Durlax Top Surface IPO Price Band Fixed At Rs 65–68 Apiece
The IPO comprises a fresh issue worth up to Rs 28.6 crore and an offer for sale worth up to Rs 12.2 crore.
Durlax Top Surface Ltd. plans to raise around Rs 40.8 crore through its initial public offering, which will open for subscription on Wednesday. The solid surface manufacturer company, which has been involved in the business for over a decade, has received approval to launch its public issue on the NSE Emerge Platform, according to a statement on Monday. Investors who bid for the issue can check the Durlax Top Surface IPO allotment status here.
The company has fixed the price band at Rs 65–68 apiece for the issue of 60 lakh shares, which will close for subscription on Friday. The IPO comprises a fresh issue of 42 lakh shares worth up to Rs 28.6 crore and an offer for sale of 18 lakh shares worth up to Rs 12.2 crore.
Out of the fresh issue, the company plans to utilise Rs 17.5 crore to partly finance working capital requirements and Rs 6 crore towards general corporate purposes.
Investors can bid for a minimum of 2,000 shares and in multiples thereof. Promoters, including Shravan Suthar and Lalit Suthar, hold around 95% stake in the company, while public shareholders hold nearly 5% stake. "Promoter holding pre-issue stands at 95.44%, which, post-issue, will come to 60.35%,' the company said.
Promoter Shravan Kumar, which holds 66.94% of the equity stake, is selling 18 lakh shares through the OFS route.
Established in 2010, Durlax manufactures solid surface materials. The company has two brands — Luxor and Aspiron.
The Gujarat-based company reported a revenue of Rs 90.8 crore and a net profit of Rs 5.05 crore in the last financial year. Expert Global Consultants Pvt. is the sole book running lead manager, while Bigshare Services is the registrar for the issue.
(With inputs from PTI.)
