Durlax Top Surface IPO opens for subscription on June 19: Check price band, lot size and other details

Solid surface manufacturer Durlax Top Surface Limited will launch its Initial Public Offering (IPO) on Wednesday, June 19.

Durlax Top Surface IPO price band has been fixed at ₹65 to ₹68 per share. The lot size for retail investors is 1 lot of 2,000 shares, translating to a minimum investment amount of ₹1,36,000. High networth Individuals (HNIs) can bid for a minimum lot size of 2 lots consisting of 4,000 shares which amounts to ₹2,72,000.

Here are the key details the investors should know before bidding for the Durlax Top Surface IPO.

Durlax Top Surface IPO offer size

Durlax Top Surface IPO is a book-building issue valued at ₹40.8 crore. The public issue consists of a fresh issue of 42 lakh shares amounting to ₹28.56 crore and an offer for sale of 18 lakh shares amounting to ₹12.24 crore.

The solid surface maker has reserved 50% of the net issue for Qualified Institutional Buyers (QIBs), 35% of the issue for retail investors and 15% of the issue has been reserved for Non-Institutional Investors (NIIs).

Durlax Top Surface IPO subscription, allotment status and listing date

Durlax Top Surface IPO will open for subscription from June 19 and close on June 21. The share allocation status of the IPO will be finalised by June 24. Successful bidders will receive the shares in their Demat accounts on June 25 and the non-allottees will receive refund the same day. The tentative listing date for Durlax Top Surface IPO has been fixed as June 26. Shares of Durlax Top Surface Limited will list on the NSE SME exchange.

Durlax Top Surface Limited IPO registrar

The book running lead manager for the Gujarat based company is Expert Global Consultants Private Limited. The registrar for Durlax Top Surface IPO is Bigshare Services Pvt Ltd.

Durlax Top Surface Limited promoters

Shravan Suthar and Lalit Suthar are the promoters of the Gujarat-based company and hold 95.44% stake in the company jointly ahead of the public issue.

Durlax Top Surface Limited IPO financials

Durlax Top Surface Limited’s revenue for FY23 grew nearly 41% to ₹66.82 crore compared to ₹47.41 crore in the preceding fiscal. The Profit After Tax in the financial year ended March 31, 2023, grew over 225% to ₹2.62 crore compared to ₹80.66 lakh in FY22. The company’s net worth for FY23 surged nearly 33% to ₹17.26 crore compared to ₹12.94 crore in the preceding financial year.

Durlax Top Surface Limited IPO objective

The company plans to use the money raised via the IPO for part financing of working capital requirements, fulfilling general corporate purposes and to meet offer expenses.

About Durlax Top Surface Limited

Durlax Top Surface is engaged in the manufacturing of solid surface materials. The company was founded in 2010. It has a manufacturing facility in Vapi, Gujarat. As of September 2023, the company employed 70 workers.