Durlax Top Surface Limited is coming up with an IPO worth INR 40.80 crores, consisting of a fresh issue of shares worth INR 28.56 crores and an offer for sale worth INR 12.24 crores. The company aims to finance working capital, cover corporate needs, and meet offer expenses efficiently.
Durlax Top Surface IPO – Important Dates
| Durlax Top Surface Limited IPO Date | June 19, 2024 to June 21, 2024 |
| Durlax Top Surface Limited IPO Listing Date | June 26, 2024 |
| Durlax Top Surface Limited IPO Price | INR 65-68 per share |
| Durlax Top Surface Limited IPO Lot Size | 2000 Shares |
| Durlax Top Surface Limited IPO Total Issue Size | INR 40.80 crore |
| Durlax Top Surface Limited IPO Basis of Allotment | June 24, 2024 |
| Durlax Top Surface Limited IPO Initiation of Refunds | June 25, 2024 |
| Durlax Top Surface Limited IPO Credit of Shares to Demat | June 25, 2024 |
| Durlax Top Surface Limited IPO Issue Type | Book Built Issue IPO |
| Durlax Top Surface Limited IPO Listing At | NSE, SME |
Durlax Top Surface Limited IPO – Company Profile
Durlax Top Surface Limited manufactures solid surface materials sold across India and exported globally under the LUXOR® (Acrylic UV Solid Surfaces) and ASPIRON® (Modified Solid Surfaces) brands, catering to distributors and direct customers.
Situated in Vapi, their facility uses advanced German and South Korean technologies to produce solid surfaces for residential, commercial, hospitality, healthcare, and outdoor projects. They offer stylish, durable solutions for countertops, vanities, offices, hotels, and outdoor projects.
Founded by certified interior designers Shravan and Lalit Suthar, their company thrives through Shravan’s client acquisition and retention efforts and Lalit’s focus on comprehensive business development and brand marketing solutions, ensuring continuous growth.
Durlax Top Surface Ltd IPO Fundamental Analysis
Durlax Top Surface’s financial analysis reveals a mixed performance. Revenue increased significantly, reflecting growth. Equity and liabilities rose consistently. Profitability, EPS, and RoNW improved markedly, indicating solid financial health and investor confidence.
- Revenue Trend: The revenue increased from ₹4,735.82 lakhs in March 2022 to ₹6,673.83 lakhs in March 2023. The revenue for the period ending March 2024 is INR 9,076.42 lakhs.
- Equity and Liabilities: Both equity and total liabilities have shown a consistent increase over the periods, reflecting potential growth and expansion. However, the debt-equity ratio has decreased, indicating reduced reliance on debt financing.
- Profitability: The profit after tax (PAT) has increased from ₹48.42 lakhs in March 2022 to ₹505.07 lakhs by March 2024. This improvement in profitability could be a source of confidence for investors.
- Earnings per Share (EPS): The diluted EPS has also increased from ₹0.41 in March 2022 to ₹4.06 by March 2024, reflecting higher earnings per share for investors.
- Return on Net Worth (RoNW): The RoNW has risen from 3.75% to 23.12%, indicating an increase in the company’s ability to generate returns on shareholder equity.
- Financial Position: Total assets have increased, suggesting potential business growth. However, the current ratio has increased, indicating strengthening liquidity and potential challenges in meeting short-term obligations.
Durlax Top Surface IPO Financial Analysis
| Particular | As of 31 March 2022 | As of 31 March 2023 | As of 31 March 2024 |
| Revenue (₹ in lakhs) | 4,735.82 | 6,673.83 | 9,076.42 |
| Equity (₹ in lakhs) | 1,292.27 | 1,671.21 | 2,184.38 |
| Expenses (₹ in lakhs) | 4,664.19 | 6,468.58 | 8,562.65 |
| Profit and Loss After Tax (₹ in lakhs) | 48.42 | 209.44 | 505.07 |
| RoNW (%) | 3.75 | 12.53 | 23.12 |
| NAV per Equity Share (₹) | 10.92 | 13.48 | 17.58 |
| Diluted EPS only (₹) | 0.41 | 1.75 | 4.06 |
| Total Assets (in lakhs) | 7,168.11 | 7,673.02 | 10,553.50 |
| Total Liabilities (in lakhs) | 5,875.84 | 6,001.81 | 8,369.12 |
| Debt-Equity Ratio | 3.04 | 2.21 | 2.78 |
| Current Ratio | 1.26 | 1.34 | 1.34 |
Durlax Top Surface Limited IPO Peer Comparison
Durlax Top Surface shows substantial revenue and profitability growth, with high EPS and RoNW. Kaka Industries and Dhabriya Plywood also demonstrate robust financial performance, while Pokarna Limited has weaker profitability and returns despite its asset base.
| Company | Revenue from operations (₹ in million) | Face Value per Equity Share (₹) | P/E | EPS (Basic & Diluted) (₹) | RoNW (%) | NAV per Equity Share (Basic) (₹) |
| Durlax Top Surface | 9,076.42 | 10 | – | 4.06 | 23.12 | 17.58 |
| Kaka Industries Limited | 17,021.63 | 10 | 17.53 | 10.34 | 25.25 | 37.69 |
| Dhabriya Plywood Limited | 21,163.30 | 10 | 23.79 | 13.01 | 17.10 | 76.08 |
| Pokarna Limited | 3,796.57 | 2 | – | (1.03) | (5.63) | 38.63 |
Durlax Top Surface IPO Objective
The main objective of Durlax Top Surface Limited is to part finance the working capital requirements.
- Part finance to meet the working capital requirements: The company intends to utilize INR 17.50 crores for working capital, supporting growth opportunities, strategic purposes, and incremental business needs. This will lead to increased revenues and profitability through internal accruals and financing facilities.
- General corporate purposes: The company plans to deploy the balance funds of INR 6 crores towards general corporate purposes, including business development initiatives and covering various operational expenses incurred in the business.
Durlax Top Surface IPO Risks And Challenges
Durlax Top Surface Limited’s risks include heavy reliance on a few customers and suppliers, lack of formal agreements, potential supply disruptions, and fluctuating capacity utilization, which could affect profitability and future performance.
- The company’s sales heavily rely on a few customers, with no direct/indirect relationship with them. Lack of long-term agreements or exclusivity poses risks to revenue stability, which is further impacted by competitors’ offerings and potential changes in customer practices.
- The company heavily relies on a few suppliers for purchases, particularly key raw materials like Acrylic Resin and Aluminium Oxide. The lack of formal arrangements poses risks of supply disruptions, which could impact production and sales.
- The company operates one unit near Vapi, Gujarat, with a total production capacity of 2,40,000 sheets annually. Capacity utilization fluctuates based on product mix, demand-supply balance, and operational efficiency, impacting profitability and future performance.
Durlax Top Surface Ltd IPO – Industry & Market Potential
The global home decor market reached US$715.4 billion in 2022 and is expected to grow to US$937.0 billion by 2028, with a CAGR of 4.6% from 2022 to 2028, as projected by the publisher.
The Indian home furnishings market is expected to grow from INR 48,625 Crore in 2022 to INR 78,536 Crore by 2028, with a CAGR of 8.23%. It encompasses various items that enhance comfort and aesthetics in homes.
The growth of India’s home furnishings market is propelled by thriving e-commerce, government initiatives like Make in India and ATUFS, rising FDI, increasing adoption of luxury furnishings, and expanding interior design businesses.
Durlax Top Surface Limited IPO – Type of Offer
Durlax Top Surface Limited includes a fresh issue worth INR 28.56 crores and an offer to sell 12.24 crore shares by the existing shareholders.
- Fresh Issue: The company will issue new shares to raise capital, aiming to collect INR 28.56 crores. The company plans to utilize its funds to finance working capital, cover corporate needs, and meet offer expenses efficiently.
- Offer for sale: Durlax Top Surface Limited is offering to sell existing shares worth INR 12.24 crores. The following are the details of the existing shareholder, who is also the promoter selling the shares:
| Name of the promoter selling shareholder | Maximum number of offered shares for sale (in millions) |
| Shravan Suthar | 18,00,000 |
Durlax Top Surface IPO Offer Size
The offer size of Durlax Top Surface Limited is INR 40.80 crores, consisting of a fresh issue worth INR 28.56 crores and an offer to sell 12.24 crore shares. The company seeks funds to finance working capital, cover corporate needs, and meet offer expenses efficiently.
Durlax Top Surface Limited IPO Allotment Structure
Durlax Top Surface Limited’s allocation will be as follows: 50% for Qualified Institutional Buyers (QIB), 35% for Non-Institutional Investors (NII), and 15% for Retail Individual Investors (RII) according to SEBI regulations.300,000 shares are reserved for market makers.
● Qualified Institutional Buyers (QIB): As per SEBI regulations, 50% of the shares offered through the IPO will be reserved for Qualified Institutional Buyers. These include entities such as banks, mutual funds, and insurance companies.
● Non-Institutional Investors (NII): 35% of the shares will be reserved for Non-Institutional Investors. These typically include corporate bodies or individuals investing more than Rs.2 lakhs.
● Retail Individual Investors (RII): The remaining 15% of the shares will be allotted to Retail Individual Investors. These individual investors apply for shares with a total value of less than Rs.2 lakhs.
● Market Maker Reservation: A portion of shares, i.e. 300,000 shares, are reserved for marker makers.
How to apply for a Durlax Top Surface Limited IPO?
To apply for the Durlax Top Surface Limited IPO through Alice Blue, you would typically follow these steps:
Open a Demat and Trading Account: If you don’t have one already, you must open a Demat and trading account with Alice Blue.
- Check for IPO Details: Once your account is active, you can check for the Durlax Top Surface Limited IPO details in the IPO section of the Alice Blue platform.
- Place the Bid: Enter the number of shares you wish to buy and place your bid within the IPO’s price band.
- Submit the Application: Confirm all your details and submit your application.
You can apply for the Durlax Top Surface Limited IPO at Alice Blue in just a few clicks!
Check Allotment Status: After the allotment process, you can check the allotment status to see if you have received any shares.
Please note that the allotment of shares is not guaranteed and will depend on the demand for the IPO.
How do you check Durlax Top Surface Limited’s IPO Allotment Status?
Checking the allotment status of an IPO in Alice Blue is usually straightforward. Please follow these general steps:
- Log in to your Alice Blue Account: You can do this through the Alice Blue website or their trading app.
- Navigate to the Portfolio or IPO Section: This might differ based on the layout of Alice Blue’s platform, but generally, you can find the status of your IPO application under the ‘Portfolio’ or ‘IPO’ section.
- Find the IPO Allotment Status: Look for a sub-section called ‘IPO Allotment Status’ or something similar. This is where you can see the status of the IPOs you have applied for.
- Select the Durlax Top Surface Limited IPO: If you have applied for multiple IPOs, there might be a dropdown menu or a list where you can select the IPO you are interested in. Select the Durlax Top Surface Limited IPO.
- Check the Status: The status of your application should be displayed here. If the shares have been allocated to you, it would be mentioned here.
If you face any issues, it’s recommended that you contact Alice Blue’s customer support for detailed assistance.
Apart from Alice Blue, there are other ways to check the allotment status of the Durlax Top Surface Limited IPO:
● Registrar’s Website: Visit the website of Bigshare Services Private Limited, the registrar of the Durlax Top Surface Limited IPO. On the homepage, look for the ‘IPO Allotment Status’ option. You must enter your PAN, application, or Demat account number to check your allotment status. Click on the ‘Submit’ button to view your IPO allotment status.
● NSE and SME: You can also check the allotment status on the official websites of the National Stock Exchange (NSE) and Small Medium Exchange (SME). You would need your application number and PAN to check the status.
Please note that the allotment status will only be available after completing the allotment process, a few days after the IPO window closes.
Durlax Top Surface Limited Ltd IPO Offer Registrar
The registrar for the Durlax Top Surface Limited IPO is Bigshare Services Private Limited. They are responsible for ensuring the IPO allotment and refund processes are carried out smoothly.
Contact information for the registrar:
BIGSHARE SERVICES PRIVATE LIMITED
S6-2, 6th Floor, Pinnacle Business Park, Next to Ahura Centre,
Mahakali Caves Road, Andheri (East),
Mumbai –400 093, Maharashtra, India
Telephone: 022-6263 8200
Email: [email protected]
Website: www.bigshareonline.com
Durlax Top Surface Limited Limited IPO – FAQs
1. What is the allotment date of Durlax Top Surface Limited?
The allotment date of the Durlax Top Surface Limited IPO is June 24, 2024.
2. What is the price band of the Durlax Top Surface Limited IPO?
The price band of the issue is INR 71-75 per share.
3. What is the size of the Durlax Top Surface Limited IPO?
The offer size of Durlax Top Surface Limited is INR 40.80 crores, consisting of a fresh issue worth INR 28.56 crores and an offer to sell existing shares worth INR 12.24 crores. The company seeks funds to finance working capital, cover corporate needs, and meet offer expenses efficiently.
4. What is the listing date of the Durlax Top Surface Limited IPO?
The listing date of Durlax Top Surface Limited’s IPO is June 26, 2024.
