The Durlax Top Surface IPO opened for subscription on Wednesday, June 19, and will close on Friday, June 21. The minimum lot size for this IPO is 2,000 shares. The price range for the IPO is set between ₹65 and ₹68 per share, with a face value of ₹10.
Company Overview
Durlax Top Surface manufactures solid surface materials. These materials are distributed across India through a wide network of distributors and direct clients, and also exported to countries like Dubai, Bahrain, Greece, and Nepal. The company operates under two brand names: LUXOR, which offers Acrylic UV Solid Surfaces, and ASPIRON, which provides Modified Solid Surfaces. Their production facility in Vapi uses advanced technology from Germany and South Korea.
Durlax Top Surface competes with companies like Kaka Industries Ltd (P/E of 17.53), Dhabriya Plywood Ltd (P/E of 23.79), and Pokarna Ltd.
Financial Performance
For the fiscal years ending March 31, 2024, and March 31, 2023, Durlax Top Surface reported a 35.9% increase in revenue and a 141.15% increase in profit after tax (PAT).
IPO Subscription Status
On the first day of the IPO, it was subscribed 5.72 times. The retail portion was subscribed 9.94 times, the Non-Institutional Investors (NII) portion 4.95 times, and the Qualified Institutional Buyers (QIB) portion 2.28 times. As of 16:35 IST, the company received bids for 29,232,000 shares against the 5,108,000 shares on offer.
IPO Details
The IPO aims to raise ₹40.80 crore and includes a fresh issue of 4,200,000 equity shares at a face value of ₹10. Additionally, the promoter Shravan Suthar will sell 1,800,000 equity shares through an offer-for-sale. The funds raised will be used for working capital, general corporate purposes, and IPO-related expenses.
Company Promoters and Management
Shravan and Lalit Suthar are the promoters of Durlax Top Surface. Expert Global Consultants Private Ltd is the lead manager for the IPO, Bigshare Services Pvt Ltd is the registrar, and Globalworth Securities is the market maker.
GMP Today
The Grey Market Premium (GMP) for the Durlax Top Surface IPO is +40, indicating that shares are trading at a ₹40 premium in the grey market. Based on the upper end of the IPO price band and the current GMP, the expected listing price is ₹108 per share, which is 58.82% higher than the IPO price of ₹68. The GMP shows investors’ willingness to pay more than the issue price.
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