Durlax Top Surface IPO Lists at 60.29% Premium on NSE SME Platform

Durlax Top Surface (NSE-SME IPO) - Lists at a Premium of 60.29%

Durlax Top Surface made a robust debut on 26th June 2024, listing at ₹109.00 per share, marking a significant premium of 60.29% over its IPO price of ₹68 per share. Here's a detailed look at the pre-open price discovery for the Durlax Top Surface IPO on the NSE:

PRE-OPEN ORDER COLLECTION SUMMARY

Data Source: NSE

The SME IPO of Durlax Top Surface was a book built IPO in the price band of ₹65 to ₹68 per share. Considering the strong subscription response at over 166X and the anchor allocation being done at the upper end of the band, the price discovery of the IPO also happened at the upper end of the price band at ₹68 per share. On 26th June 2024, the stock of Durlax Top Surface listed at ₹109.00 per share, a premium of 60.29% over the IPO price of ₹68.00 per share. For the day, being in the 5% circuit filter category, the upper circuit price has been set at ₹114.45 and the lower circuit price has been set at ₹103.55. 

As of 10.15 am, the volumes were 19.76 lakh shares while the turnover (value) was at ₹2,143 lakhs. The opening market cap of the stock stands at ₹172.18 crore. The equity shares of Durlax Top Surface (Symbol: DURLAX) shall be in Series ST (Trade for Trade Surveillance Segment (TFTS) – Settlement Type W) and subsequently be shifted to Series SM (Normal Rolling Segment – Settlement Type N). At 10.15 am, the stock is trading at ₹103.55, which is below the listing price of ₹109.00 per share and the stock is locked in the 5% lower circuit in the morning after a strong listing. The stock of Durlax Top Surface has a face value of ₹10 per share and the market lot comprises of 1,200 shares. The stock trades under the NSE symbol (DURLAX) and the ISIN code for demat credits will be (INE0OUW01013).

About Durlax Top Surface IPO

The stock of Durlax Top Surface has a face value of ₹10 per share and it is a book built issue. The price for the book building issue is set in the price band of ₹65 to ₹68 per share. Being a book built issue, the final price will be discovered within this band. The IPO of Durlax Top Surface has a fresh issue component and also an offer for sale (OFS) portion. While the fresh issue portion is EPS dilutive and equity dilutive, the OFS is just a transfer of ownership and  hence is not EPS or equity dilutive. As part of the fresh issue portion of the IPO, Durlax Top Surface  will issue a total of 42,00,000 shares (42.00 lakh shares), which at the upper band IPO price of ₹68 per share aggregates to fresh fund raising of ₹28.56 crore. As part of the offer for sale (OFS) portion of the IPO, the issue will see an offer / sale of 18,00,000 shares (18.00 lakh shares), which at the upper band IPO price of ₹68 per share aggregates to overall OFS issue size of ₹12.24 crore. The entire OFS of 18 lakh share is being offered by the promoter shareholder, Shravan Suthar.

Read more about Durlax Top Surface IPO

Therefore, the overall IPO size will also comprise of the fresh issue and an OFS of 60,00,000 shares (60.00 lakh shares) which at the upper band IPO price of ₹68 per share will aggregate to overall IPO size of ₹40.80 crore. Like every SME IPO, this issue also has a market making portion. The company has set aside a total of 3,00,000 shares as quota for market making inventory. Globalworth Securities Ltd has already been appointed as the market makers to the issue. The market maker provides two-way quotes to ensure liquidity on the counter and low basis costs. The company has been promoted by Shravan Suthar and Lalit Suthar. The promoter holding in the company currently stands at 95.44%. However, post the fresh issue of shares, promoter equity holding share will get diluted to 60.35%. The fresh issue funds will be used by the company to part finance its working needs in the normal course of running the business. A small part of the IPO proceeds has also be set aside for general corporate purposes. Expert Global Consultants Private Ltd will be the lead manager to the issue, and Bigshare Services Private Ltd will be the registrar to the issue. The market maker for the issue is Globalworth Securities Ltd. The IPO of Durlax Top Surface  will be listed on the SME IPO segment of the NSE.