Durlax Top Surface Surges on Stellar IPO Debut

Shares of Durlax Top Surface soared as they debuted with a 55% premium over the IPO price of Rs 68. The company's IPO saw heavy participation, resulting in a subscription rate of 161 times. Promoters Shravan and Lalit Suthar hold the majority stake.

Shares of solid surface manufacturer Durlax Top Surface made an impressive market debut on Wednesday, closing 55% higher than the IPO price of Rs 68.

Listed initially at Rs 109, the stock later adjusted to Rs 103.55 on the NSE SME platform, marking a 60.29% gain from the issue price. By the day's end, it registered a value of Rs 172.18 crore in market valuation, transacting 20.98 lakh shares in volume.

Just last week, Durlax Top Surface's IPO experienced unprecedented investor interest, with subscriptions hitting 161 times on the final day, led by institutional investors. The IPO sized at Rs 40.80 crore included a fresh issue of shares worth up to Rs 28.56 crore and an Offer For Sale (OFS) of 18 lakh shares worth Rs 12.24 crore.

Out of the proceeds, Rs 17.50 crore will fund working capital requirements, while Rs 6 crore is allotted for general corporate purposes. Promoters Shravan and Lalit Suthar hold around 95% of the company, with public shareholders holding the remaining 5%. Shravan Suthar sold 18 lakh shares through the OFS, reducing his stake from 66.94%.

Founded in 2010, the Gujarat-based firm, known for its brands LUXOR and ASPIRON, reported a revenue of Rs 90.84 crore and a net profit of Rs 5.05 crore for FY 2023-24.