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The initial public offer (IPO) of Sylvan Plyboard (India) received bids for 40,02,70,000 shares as against 51,00,000 shares on offer. The issue was subscribed 78.48 times.
The Retail Individual Investors (RIIs) category put in bids for 21,61,32,000 shares. The Non Institutional Investors (NIIs) category put in bids for 16,34,52,000 shares. The Qualified Institutional Buyers (QIBs) category put in bids for 2,06,86,000 shares.
The issue opened for bidding on 24 June 2024 and it closed on 26 June 2024. The price of the IPO was fixed at Rs 55 per equity share. The equity shares will list on NSE's SME platform.
The IPO comprised 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.
Sylvan Plyboard (India) manufactures wood products (plywood, doors, veneer) under the "Sylvan" brand. They have a large dealer network (223) across 13 states and employ over 800 people.
The company recorded revenue from operations of Rs 160.79 crore and net profit of Rs 4.47 crore for the period as on 31 December 2023.
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