Durlax Top Surface Ltd, a prominent manufacturer of solid surfaces, has seen an overwhelming response to its initial public offering (IPO). The IPO, aiming to raise Rs 40.80 crore, has been oversubscribed nearly 161 times, the company announced on Saturday.
According to exchange data, the IPO received bids for an impressive 87 crore shares against the 60 lakh shares on offer. The non-institutional investor category showed the highest interest, being subscribed over 415 times with bids for 35.52 crore shares against the 8.56 lakh shares available. The retail segment also saw significant enthusiasm, with subscriptions over 202 times, while the qualified investor segment was subscribed more than 48 times.
The IPO was open for subscription from June 19 to June 21, 2024, with a fixed price band of Rs 65-68 per share. It comprises a fresh issue of 42 lakh shares worth Rs 28.56 crore and an offer for sale of 18 lakh shares totaling Rs 12.24 crore. The company plans to utilize Rs 17.50 crore from the fresh issue to partially finance its working capital requirements and Rs 6 crore for general corporate purposes.
Durlax Top Surface Ltd’s shares are scheduled to be listed on the NSE SME platform, Emerge, on June 26, 2024. The overwhelming response from investors underscores the market’s confidence in the company’s growth prospects and strategic plans. Expert Global Consultants Private Ltd is the book-running lead manager for this issue.
Shravan Suthar, Chairman and Managing Director of Durlax Top Surface Ltd, expressed gratitude for the robust support from stakeholders and confidence in the company’s ability to effectively implement its growth strategy, which aims to generate significant value for all involved.
With a decade-long presence in the solid surface industry, Durlax Top Surface has established itself as a leader, and this IPO marks a significant milestone in its journey, providing the necessary capital to support its expansion plans and operational growth.