DURLAX TOP SURFACE LIMITED has been involved in Solid Surface Business for more than 10 Years with its two Established Popular Brands LUXOR (ACRYLIC UV SOLID SURFACE) & ASPIRON (MODIFIED SOLID SURFACE) with Excellent Satisfaction Rating with our end customer & Channel Partners.

DURLAX TOP SURFACE IPO, a Book Built issue amounting to ₹40.08 crores, consists of a fresh issue of 42 Lakhs shares aggregating to ₹28.56 crores and an offer for sale of 18 Lakhs shares totaling ₹12.24 crores. The subscription period for the IPO opens on June 19, 2024, and closes on June 21, 2024. The allotment is expected to be finalized on or about Monday, June 24, 2024, with a tentative listing date on the NSE SME scheduled on or about Wednesday, June 26, 2024.

The price band of Durlax Surface IPO is set at ₹65 to ₹68 per share, with a minimum lot size of 2000 shares. Retail investors are required to invest a minimum of ₹136,000, while the minimum investment for High-Net-Worth Individuals (HNIs) is 2 lots (4000 shares), amounting to ₹272,000.

EXPERT GLOBAL CONSULTANTS PRIVATE LIMITED is the book-running lead manager, BIGSHARE SERVICES PRIVATE LIMITED is the registrar. Globalworth Securities Limited is also the market maker for the Durlax Surface IPO.

Grey Market Premium (GMP) of Durlax Top Surface Limited

The Grey Market Premium is expected in the range of Rs 15 to Rs. 18 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.

Objectives of GP Eco Solutions India Limited

Durlax Top Surface intends to utilize the Net Fresh Issue Proceeds for the following Objects:
1. Part finance the working capital requirements 
2. General corporate purposes 
3. To meet the offer expenses

Refer to Durlax Top Surface Limited RHP for more details about the Company.

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About DURLAX TOP SURFACE Limited

Durlax Top Surface Limited is engaged in the business of manufacturing of solid surface material, which is sold across India, through an extensive distribution network of distributors and direct customers and also exported to various countries such as Dubai, Bahrain, Greece, Nepal. They operate through two brands namely LUXOR and ASPIRON, which provide a wide range of solid surfaces. Our LUXOR brand offers Acrylic UV Solid Surfaces, while ASPIRON offers Modified Solid Surfaces. The Company is situated in Vapi, Gujarat, their manufacturing facility is equipped with German and South Korean technologies and advanced machinery to produce solid surface materials. Durlax is amongst the world's very few companies which produces it own Solid Surface in its own State of the Art Continous Casting. The company have annual capacity to produce 200000 Sheets. Their State of the Art Facility is 180 km from Mumbai International Airport in the State Of Gujarat (Vapi).

Acrylic Solid surface is basically artificial customized solid material or we can say a man-made solid material or Stone with durable function and made to fulfill designer application or Modern Furniture,Kitchen,Office. This Acrylic Solid Surface usually composed of acrylic or polyester resins, few marble dust,bauxite, and pigments etc.

Their vision is to to meet the ever-evolving demands of their customers and create functional spaces across various sectors. Their solid surfaces find applications in residential, commercial, hospitality, healthcare, exterior, and diverse industries, providing stylish and durable solutions for countertops, vanities, offices, retail spaces, hotels, hospitals, outdoor projects, and more. Durlax have over 15 years of experience by delivering 500 projects across 120 distributors in India and exportation in more than 19 countries with the help of their 150 employees. 

Durlax Surface manufactured product category are : 
A. ASPIRON
- Aspiron is a solid surface that opens up a variety of design possibilities. It is made with mixture of polyester resin, aluminium trihydrate powder and certain other adhesive. It makes it suitable for various applications, including both residential and commercial environments such as hotels, healthcare facilities, retail spaces, and even marine settings.

B. LUXOR
- Luxor Acrylic UV is made with mixture of mono methyl amine, pvc methyl amine, aluminium trihydrate powder and certain other adhesive. Luxor Acrylic UV solid surface offers multipurpose solution. These solid surfaces are suited for a wide range of design applications, both indoors and outdoors, in residential, commercial, and office settings.

Indian Solid Surfaces Industry:

Countertops Market Analysis
The market value of the market studied is set to rise in the forecast period due to an increasing preference for higher-priced kitchen counter-top materials rather than laminates. The ongoing strong advances in developing markets, such as China, India, and Brazil, are further propelling the demand for countertops.The global countertops market size was valued at USD 131.50 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 6.5% from 2023 to 2030. The global Corian Acrylic Solid Surface market size was valued at USD 2261.2 million in 2022 and is expected to expand at a CAGR of 4.38Percent during the forecast period, reaching USD 2925.17 million by 2028.

The Asia-Pacific region was one of the largest markets for Countertops the Asia-Pacific region is anticipated to witness further growth in the sale of Countertops in the forecast period primarily in developing economies such as India and China.

In China, which is the fastest-growing market for Countertop products in Asia, the demand for countertop products is expected to witness growth attributed to factors such as the rising living standards of consumers and continued projects aimed at modernizing housing and non-residential building units. India is the region’s second-fastestgrowing market, and the country is likely to witness an increase in sales of countertop products owing to factors like economic growth, an increase in the rising disposable income of people, expansion of distribution networks, and growth in the construction sector.

Home Décor Market:
The India home furnishings market size reached INR 48,625 Crore in 2022. Looking forward, the market to reach INR 78,536 Crore by 2028, exhibiting a growth rate (CAGR) of 8.23% during 2023-2028.

India Home Furnishings Market Trends:
The thriving e-commerce industry on account of the increasing internet penetration and reliance on smartphones, tablets and laptops represents one of the key factors propelling the growth of the market in India.

DURLAX TOP SURFACE LIMITED STRENGTHS & STRATEGIES

1. Focusing on multiple end-user industries
2. Wide and diverse range of product offerings
3. Experienced promoters and management team with industry knowledge and an established track record
4. Diversified distribution network across India catering to customers
5. Continue to add to product portfolio by introducing new designs
6. Further expand our distribution network across India and globally
7. Continue to drive business based on people-centric policies and practices

DURLAX TOP SURFACE LIMITED RISK FACTORS & CONCERNS

1. Under-utilization of their production capacities could affect their business and financial performance.
2. The business is working capital intensive. 
3. The company have incurred borrowings from commercial banks and high Debt Equity Ratio 2.78:1
4. The company is dependent on third-party transportation providers for the supply of raw materials and delivery of their finished products.
5. A significant portion of their domestic sales are derived from the western zone.
6. Company's manufacturing activities are dependent on the delivery of adequate and uninterrupted supply of electrical power at a reasonable cost.
7. Restrictions on import of raw materials can impact their business and results of operations.
8. The requirements of being a listed company may strain their resources and distract management.