Durlax IPO subscribed more than 161 times

NEW DELHI : Solid surface manufacturer Durlax Top Surface’s initial public offer (IPO) to raise Rs 40.80 crore has been oversubscribed nearly 161 times, the company said on Saturday.

As per the exchange data, the IPO received bids for 87 crore shares against 60 lakh shares on offer, Durlax Top Surface said in a statement. Non-institutional investor category received the highest interest among investors and was subscribed over 415 times. Bids for 35.52 crore shares were received against 8.56 lakh shares on offer. Retail segment was subscribed 202 times and the qualified investor segment was subscribed over 48 times.

The shares will be listed on the NSE SME platform, Emerge, on June 26. It had fixed price band at Rs 65-68 per share for the issue which was open for subscription from June 19-21, it added. The IPO comprises of a fresh issue of 42 lakh shares of Rs 28.56 crore and an offer for sale of 18 lakh shares of Rs 12.24 crore. Of the fresh issue of Rs 28.56 crore, it plans to utilise Rs 17.50 crore to part finance working capital requirements and Rs 6 crore towards general corporate purposes. Promoters including Shravan Suthar and Lalit Suthar hold about 95% stake.