The company Durlax Top Surface Ltd, which is an established company in the field of Solid Surface business, has recently offered its SME IPO, which generated Rs. 40.80 crore. The response was massive, and the IPO was subscribed over 160.93 times, according to the NSE data on June 21, 2024. We are talking about Durlax Top Surface’s Rs. 40.80 Crore from IPO Subscribe over 161 Times.
Business Model of Durlax Top Surface
Durlax Top Surface Limited is an organization that deals with producing solid surface products. It is engaged in the business through two brands. LUXOR provides Acrylic UV Solid Surfaces. ASPIRON offers Modified Solid Surfaces. They share similar features, including smooth texture, antibacterial properties, and fire resistance. The company is involved in both the domestic and export markets and some of its exports include Dubai, Qatar, Greece, and Sri Lanka.
Subscription Details
The highest subscription was from non-institutional investors who subscribed over 415 times. The retail investors subscribed to the issue over 202 times. Accredited investors subscribed more than 48 times. These shares shall be listed on the NSE EMERGE Platform of the National Stock Exchange on June 26, 2024. Currently, the grey market price for the shares of Durlax Top Surface is Rs. 68, which implies more than 100% listing gains. The money realized from the IPO will be used to finance its development strategies, among them being the provision of working capital and for various corporate needs. The book-running lead manager for the issue is Expert Global Consultants Private Ltd.
Vision and Mission of Durlax Top Surface
Durlax Top Surface Ltd supplies and manufactures a wide range of acrylic solid surfaces in India. They expect to transform Durlax into an international supplier of solid surface solutions that are unique and environment-friendly. That is why they are designed to improve living conditions, business premises, and architectural solutions when using high-quality materials.
Durlax’s vision is to produce surfaces on which design, strength, and utility are intertwined. They aim to provide a rich collection of colors, patterns, and designs to help architects, designers, and homeowners achieve what they envision. According to the identified objectives and goals, Durlax seeks to become the preferred supplier of solid surface materials by promoting excellence, customer satisfaction, and improvement.
Growth Prospects of Durlax Top Surface
The Durlax Top Surface Limited IPO has opened well and the grey market premium (GMP) is ₹15. This can be seen as sound demand and a positive attitude toward the company’s growth indicators. Durlax Top Surface is a solid surface manufacturing company that seeks to improve efficiency levels and market position to retain competitiveness and market share. It attracts investors’ attention to its further development in the material manufacturing industry.
Durlax’s financial performance and market positioning
The revenue of Durlax was enhanced from ₹4,735.82 lakhs In March 2022 to ₹9,076.42 lakhs in March 2024, which shows a good growth rate. Total equity rose, thus suggesting possible expansion, while total liabilities also rose constantly. The reduced debt-to-equity ratio implies that there has been a reduction in the use of debt sources of funds.
The profit after tax (PAT) showed an increase from ₹48.42 lakhs in March 2022 to ₹505.07 lakhs by March 2024, thereby creating investor confidence. Diluted Earnings per Share (EPS) increased from ₹0.41 in March 2022 to ₹4.06 in March 2024, thus increasing earnings per share for the investors. Return on Net Worth (RoNW) was enhanced from 3.75% to 23.12% as a testament to the company’s capacity to earn returns on its shareholder equity.
Conclusion
Durlax Top Surface’s IPO received a good response from the investors, which suggests the investors’ confidence in the firm’s growth. The customers are looking forward to the listing on June 26th, 2024. Durlax has competitors in the segment, such as Kansai Nerolac, Asian Paints, and Kajaria Ceramics.
