Durlax Top Surface IPO booked over 5x on day 1; check GMP, other details

The Durlax Top Surface IPO began subscriptions on Wednesday, June 19 and will close on Friday, June 21. The Durlax Top Surface IPO has a lot size of 2,000 shares. The Durlax Top Surface IPO price band has been set in the range at 65 to 68 per equity share, having a face value of 10.

The firm manufactures solid surface materials, which are distributed throughout India via a large distribution network of distributors and direct clients, as well as exported to countries such as Dubai, Bahrain, Greece, and Nepal. The firm operates under two names, LUXOR and ASPIRON, which provide a wide variety of solid surfaces. The company’s LUXOR brand offers Acrylic UV Solid Surfaces, while ASPIRON provides Modified Solid Surfaces.

Their production plant in Vapi is equipped with German and South Korean technology as well as innovative gear for producing solid surface materials.

The company’s listed peers are Kaka Industries Ltd (with a P/E of 17.53), Dhabriya Plywood Ltd (with a P/E of 23.79), and Pokarna Ltd. 

Durlax Top Surface Limited’s revenue gained by 35.9%, while profit after tax (PAT) increased by 141.15% during the fiscal years ending March 31, 2024 and March 31, 2023.

Durlax Top Surface IPO Subscription Status 

Durlax Top Surface IPO subscription status is 5.72 times, on day 1, so far.

The retail portion was subscribed 9.94 times, and NII portion was booked 4.95 times. Qualified Institutional Buyers was booked 2.28 times.

The company has received bids for 2,92,32,000 shares against 51,08,000 shares on offer, at 16:35 IST, according to data on chittorgarh.com.

Durlax Top Surface IPO details

The Durlax Top Surface IPO, worth 40.80 crore, consists of a fresh issuance of 4,200,000 equity shares at face value of 10. Through offer-for-sale component, the promoter selling shareholder, Shravan Suthar will offload 1,800,000 equity shares. 

The business plans to use the net proceeds from the offering to support the following reasons: part financing of working capital requirements, general corporate purposes, and to cover offer expenses.

Shravan and Lalit Suthar are the company’s promoters.

Expert Global Consultants Private Ltd is the book-running lead manager for the Durlax Top Surface IPO, while Bigshare Services Pvt Ltd is the registrar. Globalworth Securities is the market maker for the Durlax Top Surface IPO.

Durlax Top Surface IPO GMP today 

Durlax Top Surface IPO GMP or grey market premium is +40. This indicates Durlax Top Surface share price were trading at a premium of 40 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, Durlax Top Surface IPO expected listing price was indicated at 108 apiece, which is 58.82% higher than the IPO price of 68.

‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 19 Jun 2024, 04:47 PM IST

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