Durlax Top Surface SME IPO opens on June 19; check price band, GMP here

Durlax Top Surface SME IPO: Durlax Top Surface SME has launched its Initial Public Offering (IPO) with a book-built issue valued at Rs 40.80 crore. This comprises a fresh issue of 42 lakh shares of Rs 28.56 crore and an offer for sale (OFS) of 18 lakh shares of Rs 12.24 crore.

The IPO subscription period for Durlax Top Surface begins on June 19, 2024 (today), and concludes on June 21, 2024. The price band for the IPO is fixed at Rs 65 to Rs 68 per share.

Established in 2010 as Durlax Archtech Private Limited and based in Vapi, Gujarat, Durlax Top Surface Limited specialises in manufacturing solid surface materials under the brands LUXOR and ASPIRON. 

LUXOR provides acrylic UV solid sheets, while ASPIRON offers modified solid sheets, both renowned for seamless designs, antibacterial properties, and fire-retardant features. These products cater to residential, commercial, hospitality, healthcare, and outdoor sectors.

The net proceeds from the IPO will be utilised to partially finance working capital requirements, cover general corporate purposes, and meet offer-related expenses.

Here is all you need to know about the Durlax Top Surface SME IPO:

Lot size

Retail investors must apply for a minimum lot of 2,000 shares, requiring a minimum investment of Rs 136,000. High Net Worth Individuals (HNIs) are required to apply for at least 2 lots, totaling 4,000 shares, with a minimum investment of Rs 272,000.

Allotment, listing details

The allotment for the Durlax Top Surface IPO is scheduled to be finalised on Monday, June 24, 2024. The IPO is anticipated to list on the NSE SME platform with a tentative listing date set for Wednesday, June 26, 2024.

GMP

The Grey Market Premium (GMP) of the company is Rs 28, indicating a listing gains of 41 per cent for Durlax Top Surface on the bourses.

Lead managers

Expert Global Consultants Private Limited is the book running lead manager for the Durlax Top Surface IPO, with Bigshare Services Pvt Ltd appointed as the registrar for the issue. Globalworth Securities serves as the market maker for the IPO.

Financial Performance

Durlax Top Surface Limited reported a 35.9 per cent increase in revenue and a 141.15 per cent rise in profit after tax (PAT) from the financial year ending March 31, 2023, to March 31, 2024.

Competitors

In its segment, Durlax Top Surface competes with companies such as Kansai Nerolac, Asian Paints, and Kajaria Ceramics, among others.