Durlax Top Surface’s Rs. 40.80 crore from IPO Subscribe over 161 times

Ahmedabad (Gujarat) [India], June 22:  The initial public offering of Durlax Top Surface Ltd, leading company involved in the business of Solid Surface for over a decade received overwhelming response for its Rs. 40.80 crore SME IPO and got subscribed over 160.93 times as per NSE Data on 21 June 2024. Non institutional investor category received the highest interest among investors and was subscribed over 415 times. Retail segment was subscribed over 202 times and Qualified Investor segment was subscribed over 48 times. Company’s shares will be listed on the NSE EMERGE Platform of National Stock Exchange on June 26 2024.

  • Company’s shares will be listed on the NSE EMERGE Platform of National Stock Exchange on June 26 2024.
  • Grey Market premium on company’s share is trading around Rs. 68 per share indicating a listing gain of over 100% as per https://www.investorgain.com/

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.

Company received bids for over 87 crore equity share aggregating total subscription amount of Rs. 5,924 crore against the 60 lakh shares offered in the public issue. Grey Market premium on company’s share is trading around Rs. 68 per share indicating a listing gain of over 100% as per https://www.investorgain.com/.  Expert Global Consultants Private Ltd is the book running lead manager of the issue.

The initial public offering of Rs. 40.80 crore, comprises of a fresh issue of Rs. 28.56 crore (42 lakh equity shares) and offer for sale of Rs. 12.24 crore (18 lakh shares) of face value Rs. 10 each. Company has finalized 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 part finance the working capital requirements and Rs. 6 crore towards general corporate purpose.

Mr. 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.”

Source: NSE

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 products are used in residential, commercial, hospitality, healthcare, outdoor and various other industries, providing stylish and durable solutions for countertops, vanities, offices, retail spaces, hotels, hospitals, outdoor projects and more. The company’s manufacturing facility is located in Vapi, Gujarat. Company also exports to 19 countries. Company’s manufacturing facility has been certified to conform to ISO 9001:2015 and ISO 14001:2015.

Business Highlights:-

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, Net Worth of the company was reported at Rs. 21.84 crore, Reserves & Surplus at Rs. 9.42 crore and Asset base of Rs. 105.53 crore. As on March 2024, ROE of the company was 26.20%, ROCE at 20.20% and RONW at 23.12%. Shares of the company will be listed on NSE’s Emerge platform.                

Corporate Video:- https://www.youtube.com/watch?v=p6Bgs1Oka8I&t=235s

If you have any objection to this press release content, kindly contact pr.error.rectification@gmail.com to notify us. We will respond and rectify the situation in the next 24 hours.

Press Release

Kataria Industries’ IPO Achieves Unprecedented Success Under Yash Kataria Stewardship

New Delhi (India) July 22 : Kataria Industries, under the adept leadership of Ratlam Boy Yash Kataria, has made a significant mark with its Initial Public Offering (IPO), achieving unprecedented success. The IPO has garnered remarkable interest from investors, resulting in an extraordinary oversubscription across all segments. Unprecedented Subscription Rates The IPO saw an exceptional response, […]

Read More
Press Release

Meet 12 Visionary Entrepreneurs Revolutionizing Industries in 2024

New Delhi [India] July 22 : In a world constantly evolving through innovation and dedication, 12 remarkable entrepreneurs stand out for their transformative contributions across various industries. From pioneering educational platforms and leading PR agencies to advancing healthcare and redefining security services, these visionaries are setting new standards of excellence. Their journeys, marked by resilience, […]

Read More
Press Release

Actress Shilpa Chaudhary will soon be seen in a big brand’s jewellery shoot

New Delhi (India) July 22 : Actress Shilpa Chaudhary, who looks very beautiful and cute, has worked in many ad films, web series and music videos and is now going to knock the doors of Bollywood. Shilpa will soon be seen in a big brand’s jewellery shoot and her look in it will be no […]

Read More