Solid surface manufacturer Durlax Top Surface’s Rs 40.80 crore initial public offer has been oversubscribed nearly 161 times, the company said on Saturday.

 According to the exchange data, the IPO received bids for around 87 crore shares against 60 lakh shares on offer for subscription, 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 around 35.52 crore shares were received against 8.56 lakh shares on offer.

Retail segment was subscribed over 202 times and the qualified investor segment was subscribed over 48 times, the company said.

The company’s shares will be listed on the NSE SME platform, Emerge, on June 26.

The company had fixed the 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 a fresh issue of 42 lakh shares worth up to Rs 28.56 crore and an offer for sale of 18 lakh shares worth up to Rs 12.24 crore.

Out of the fresh issue of Rs 28.56 crore, the company 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 around 95 per cent stake in the company while public shareholders hold nearly 5 per cent stake.

Promoter Shravan Kumar, who held 66.94 per cent of the equity stake or 83,01,399 shares sold 18 lakh shares through the OFS route.

“Promoter holding pre-issue stands at 95.44 per cent which post-issue will come to 60.35 per cent,” the company said.

Established in 2010, Durlax Top Surface manufactures solid surface materials. The company has two brands, namely LUXOR and ASPIRON.

The Gujarat-based company reported revenue of Rs 90.84 crore and a net profit of Rs 5.05 crore for FY 2023-24.