPO of United Cotfab, which manufactures open-end cotton yarn, is also closing today. It was oversubscribed by 48.27 times in the retail investor category. While the company intends to raise Rs 36.29 crore entirely via fresh issue, experts have raised concerns about the company’s profitability and sustainability.

IPO Overview : DEE Piping, Akme Fintrade, GPES Solar

<keyword id="22062863" type="General" weightage="20" keywordseo="Durlax-Top-Surface-Limited" source="keywords" meta.keywordsubtype="org" meta.entityname="Durlax Top Surface Limited" meta.hostid="261" meta.entityid="Durlax Top Surface Limited">Durlax Top Surface Limited</keyword>, specializing in <keyword id="19914449" type="General" weightage="20" keywordseo="manufacturing" source="keywords">manufacturing</keyword> <keyword id="22062864" type="General" weightage="20" keywordseo="solid-surface-materials" source="keywords">solid surface materials</keyword>, has announced its plan to go public with an Initial Public Offering (<keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword>) on <keyword id="22019260" type="General" weightage="20" keywordseo="June-19" source="keywords">June 19</keyword>, 2024. The company is aiming to raise Rs40.80 Crores at the upper band through this IPO, with shares set to be listed on the NSE Emerge platform. The fresh issue size is 42,00,000 equity shares and offer for sale (OFS) is 18,00,000 at face value of Rs 10 each. Equity Share Allocation * QIB Anchor Portion - Up To 17,04,000 Equity Shares * Qualified Institutional Buyers (QIB) - Up To 11,40,000 Equity Shares * Non-Institutional Investors (NII) - Up To 8,56,000Equity Shares * Retail Individual Investors (RII) - Up To 20,00,000Equity Shares * Market Maker - Up To 3,00,000 Equity Shares The net proceeds from the IPO will be utilized for Working Capital Requirements and General Corporate Purposes. The bidding for Anchor portion will open on June 18, 2024, the issue will open for subscription for all other category from June 19, 2024 and closes on June 21, 2024. The Book Running Lead Manager to the Issue is Expert Global Consultants Private Limited. The Registrar to the Issue is Bigshare Services Private Limited. Shravan Suthar, Chairman and Managing Director of Durlax Top Surface Limited expressed, "Our decision to launch our IPO marks a pivotal moment for Durlax Top Surface Limited. This move is driven by our commitment to expanding our operations and meeting the growing demand for our premium solid surface materials. The funds raised will be utilized for our working capital and supporting our strategic initiatives for sustained growth. Our manufacturing facility in Vapi, equipped with cutting-edge technologies from Germany and South Korea, underscores our dedication to delivering quality and innovation. Through brands like LUXOR and ASPIRON, we aim to continue providing durable and stylish solutions across diverse industries, both locally and internationally." Gaurav Jain, Founder &amp; Director of Expert Global Consultants Private Limited said, "The solid surfaces industry in India, particularly the countertop segment, is poised for substantial growth driven by increasing consumer preference for higher-quality materials. This trend is mirrored in the expanding home decor market, which benefits from rising disposable incomes and a burgeoning e-commerce landscape. Durlax Top Surface Limited's IPO proceeds allocated towards enhancing operational capabilities and market expansion are strategically poised to capitalize on these favourable industry dynamics, ensuring sustained growth and competitive advantage." SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/hyundai-motor-india-files-draft-papers-with-sebi-for-indias-biggest-ipo/articleshow/111014559.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/hyundai-motor-india-files-draft-papers-with-sebi-for-indias-biggest-ipo/articleshow/111014559.cms" target="_blank">Hyundai Motor India files draft papers with SEBI for India’s biggest IPO</a><a href="https://www.businessinsider.in/tech/mobile/news/tata-group-reportedly-looking-to-acquire-a-majority-stake-in-vivo-india/articleshow/110987274.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/tata-group-reportedly-looking-to-acquire-a-majority-stake-in-vivo-india/articleshow/110987274.cms" target="_blank">Tata Group reportedly looking to acquire a majority stake in Vivo India</a><a href="https://www.businessinsider.in/sports/webstories/kkr-beats-mi-in-terms-of-brand-value-csk-and-rcb-continue-to-lead/slidelist/110963926.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/kkr-beats-mi-in-terms-of-brand-value-csk-and-rcb-continue-to-lead/slidelist/110963926.cms" target="_blank">KKR beats MI in terms of brand value, CSK and RCB continue to lead</a>

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Durlax Top Surface's IPO subscribed around 161 times

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IPO Overview : DEE Piping, Akme Fintrade, GPES Solar

Ira Alok Puranik

Durlax Top Surface Limited IPO Opens on June 19, 2024

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