Durlax Top Surface was incorporated on May 3, 2010. The company is engaged in the business of manufacturing solid surface material, which is sold across India through an extensive distribution network of distributors and direct customers and is also exported to various countries such as Dubai, Qatar, Greece, and Sri Lanka. It operates through two brands, namely Luxor and Aspiron, which provide a wide range of solid surfaces known for their aesthetics and performance.
| Bidding Dates |
|---|
| 19 Jun 2024 - 21 Jun 2024 |
| Subscription |
|---|
| 160.93x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹1,30,000 | 1 | 1 | 2000 | 6.0 M | ₹65 - ₹68 | 60.36 % | ₹390.0 M - ₹408.0 M | RHP DOC |
Durlax Top Surface IPO SUBSCRIPTION STATUS
21 Jun '24Durlax Top Surface IPO overall subscription rate was 160.93 times the total available shares
Durlax Top Surface IPO retail subscription rate was 214.31 times in the retail segment
Durlax Top Surface IPO non-institutional investor subscription rate was 438.76 times in the non-institutional investor category
Durlax Top Surface IPO Qualified Institutional Bidder subscription rate was 40.22 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
21 Jun 2024 (Day 3) | 214.31x | 438.76x | 40.22x |
20 Jun 2024 (Day 2) | 29.23x | 12.04x | 2.44x |
19 Jun 2024 (Day 1) | 10.85x | 5.41x | 1.89x |
Durlax Top Surface FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| FY24 | 50.5 | 907.6 | -166.0 | -197.2 | 11.8% |
| FY23 | 20.9 | 667.4 | 38.3 | 37.9 | 11.7% |
| FY22 | 4.8 | 473.6 | 15.7 | 15.6 | 13.7% |
Durlax Top Surface IPO SUBSCRIPTION STATUS DETAILS
Durlax Top Surface had 6.0 M shares on offer
Durlax Top Surface IPO offer price was in the range ₹65 - ₹68
Durlax Top Surface IPO minimum Investment was ₹130000
Durlax Top Surface IPO issue size was ₹ 390.0 M - ₹ 408.0 M
Durlax Top Surface had a minimum lot size of 2000 Shares per application
Durlax Top Surface NUMBER OF SHARES ON OFFER
Durlax Top Surface IPO IMPORTANT DATES
| Issue Open Date | 19 Jun 2024 |
| Issue close Date | 21 Jun 2024 |
| Allotment Date | 24 Jun 2024 |
| Refund Date | 25 Jun 2024 |
| Demat Account Credit Date | 25 Jun 2024 |
| Listing Date | 26 Jun 2024 |
| Listing on Exchange(s) | NSE |
| Durlax Top Surface Allotment Status | Exchange |
Durlax Top Surface IPO subscription opened on 19 Jun 2024, and closed on 21 Jun 2024
IPO allotment for Durlax Top Surface was finalized on Monday, 24 Jun 2024
IPO listing for Durlax Top Surface was on NSE on Wednesday, 26 Jun 2024
Durlax Top Surface IPO LISTING GAINS
| Issue Price (adjusted) | 68.0 |
| Listing Open Price | 109.0 |
| Listing Close Price | 103.5 |
| Listing Gain% | 60.3% |
| Current Gain% | -16.4% |
Durlax Top Surface Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Durlax Top Surface Ltd. | 56.8 | 94.5 | 13 | -4.2 | 0.5 | 10.8 | 7.2 | 186.9 | 49.7 | 12.6 | 68.6 | 4.4 | -3.1 |
| Sheela Foam Ltd. | 677.4 | 7397.4 | 34.5 | 0.1 | 1.8 | 4.9 | 3.1 | 3875.1 | 8.5 | 159.6 | 66.1 | 19.6 | 273.1 |
| Greenlam Industries Ltd. | 273.7 | 6983.4 | 75.1 | 0.4 | 2.2 | 4.8 | 1.9 | 3054.3 | 18.4 | 56.3 | -19.3 | 3.6 | 172.9 |
| Responsive Industries Ltd. | 169.4 | 4517.4 | 30.4 | -1.2 | 3.2 | 9.5 | 8 | 1404.2 | -1.6 | 148.4 | -25.4 | 5.6 | -25.4 |
| Wakefit Innovations Ltd. | 127.8 | 4233.1 | 21.9 | 2.7 | 16.7 | 10.8 | 1534.4 | 17.5 | 189.2 | 640.4 | 5.8 | ||
| Euro Pratik Sales Ltd. | 314.1 | 3210.1 | 41.6 | 85.9 | 9.6 | 24.9 | 19.4 | 343 | 17.7 | 77.1 | 0.5 | 7.5 | 0.5 |
Durlax Top Surface INFORMATION ON IPO ISSUE
About Durlax Top Surface
Durlax Top Surface was incorporated on May 3, 2010. The company is engaged in the business of manufacturing solid surface material, which is sold across India through an extensive distribution network of distributors and direct customers and is also exported to various countries such as Dubai, Qatar, Greece, and Sri Lanka. It operates through two brands, namely Luxor and Aspiron, which provide a wide range of solid surfaces known for their aesthetics and performance.
Object of the Issue
- Part finance the working capital requirements
- General corporate purposes
- To meet the offer expenses
Durlax Top Surface - PROMOTERS
| Name |
|---|
| Shravan Suthar |
| Lalit Suthar |
Durlax Top Surface Lead Manager to the Issue
Expert Global Consultants Private Limited
ipo@expertglobal.in
Durlax Top Surface Registrar to the issue
Bigshare Services Private Limited
ipo@bigshareonline.com
Durlax Top Surface Strengths
Multiple end-user industries
The company has established a strong presence in the Indian and international markets, including Dubai, Saudi Arabia, Qatar, Greece, USA, Sri Lanka, Nepal, Thailand, etc. It has diversified into various end-user industries such as residential, commercial, hospitality, healthcare, exterior applications, and more
Diverse product offerings
Over the last few years, the company has expanded its product brand portfolio to include multiple product categories and designs. Having a wide portfolio of product categories and designs enables it to cross-sell to a large customer base
Diversified distribution network
The company's sales team and distribution network cater to all major cities of India to support the distributors who supply the products to retailers/sub-dealers, who in turn make the products available for end-users such as architects, interior designers, and contractors
Durlax Top Surface Risks
Certain legal proceedings
The company, its promoters, and its directors are parties to certain legal proceedings. Any adverse outcome in such proceedings may have a negative impact on the reputation, business, financial condition, results of operations, and cash flows
Incurred borrowings
The company has incurred borrowings from commercial banks, and an inability to comply with repayment and other covenants in its financing agreements could adversely affect its business and financial condition
Negative cash flows
The company has reported negative cash flows from its operating activities based on restated financial statements. Sustained negative cash flow could impact future growth and business
IPO FAQs
This IPO consists of an offer for sale of up to Rs 12.2 crore, of 1,800,000 shares. It also consists of a fresh issue of Rs 28.6 crore.
The promoters of the company are Shravan Suthar and Lalit Suthar.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 65.0 - 68.0.
The IPO application opens on Jun 19, 2024 and closes on Jun 21, 2024.
The minimum lot size for the IPO is 2000. The maximum lot size for the IPO is 2000.
For all category investors, the minimum application amount for this IPO is Rs. 130,000.0, the maximum value for this IPO is Rs 136,000.0.
This IPO will be allotted on Jun 24, 2024.
The refund will be credited to your account on Jun 25, 2024.
The allotted shares will be credited to your demat on Jun 25, 2024.
Durlax Top Surface Ltd.’s shares listed on the stock exchanges on Jun 26, 2024.