New Delhi, Solid surface maker Durlax Top Surfaces' initial public offering of Rs 40.80 crore has been oversubscribed nearly 161 times, the company said on Saturday.
According to exchange data, the IPO received bids for about 87 crore shares as against 60 lakh shares on subscription offer, Durlax Top Surface said in a statement.
The Non-Institutional Investor category received the highest interest among investors and was oversubscribed by 415 times. Bids were received for about 35.52 crore shares against 8.56 lakh shares on offer.
The company said the retail segment was subscribed more than 202 times and the qualified investor segment by more than 48 times.
The company's shares will be listed on the NSE SME platform, Emerge, on June 26.
The company had fixed the price band at Rs 65-68 per share for the issue, which was open for subscription from June 19-21.
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.
Of the Rs 28.56 crore fresh issue, the company plans to use Rs 17.50 crore partly for working capital requirements and Rs 6 crore for general corporate purposes.
Promoters including Shravan Suthar and Lalit Suthar hold about 95 per cent stake in the company while public shareholders hold about 5 per cent.
Promoter Shravan Kumar, who held 66.94 per cent equity stake or 83,01,399 shares, sold 18 lakh shares through the OFS route.
"The promoter's stake before the issue is 95.44 per cent, which will increase to 60.35 per cent after the issue," the company said.
Established in 2010, Durlax Top Surfaces 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 net profit of Rs 5.05 crore for FY 2023-24.
According to exchange data, the IPO received bids for about 87 crore shares as against 60 lakh shares on subscription offer, Durlax Top Surface said in a statement.
The Non-Institutional Investor category received the highest interest among investors and was oversubscribed by 415 times. Bids were received for about 35.52 crore shares against 8.56 lakh shares on offer.
The company said the retail segment was subscribed more than 202 times and the qualified investor segment by more than 48 times.
The company's shares will be listed on the NSE SME platform, Emerge, on June 26.
The company had fixed the price band at Rs 65-68 per share for the issue, which was open for subscription from June 19-21.
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.
Of the Rs 28.56 crore fresh issue, the company plans to use Rs 17.50 crore partly for working capital requirements and Rs 6 crore for general corporate purposes.
Promoters including Shravan Suthar and Lalit Suthar hold about 95 per cent stake in the company while public shareholders hold about 5 per cent.
Promoter Shravan Kumar, who held 66.94 per cent equity stake or 83,01,399 shares, sold 18 lakh shares through the OFS route.
"The promoter's stake before the issue is 95.44 per cent, which will increase to 60.35 per cent after the issue," the company said.
Established in 2010, Durlax Top Surfaces 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 net profit of Rs 5.05 crore for FY 2023-24.
