Solid surface manufacturer Durlax Top Surface plans to raise around Rs 40.80 crore through its initial public offer which will open for subscription on June 19, a statement said on Monday.

The company, which has been involved in the business of solid surface for over a decade, has received approval to launch its public issue on the NSE Emerge Platform of the National Stock Exchange, Durlax Top Surface said in the statement.

The company has fixed the price band at Rs 65-68 per share for the issue of 60 lakh shares which will open for subscription from June 19 to June 21, it added.

The IPO comprises a fresh issue of 42 lakh shares worth up to Rs 28.56 crore and an Offer for Sale of 18 lakh shares worth up to Rs 12.24 crore.

Out of the fresh issue of Rs 28.56 crore, the company plans to utilise Rs 17.50 crore to part 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 per cent stake in the company while public shareholders hold nearly 5 per cent stake.

“Promoter holding pre-issue stands at 95.44 per cent which post-issue will come to 60.35 per cent,” the company said.

Promoter Shravan Kumar which holds 66.94 per cent of the equity stake or 83,01,399 lakh shares is selling 18 lakh shares through the OFS route.

Established in 2010, Durlax Top Surface Ltd manufactures solid surface materials. The company has two brands, namely LUXOR and ASPIRON.

The Gujarat-based company reported revenue of Rs 90.84 crore and a net profit of Rs 5.05 crore for FY 2023-24.

Expert Global Consultants Private Ltd is the sole book running lead manager, while Bigshare Services is the registrar for the issue.

First Published: Jun 17 2024 | 1:44 PM IST