Durlax Top Surface makes strong debut, lists at 60% premium on NSE SME

Shares of Durlax Top Surface Ltd made a strong debut on the NSE on Wednesday, June 26. The stock was listed on the exchanges at ₹109 per share, a 60% premium over the SME IPO’s issue price of ₹68 per share.

As the session progressed, Durlax Top Surface shares fell 5% to an intraday low of ₹103.55 from the listing price, on account of profit booking. The minimum lot size to bid for Durlax Top Surface IPO was 2000 shares. Bidders, who were allotted shares of the SME issue, would have earned a minimum profit of ₹82,000 (₹41 x 2,000) at the listing price on NSE.

The ₹40.8 crore IPO was open for subscription from June 19 to June 21 and was subscribed over 170.38 times on the final day of bidding. Investors placed bids for 87.03 crore shares compared to the 51.08 lakh shares on offer.

The Non-institutional investors (NII) category drove the demand for the issue. NIIs submitted bids for over 35.59 crore shares compared to the allocated 8.56 lakh shares, resulting in an oversubscription of 415.8 times.

Retail investors placed bids for 40.56 crore shares against the 20 lakh shares set aside for the category, leading to a subscription of 202.82 times. Qualified Institutional Buyers (QIBs) bid for 10.87 crore shares compared to the 22.52 lakh shares reserved for the category, leading to a subscription of 48.29 times.

Durlax Top Surface IPO had a price band of ₹65 to ₹68 per share and was a book-built issue valued at ₹40.8 crore. The company’s public offer consisted of a fresh issue of 42 lakh shares to raise ₹28.56 crore and an offer for sale of 18 lakh shares amounting to ₹12.24 crore.

Established in 2010, Durlax Top Surface Ltd. manufactures solid surface materials. The company has two brands, LUXOR and ASPIRON. Its products are used in residential, commercial, hospitality, healthcare, outdoor, and various other industries.

To know more about IPOs listing, schedule and upcoming IPOs, click here