Durlax Top Surface IPO: Solid surface manufacturer Durlax Top Surface plans to raise around Rs 40.80 crore through its initial public offering (IPO) which will open for subscription on June 19. The company, which has been involved in the hard surface business for over a decade, has received approval to launch its public issue on the National Stock Exchange’s NSE Emerge platform, Durlax Top Surface said in the statement.
The company added that it has set the price band at Rs 65-68 per share for the issue of 60,000 shares which will be open for subscription from June 19 to June 21. The IPO comprises a fresh issue of 42 lakh shares worth up to Rs 28.56 crore and an offer for sale of 18 lakh shares worth up to Rs 12.24 crore.
Read More: Stock Market Holiday Today: BSE, NSE To Remain Closed On Account Of Bakrid
Of the fresh issue of Rs 28.56 lakh crore, the company plans to use Rs 17.50 lakh crore to partially fund working capital requirements and Rs 6 lakh crore for general corporate purposes. Investors can bid on a minimum of 2,000 shares and multiples thereof. The promoters, including Shravan Suthar and Lalit Suthar, own about 95 percent of the company’s shares while the general shareholders own nearly 5 percent of the shares.
Read More: ixigo IPO: Here’s what GMP signals ahead of listing on June 18
The company said that the promoter’s pre-issuance share was 95.44 percent, and after the IPO it would reach 60.35 percent. Promoter Shravan Kumar who holds a 66.94 percent equity stake or 83,01,399 lakh shares is selling 18 lakh shares through the OFS route.
Established in 2010, Durlax Top Surface Ltd manufactures solid surface materials. The company owns two brands: Luxor and Asperon. The Gujarat-based company reported revenue of Rs 90.84 lakh crore and net profit of Rs 5.05 lakh crore for the financial year 2023-24. Expert Global Consultants Private Ltd is the sole lead book runner, while Bigshare Services is the registrar of the issue.
(With PTI’s Input)
