Shares of Durlax Top Surface were quoting at Rs 103.55 on the NSE, a premium of 52.28% compared with the issue price of Rs 68.
The scrip was listed at Rs 109, a premium of 60.29% over the initial public offer (IPO) price. The stock is currently frozen in its lower limit of 5% over its listing price.
The counter hit a high of Rs 109 and a low of Rs 103.55. About 20.42 lakh shares of the company changed hands at the counter.
Durlax Top Surface’s IPO was subscribed 160.93 times. The issue opened for bidding on 19 June 2024 and it closed on 21 June 2024. The price band of the IPO was fixed at Rs 65 to 68 per equity share.
The issue size comprised of fresh issue of 42,00,000 and offer for sale (OFS) of 18,00,000 shares by existing shareholders. The promoter and promoter group shareholding diluted to 60.35% from 95.24% pre-IPO.
The company intends to utilize the net proceeds for part finance to meet the working capital requirements, general corporate purposes and issue related expenses in relation to fresh issue.
Ahead of the IPO, Durlax Top Surface on 18 June 2024, raised Rs 4.02 crore from anchor investors. The board allotted 5.92 lakh shares at Rs 68 per share to 2 anchor investor.
Durlax Top Surface engaged in the business of manufacturing of solid surface material, which is sold across India, through an extensive distribution network of distributors and direct customers and also exported to various countries such as Dubai, Bahrain, Greece, Nepal. It operates through two brands namely LUXOR and ASPIRON, which provide a wide range of solid surfaces. Companys LUXOR brand offers Acrylic UV solid surfaces, while ASPIRON offers modified solid surfaces. As of 31 March 2024, company had 69 employees.
The company recorded revenue from operations of Rs 90.76 crore and net profit of Rs 5.05 crore for the period as on 31 March 2024.
Powered by Capital Market – Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
First Published: Jun 26 2024 | 11:34 AM IST
