Durlax Top Surface Ltd IPO: Review, Valuation, Date & GMP

Durlax Top Surface Limited IPO: Complete Overview

Dear readers today we are ready with IPO details of Durlax Top Surface Limited. Creating solid surface materials is Durlax Top Surface's area of expertise, according to their IPO description. Through a large network of distributors and direct customers, these products are sold throughout India. They are also shipped to a variety of places, such as Greece, Nepal, Dubai, and Bahrain.

They do business under the LUXOR and ASPIRON brands, which offer a large selection of solid surfaces that are renowned for both their functionality and good looks. Acrylic UV Solid Surfaces are available under the LUXOR brand and Modified Solid Surfaces are offered under ASPIRON. Both manufacturers guarantee a wide range of superior solid surfaces with seamless designs, antimicrobial qualities, and fire-retardant features.

The company achieved sales to distributors of about INR 58.90 lakhs, making up 64.89% of its total sales in fiscal year 2024. During this time, the business partnered with sixteen distributors. Durlax Top Surface Limited's workforce consisted of 70 workers as of September 25, 2023. 

The company is all set to offer its IPO on June 19, 2024, So whoever is interested, can take part in the upcoming Durlax Top Surface Limited IPO.

Now we will discuss this IPO's offerings in detail below. 

 

Durlax Top Surface Limited IPO Overview

Durlax Top Surface Limited IPO is a Book Built Issue of 40.80 crores. The issue consists of an offer to sell 1,800,000 shares valued at Rs. 12.24 Cr, a fresh issue of 4,200,000 shares valued at up to Rs.28.56 Cr. The IPO will open for subscribers on June 19, 2024, and close on June 21, 2024.

Durlax Top Surface Limited IPO will be listed on SME and NSE with a tentative listing date fixed as Wednesday, June 26, 2024. The price of each share is Rs.65 to Rs.68.

 

 

Company Financial

This is a synopsis of Durlax Top Surface Limited IPO's financial data for the fiscal year that concluded on March 31, 2023.

• Durlax Top Surface Limited's revenue ranges from Rs.1 to 100 crore.

• The company's net value has grown by 32.65%.

• The company's EBITDA has improved by 24.04%.

• The company's overall assets have increased by 7.97%.

• The company's liabilities have climbed by 286.1%.

 

(Amount in Lacs)

Period	31 Mar 2023	31 Mar 2022	31 Mar 2021
Total Assets	7,782.04	7,205.30	5,757.66
Total Revenue	6,684.20	4,741.81	1,974.00
PAT	262.59	80.66	-82.51
Net worth	1,726.37	1,294.28	1,213.62
Reserve & Surplus	430.20	1,223.20	1,142.54
Total Borrowings	3,690.93	3,929.82	3,746.74

 

Revenue Bifurcation

Below are the facts presented in different activities of the company. Let’s have a view on it for a better understanding of the company’s performance.

Cash Flow from Operating Activities:

Net cash flow from operating activities increased to 382.70 lacs on 31 March 2023, from 153.27 lacs on 31 March 2022.

The operating profit before performing capital changes fell substantially from 760.53 lacs on 31 March 20223 to 627.86 lacs on 31 March 2022.

Cash generated from operations increased to 403.58 lacs on 31 March 2023 from 153.27 lacs on 31 March 2022.

Cash Flow from Investing Activities:

Net cash involved in investing activities decreased to 6.47 lacs on 31 March 2023, from 42.78 lacs on 31 March 2022.

Cash flows were involved in the purchase and sale of Property, Plant & Equipment (Involving Capital goods).

Cash Flow from Financing Activities:

Net cash flow involved in financing activities increased to 381.75 lacs on March 31, 2023, from 105.78 lacs on March 31, 2022.

 

 

Graphical representation of Revenue Bifurcation market-wise

 

 

State-wise Revenue Bifurcation

 

 

The Objective of the Issue

The company intends to utilize the Net Proceeds towards funding its following objectives:

1. To pay for the offer expenses.

2. General company purposes.

3. A portion of the working capital requirements.

 

Peers of Durlax Top Surface Limited IPO

Company Name	Face Value (Rs.)	EPS (Rs.)	P/E
Kaka Industries Limited	10	7.19	23.79
Dhabriya Polywood Limited	10	7.84	42.54
Pokarna Limited	2	21.23	22.03

 

Evaluation

The IPO issue price is Rs.65 to Rs.68 for each share.

Evaluation of P/E Ratio

The P/E Ratio of Durlax Top Surface Limited IPO is not available.

Comparative Analysis with Listed Peers

The average P/E Ratio of the industry is 29.46.

 

Particulars	P/E Ratio
Highest	42.54
Lowest	22.03
Average	29.46

 

 

IPO's Strengths 

• The company is concentrating on several end-user sectors.

• A broad and varied selection of products.

• Seasoned promoters and management group with a proven track record in the business.

• To achieve their objectives, they have carefully constructed their distribution network over the past few years.

 

IPO’s Weaknesses 

• Leveraged capital structure and weak debt coverage

• The company's poor liquidity position is indicated by a minor cash balance of Rs. 0.98 crore, a stretched business cycle with gross current asset of 296 days in FY23, and lesser accumulations when compared to repayment commitments. This can make it more difficult for the business to make timely loan repayments.

 

IPO GMP Today

The Latest GMP of Durlax Top Surface Limited IPO is Rs.64.

 

Durlax Top Surface Limited IPO timetable (Tentative)

Durlax Top Surface Limited IPO is scheduled from June 19 to June 21, 2024, with allotment on June 24, refund initiation on June 25, and listing on June 26, 2024.

Events	Date
IPO Opening Date	June 19, 2024
IPO Closing Date	June 21, 2024
IPO Allotment Date	June 24, 2024
Refund initiation	June 25, 2024
IPO Listing Date	June 26, 2024

 

Durlax Top Surface Limited IPO Details 

Durlax Top Surface Limited IPO with a face value of Rs.10 per share is set to start on June 19 and close on 21 June and will offer a fresh issue size of 4,200,000 shares (aggregating up to Rs.28.56 Cr) and offer for sale 1,800,000 shares (aggregating up to Rs.12.24 Cr)

IPO Opening & Closing Date	June 19, 2024 to June 21, 2024
Face Value	Rs.10 per share
Issue Price	Rs. 65 to Rs. 68
Lot Size	2000 shares
Price of 1 lot	Rs. 1,36,000
Issue Size	6,000,000 shares (aggregating up to Rs. 40.80 Cr)
Offer for Sale	1,800,000 shares (aggregating up to Rs 12.24 Cr)
Fresh issue	4,200,000 shares (aggregating up to Rs.28.56 Cr)
Listing at	SME, NSE
Issue Type	Book Built Issue IPO
Registrar	Bigshare Services Pvt Ltd

 

 

Durlax Top Surface Limited IPO Lot Details 

Durlax Top Surface Limited IPO allows retail investors to invest in a minimum and maximum of 1 lot (2000 shares) at Rs.1,36,000 while for HNI investors, the minimum lot is 2 (4000 shares) at Rs.2,72,000.

Minimum Lot Investment (Retail)	1 lot
Maximum Lot Investment (Retail)	1 lot
HNI (Min)	2 lot

 

Durlax Top Surface Limited IPO Reservation

QIB share Portion	50%
Retail Investors’ Share Portion	35%
HNI shares offered	15%

 

Promoters and Management of Durlax Top Surface Limited IPO

• Mr. Shravan Suthar

•  Mr. Lalit Suthar

 

Durlax Top Surface Limited IPO Lead Managers

• Expert Global Consultants Private Limited 

 

 

Dividend Policy

The company has not paid any Dividends since incorporation.

 

Conclusion

Durlax Top Surface Limited’s net revenue, assets, and PAT have increased in the last three Financial years. So if you’re looking to invest in its coming IPO, do an extensive study on the firm, its finances, commercial prospects, and industry trends before investing in its IPO. 

We believe this blog would be very beneficial to you if you are considering investing in this upcoming IPO since this log would provide you with accurate information about the company's, insights, financials, and past performance. If the information and statistics offered in this blog pique your interest, you may want to consider participating and benefiting from the advantages it will offer the market. 

However, before making any decisions in this regard, we suggest our potential readers to speak with their financial counselor.

For all such latest information on upcoming IPOs, keep visiting our website.

 

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

 

Disclaimer: This IPO analysis is only for informational purposes and should not be considered as investment advice. Always do your research and consult with a financial advisor.

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