PNN
Mumbai (Maharashtra) [India], June 15: Durlax Top Surface Limited, specializing in manufacturing solid surface materials, has announced its plan to go public with an Initial Public Offering (IPO) on June 19, 2024. The company is aiming to raise Rs40.80 Crores at the upper band through this IPO, with shares set to be listed on the NSE Emerge platform.
The fresh issue size is 42,00,000 equity shares and offer for sale (OFS) is 18,00,000 at face value of Rs 10 each.
Equity Share Allocation
* QIB Anchor Portion – Up To 17,04,000 Equity Shares
* Qualified Institutional Buyers (QIB) – Up To 11,40,000 Equity Shares
* Non-Institutional Investors (NII) – Up To 8,56,000Equity Shares
* Retail Individual Investors (RII) – Up To 20,00,000Equity Shares
* Market Maker – Up To 3,00,000 Equity Shares
The net proceeds from the IPO will be utilized for Working Capital Requirements and General Corporate Purposes. The bidding for Anchor portion will open on June 18, 2024, the issue will open for subscription for all other category from June 19, 2024 and closes on June 21, 2024.
The Book Running Lead Manager to the Issue is Expert Global Consultants Private Limited. The Registrar to the Issue is Bigshare Services Private Limited.
Shravan Suthar, Chairman and Managing Director of Durlax Top Surface Limited expressed, “Our decision to launch our IPO marks a pivotal moment for Durlax Top Surface Limited. This move is driven by our commitment to expanding our operations and meeting the growing demand for our premium solid surface materials. The funds raised will be utilized for our working capital and supporting our strategic initiatives for sustained growth. Our manufacturing facility in Vapi, equipped with cutting-edge technologies from Germany and South Korea, underscores our dedication to delivering quality and innovation. Through brands like LUXOR and ASPIRON, we aim to continue providing durable and stylish solutions across diverse industries, both locally and internationally.”
Gaurav Jain, Founder & Director of Expert Global Consultants Private Limited said, “The solid surfaces industry in India, particularly the countertop segment, is poised for substantial growth driven by increasing consumer preference for higher-quality materials. This trend is mirrored in the expanding home decor market, which benefits from rising disposable incomes and a burgeoning e-commerce landscape. Durlax Top Surface Limited’s IPO proceeds allocated towards enhancing operational capabilities and market expansion are strategically poised to capitalize on these favourable industry dynamics, ensuring sustained growth and competitive advantage.”
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