Durlax Top Surface Sets IPO Price at ₹65-68 per Share, Targets ₹40.80 Crore Raise Starting 19th June
Durlax Top Surface Limited, a solid surface manufacturer from Gujarat, plans to raise ₹40.80 crore through its Initial Public Offering (IPO), which opens on 19th June 2024. The IPO will be available for subscription until 21st June 2024. The company, which has been in the solid surface business for over a decade, announced this in a statement on Monday. The IPO has been approved for listing on the NSE Emerge Platform of the National Stock Exchange.
IPO Details:
- Price Range: The share price for the IPO is set between ₹65 and ₹68.
- Share Issue: A total of 60 lakh shares will be issued.
- Fresh Issue: 42 lakh shares worth up to ₹28.56 crore.
- Offer for Sale (OFS): 18 lakh shares worth up to ₹12.24 crore.
- Subscription Period: Investors can subscribe from 19th June to 21st June 2024.
- Minimum Bid: Investors can bid for at least 2,000 shares, and in multiples of 2,000 thereafter.
Usage of Funds:
- Working Capital: ₹17.50 crore from the fresh issue will be used to finance working capital needs.
- Corporate Purposes: ₹6 crore will be allocated for general corporate purposes.
Company Ownership:
- Promoters: Before the IPO, the promoters, Shravan Suthar and Lalit Suthar, hold about 95.44% of the company’s shares. After the IPO, their stake will decrease to 60.35%.
- Offer for Sale: Promoter Shravan Kumar, who holds 66.94% of the shares, is selling 18 lakh shares through the OFS.
Company Background:
- Founded: 2010
- Brands: The company manufactures solid surface materials under the brands LUXOR and ASPIRON.
- Financials: In FY 2023-24, Durlax Top Surface reported a revenue of ₹90.84 crore and a net profit of ₹5.05 crore.
Management and Registrars:
- Lead Manager: Expert Global Consultants Private Ltd.
- Registrar: Bigshare Services.
Durlax Top Surface’s IPO is a significant step in the company’s growth, aiming to support its working capital and general corporate requirements while offering a portion of its shares to the public.
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