Durlax Top Surface IPO is a book built issue of Rs 40.80 crores. The issue is a combination of fresh issue of 42 lakh shares aggregating to Rs 28.56 crores and offer for sale of 18 lakh shares aggregating to Rs 12.24 crores.
Durlax Top Surface IPO opens for subscription on June 19, 2024 and closes on June 21, 2024. The allotment for the Durlax Top Surface IPO is expected to be finalized on Monday, June 24, 2024. Durlax Top Surface IPO will list on NSE SME with tentative listing date fixed as Wednesday, June 26, 2024.
Durlax Top Surface IPO price band is set at ₹65 to ₹68 per share. The minimum lot size for an application is 2000 Shares. The minimum amount of investment required by retail investors is ₹136,000. The minimum lot size investment for HNI is 2 lots (4,000 shares) amounting to ₹272,000.
Expert Global Consultants Private Limited is the book running lead manager of the Durlax Top Surface IPO, while Bigshare Services Pvt Ltd is the registrar for the issue. The market maker for Durlax Top Surface IPO is Globalworth Securities.
Refer to Durlax Top Surface IPO RHP for detailed information.
Durlax Top Surface IPO Details
| IPO Date | June 19, 2024 to June 21, 2024 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price Band | ₹65 to ₹68 per share |
| Lot Size | 2000 Shares |
| Total Issue Size | 6,000,000 shares (aggregating up to ₹40.80 Cr) |
| Fresh Issue | 4,200,000 shares (aggregating up to ₹28.56 Cr) |
| Offer for Sale | 1,800,000 shares of ₹10 (aggregating up to ₹12.24 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | NSE SME |
| Share holding pre issue | 12,427,701 |
| Share holding post issue | 16,627,701 |
| Market Maker portion | 300,000 shares Globalworth Securities |
Durlax Top Surface IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50.00% of the Net offer |
| Retail Shares Offered | Not less than 35.00% of the Offer |
| NII (HNI) Shares Offered | Not less than 15.00% of the Offer |
Durlax Top Surface IPO Timeline (Tentative Schedule)
Durlax Top Surface IPO opens on June 19, 2024, and closes on June 21, 2024.
| IPO Open Date | Wednesday, June 19, 2024 |
| IPO Close Date | Friday, June 21, 2024 |
| Basis of Allotment | Monday, June 24, 2024 |
| Initiation of Refunds | Tuesday, June 25, 2024 |
| Credit of Shares to Demat | Tuesday, June 25, 2024 |
| Listing Date | Wednesday, June 26, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on June 21, 2024 |
Durlax Top Surface IPO Lot Size
Investors can bid for a minimum of 2000 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 2000 | ₹136,000 |
| Retail (Max) | 1 | 2000 | ₹136,000 |
| HNI (Min) | 2 | 4,000 | ₹272,000 |
| Lot Size Calculator | |||
Durlax Top Surface IPO Promoter Holding
Mr. Shravan Suthar and Mr. Lalit Suthar are the promoters of the company.
| Share Holding Pre Issue | 95.44% |
| Share Holding Post Issue | 60.35% |
About Durlax Top Surface Limited
Established in 2010, Durlax Top Surface Limited, formerly known as Durlax Archtech Private Limited, manufactures solid surface materials that are sold across India.
The company has two brands, namely LUXOR and ASPIRON. The LUXOR brand offers acrylic UV solid sheets while ASPIRON offers modified solid sheets. Both brands offer seamless designs, antibacterial and fire-retardant properties, ensuring a comprehensive range of high-quality solid sheets. The products are used in residential, commercial, hospitality, healthcare, outdoor and various other industries, providing stylish and durable solutions for countertops, vanities, offices, retail spaces, hotels, hospitals, outdoor projects and more.
The company’s manufacturing facility is located in Vapi, Gujarat. As of September 25, 2023, the company employed 70 people.
Durlax Top Surface Limited Financial Information (Restated)
Durlax Top Surface Limited’s revenue increased by 35.9% and profit after tax (PAT) rose by 141.15% between the financial year ending with March 31, 2024 and March 31, 2023.
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 10,553.50 | 7,673.02 | 7,168.11 |
| Revenue | 9,083.93 | 6,684.20 | 4,741.81 |
| Profit After Tax | 505.07 | 209.44 | 48.42 |
| Net Worth | 2,184.38 | 1,671.21 | 1,292.27 |
| Reserves and Surplus | 941.61 | 431.14 | 1,277.29 |
| Total Borrowing | 6,070.71 | 3,690.93 | 3,929.82 |
| Amount in ₹ Lakhs | |||
Key Performance Indicator
The market capitalization of Durlax Top Surface IPO is Rs 113.07 Cr.
KPI as of March 31, 2024.
| KPI | Values |
|---|---|
| ROE | 26.20% |
| ROCE | 20.20% |
| Debt/Equity | 2.78 |
| RoNW | 23.12% |
| P/BV | 3.87 |
| PAT Margin (%) | 5.56 |
Check Durlax Top Surface IPO Peer Comparison here.
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 4.06 | 3.04 |
| P/E (x) | 16.73 | 22.39 |
Note:
- The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2024 that is available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of March 31, 2024 that is available in RHP.
Objects of the Issue (Durlax Top Surface IPO Objectives)
The company intends to utilize the net proceeds from the issue towards the funding of the following objects:
- Part finance the working capital requirements;
- General corporate purposes; and
- To meet the offer expenses.
Durlax Top Surface IPO Review (May apply)
[Dilip Davda] The company is in the manufacturing of solid surface materials. It marked steady growth in its top and bottom lines for the reported periods. Based on FY24 earnings, the issue appears greedily priced. Well-informed investors may park moderate funds for the medium term. Read detail review…
Durlax Top Surface IPO Prospectus
Durlax Top Surface Limited Contact Details
Durlax Top Surface Limited
301, Jaisingh Commonspace,
Dayal Das Road, FP362, W.E.
Highway, Vile Parle (East), Mumbai – 400 057
Phone: +91-75067 99831
Email: cs@durlaxindia.com
Website: https://www.durlax.com/
Durlax Top Surface IPO Registrar
Bigshare Services Pvt Ltd
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: https://ipo.bigshareonline.com/ipo_status.html