Durlax Top Surface's IPO Oversubscribed 161 Times, Retail Segment Shines

Solid surface manufacturer Durlax Top Surface's Rs 40.80 crore IPO has been oversubscribed by nearly 161 times. The highest interest came from non-institutional investors. The company's shares will be listed on NSE's SME platform, Emerge, on June 26. The funds raised will partly finance working capital and corporate purposes.

Solid surface manufacturer Durlax Top Surface's impressive Rs 40.80 crore initial public offering (IPO) has been oversubscribed nearly 161 times, the company confirmed on Saturday.

According to the exchange data, the IPO received bids for around 87 crore shares against 60 lakh shares on offer. Non-institutional investors showed the highest interest with a subscription over 415 times. Meanwhile, the retail segment was subscribed over 202 times, and the qualified investor segment saw a subscription of over 48 times.

The company's shares are set to be listed on the NSE SME platform, Emerge, on June 26. The price band was fixed at Rs 65-68 per share for the issue, open from June 19-21. The IPO includes a fresh issue and an offer for sale aimed at raising funds to finance working capital and general corporate purposes. Promoter Shravan Kumar sold a portion of his stake through the OFS route, reducing the promoter holding post-issue to 60.35 per cent from 95.44 per cent.

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