Duroflex Files for IPO: Aims to Raise Rs 183.6 Crore Through Fresh Issue
Mattress maker Duroflex has filed preliminary papers with SEBI for an IPO. The offering includes a fresh issue of shares worth Rs 183.6 crore and an offer-for-sale of over 2.25 crore equity shares by promoters and investors. Funds will be used to establish 120 new company-owned stores, meet lease obligations, and finance marketing initiatives. Duroflex, founded in 1963, is among India's top three mattress companies, operating under brands Duroflex, Sleepyhead, and Perfect Rest. The company reported revenue of Rs 1,057.00 crore in FY2023. JM Financial and Motilal Oswal Investment Advisors are managing the IPO.
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Mattress maker Duroflex has taken a significant step towards going public by filing preliminary papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The proposed IPO comprises a fresh issue of shares worth Rs 183.6 crore and an offer-for-sale (OFS) of over 2.25 crore equity shares by promoters and existing investors.
IPO Structure and Participants
The IPO structure includes:
- Fresh Issue: Rs 183.6 crore
- Offer-for-Sale: Over 2.25 crore equity shares
The OFS participants include:
- Jacob Joseph George
- Mathew Chandy
- Mathew George
- Mathew Antony Joseph
- Lighthouse India Fund III Ltd
- Lighthouse India III Employee Trust
Use of Proceeds
Duroflex plans to utilize the funds raised from the fresh issue for:
- Establishing 120 new company-owned stores
- Meeting lease obligations
- Funding marketing initiatives
- General corporate purposes
Company Overview
Founded in 1963, Duroflex has established itself as one of India's top three mattress companies by market share. The company operates under multiple brands:
- Duroflex
- Sleepyhead
- Perfect Rest
Duroflex's retail presence includes:
- 74 company-owned stores
- Over 7,500 general trade stores
Financial Performance
The company has shown significant growth:
| Fiscal Year | Revenue from Operations |
|---|---|
| FY2023 | Rs 1,057.00 crore |
IPO Management
The book-running lead managers appointed for the IPO are:
- JM Financial
- Motilal Oswal Investment Advisors
This IPO marks a significant milestone for Duroflex, potentially providing the company with the capital needed to expand its retail presence and strengthen its market position in the competitive mattress industry.
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