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The IPO of Durlax Top Surface Ltd, valued at ₹40.8 crore, was highly sought after, being subscribed over 170.38 times by the end of the bidding period on June 21. Investors bid for 87.03 crore shares against the 51.08 lakh shares available.
Durlax Top Surface shares listed at ₹109 per share on the NSE SME, a 60% premium over the IPO issue price of ₹68. However, profit booking saw the shares drop 5% to an intraday low of ₹103.55.
The minimum lot size for the IPO was 2000 shares, which meant bidders who were allotted shares made a minimum profit of ₹82,000 at the listing price.
The IPO was open for subscription from June 19 to June 21 and saw significant demand, especially from non-institutional investors (NIIs), who oversubscribed their portion by 415.8 times.
Retail investors subscribed 202.82 times their allocated shares, while qualified institutional buyers (QIBs) subscribed 48.29 times their portion.
The Durlax Top Surface IPO had a price band of ₹65 to ₹68 per share and was a book-built issue. It consisted of a fresh issue of 42 lakh shares to raise ₹28.56 crore and an offer for sale of 18 lakh shares totaling ₹12.24 crore.
Established in 2010, Durlax Top Surface Ltd. manufactures solid surface materials under the brands LUXOR and ASPIRON, used in various industries including residential, commercial, hospitality, healthcare, and outdoor sectors.
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