In Short:
Durlax Top Surface’s IPO of ₹40.80 crore has been oversubscribed by 161 times, with bids for 87 crore shares against 60 lakh shares on offer. The non-institutional investor category had the highest interest, with bids of 35.52 crore shares against 8.56 lakh shares. The IPO will list on the NSE SME platform on June 26. The company plans to use funds for working capital and corporate purposes.
Good News Alert: Durlax Top Surface IPO Oversubscribed by 161 Times!
Exciting news from the solid surface manufacturer Durlax Top Surface – their ₹40.80 crore initial public offer has been oversubscribed nearly 161 times! According to the company, there were bids for around 87 crore shares against 60 lakh shares on offer for subscription. That’s a lot of interest!
Non-Institutional Investors Show Strong Interest
The non-institutional investor category received the highest interest, with a subscription of over 415 times. Bids for around 35.52 crore shares were received against 8.56 lakh shares on offer. Wow, that’s some serious demand!
Retail Segment and Qualified Investors Segment Also See Strong Demand
The retail segment was oversubscribed over 202 times, while the qualified investor segment was oversubscribed over 48 times. It looks like everyone wants a piece of the action!
Listing on NSE SME Platform
The company’s shares will be listed on the NSE SME platform, Emerge, on June 26. It’s going to be an exciting day for Durlax Top Surface!
Key Details About the IPO
The company had fixed the price band at ₹65-68 per share for the issue, which was open for subscription from June 19-21. The IPO comprises a fresh issue of 42 lakh shares worth up to ₹28.56 crore and an offer for sale of 18 lakh shares worth up to ₹12.24 crore.
Out of the fresh issue of ₹28.56 crore, the company plans to utilize ₹17.50 crore to part finance working capital requirements and ₹6 crore towards general corporate purposes.
Promoter’s Stake and Plans
Promoters including Shravan Suthar and Lalit Suthar hold around 95 per cent stake in the company, while public shareholders hold nearly 5 per cent stake. Promoter Shravan Kumar, who held 66.94 per cent of the equity stake or 83,01,399 shares, sold 18 lakh shares through the OFS route.
The company said, “Promoter holding pre-issue stands at 95.44 per cent which post-issue will come to 60.35 per cent.” It’s all about the numbers!
About Durlax Top Surface
Established in 2010, Durlax Top Surface manufactures solid surface materials. The company has two brands, namely LUXOR and ASPIRON. They reported revenue of ₹90.84 crore and a net profit of ₹5.05 crore for FY 2023-24. Impressive!
