Durlax Top Surface
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 19 Jun 2024 – 21 Jun 2024
- Listing date
- 26 Jun 2024
- Face value
- ₹10 per share
- Issue price
- ₹68 per share
- Lot size
- 2,000 shares
- Issue type
- Book Building issue
- Total issue size
- ₹40.80 Cr
- Market cap at offer price
- ₹113 Cr
- Promoter holding
- 95.44% → 60.35% pre-issue → post-issue
- ISIN
- INE0OUW01013
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Expert Global Consultants Pvt.Ltd.
- Registered office
- 301, Jaisingh Commonspace, Dayal Das Road, FP362, W.E., Highway, Vile Parle (East), Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 5,92,000 | — | — |
| Market maker | 3,00,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹68
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,36,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,72,000 |
| S-HNI (max) | 7 | 14,000 | ₹9,52,000 |
| B-HNI (min) | 8 | 16,000 | ₹10,88,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.06 | 3.04 |
| P/E (×) | 16.75 | 22.37 |
| Price to book (×) | 3.87 | — |
| Market cap | — | ₹113 Cr |
Key performance indicators
- Return on net worth
- 23.12%
- ROCE
- 20.20%
- Debt / equity
- 2.78
- PAT margin
- 5.56%
- NAV per share
- ₹17.58
- Price to book
- 3.87
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Durlax Top Surface
Durlax Top Surface Limited was originally incorporated as Durlax Archtech Private Limited on May 3, 2010, and has undergone several transformations including name changes and conversion to a public company in March 2023. The company manufactures solid surface materials sold through an extensive distribution network of distributors and direct customers, with exports to countries including Dubai, Qatar, Greece, and Sri Lanka. The company operates through two brands: LUXOR® offering Acrylic UV Solid Surfaces, and ASPIRON® offering Modified Solid Surfaces. The manufacturing facility in Vapi, Gujarat, is equipped with German and South Korean technologies. The company generates revenue through selling solid surfaces for applications in countertops, vanities, offices, retail spaces, hotels, hospitals, and other diverse sectors. Revenues grew from ₹4,735.82 lakhs in FY 2022 to ₹9,076.42 lakhs in FY 2024, with profit after tax increasing from ₹48.42 lakhs to ₹505.07 lakhs respectively.
Company Analysis
from RHPDurlax Top Surface Limited is a manufacturer of solid surface materials under the LUXOR® and ASPIRON® brands, serving residential, commercial, hospitality, and healthcare sectors across India and international markets.
Durlax Top Surface Limited was originally incorporated as Durlax Archtech Private Limited on May 3, 2010, and has undergone several transformations including name changes and conversion to a public company in March 2023. The company manufactures solid surface materials sold through an extensive distribution network of distributors and direct customers, with exports to countries including Dubai, Qatar, Greece, and Sri Lanka. The company operates through two brands: LUXOR® offering Acrylic UV Solid Surfaces, and ASPIRON® offering Modified Solid Surfaces. The manufacturing facility in Vapi, Gujarat, is equipped with German and South Korean technologies. The company generates revenue through selling solid surfaces for applications in countertops, vanities, offices, retail spaces, hotels, hospitals, and other diverse sectors. Revenues grew from ₹4,735.82 lakhs in FY 2022 to ₹9,076.42 lakhs in FY 2024, with profit after tax increasing from ₹48.42 lakhs to ₹505.07 lakhs respectively.
Objects of the Issue
- Part finance to meet the working capital requirements ₹1,750.00 lakhs p.88
- General Corporate Purposes ₹600.00 lakhs p.91
- Issue Related Expenses in relation to Fresh Issue ₹500.00 lakhs p.88
Issue Structure
- Total Issue
- 60,00,000 Equity Shares aggregating up to ₹[●] Lakhs
- Fresh Issue
- 42,00,000 Equity Shares aggregating up to ₹[●] Lakhs by the Company
- Offer for Sale
- 18,00,000 Equity Shares aggregating up to ₹[●] Lakhs by Shravan Suthar (Promoter Selling Shareholder)
- Price Band
- ₹[●] to ₹[●] per Equity Share (to be decided)
- Lot Size
- 2,000 Equity Shares as minimum bid lot and in multiples of 2,000 thereafter
- Face Value
- ₹10 each
Business Model
The company manufactures solid surface sheets through a process involving inspection of raw materials, mixing, vacuuming, heating and drying, sanding, trimming, polishing, filming and packing. Revenue is generated through sales to distributors (64.89% of revenue in FY 2024) and direct customers (35.11%), with the majority of sales concentrated in the western zone of India (73.01% in FY 2024). Top 10 customers contribute 77.86% of revenues. The company also exports approximately 4.49% of revenues internationally.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Shravan Suthar | Promoter and Promoter Selling Shareholder | 66.94% | 39.10% |
| Lalit Suthar | Promoter | 14.62% | 10.90% |
| Laxmichand Suthar | Promoter Group | 7.21% | 5.38% |
| Pankaj Suthar | Promoter Group | 6.67% | 4.97% |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.