The initial public offer (IPO) of Sylvan Plyboard (India) received bids for 85,08,000 shares as against 51,00,000 shares on offer, as per NSE data as of 17:00 hours on Monday (24 June 2024). The issue was subscribed 1.66 times.

The issue opened for bidding on Monday (24 June 2024) and it will close on Wednesday (26 June 2024). The price of the IPO is fixed at Rs 55 per equity share. The minimum order quantity is 2,000 equity shares. The equity shares will list on NSE’s SME platform.

The IPO comprises fresh issue of 51,00,000 equity shares. The promoter and promoter group shareholding will dilute to 71.23% from 96.67% Pre-IPO.

The company intends to utilize the net proceeds to funding capital expenditure towards purchase of additional plant and machinery, to meet the working capital requirements, to meet the issue expenses and for general corporate purposes.

About 2,56,000 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 48,44,000 equity shares. The issue and the net issue will constitute 26.32% and 25% respectively of the post offer paid up equity share capital of the company.

Sylvan Plyboard (India) is engaged into manufacturing of various wood products such as plywood, block board, flush door, veneer and sawn timber across various grades and thickness. The company markets its products under the brand name of “Sylvan”, through its network of authorized dealers and authorized sub dealers.

The company is dedicated constantly expanding and updating its product range in order to stay ahead in the market. Its range of products under manufacturing capabilities is plywood, block boards & flush doors, veneer and sawn timber. The company has 223 authorized dealers present across 13 states. As of 31 December 2023, the total strength of manpower is 817 employees including company’s directors.

The company recorded revenue from operations of Rs 160.79 crore and net profit of Rs 4.47crore for the period as on 31 December 2023.