The IPO of Archidply Industries received decent response for its initial public offer (IPO). The IPO which closed today 17 June 2008, was subscribed 1.48 times by 17:00 IST on NSE. The IPO received bids for 97.64 lakh shares, as against 66.15 lakh shares on offer.

Archidply Industries had set Rs 70 to Rs 80 per share price band for its IPO.

Archidply Industries manufactures comprehensive engineered interior products which include plywood, block board, plain and pre laminated particle board, decorative laminates and decorative veneers.

The capital raised from the issue will be deployed to set up a new manufacturing facility of plain particle board, pre laminated board and decorative plywood at Karnataka. The capital will also be deployed to set up a new manufacturing capacity for medium density fibreboard (MDF) at Rudrapur in Uttarakhand. Also the proceeds will be deployed towards margin money for working capital.

The company reported 157.26% jump in net profit to Rs 14.87 crore on 52.68% rise in net sales to Rs 143.55 crore in the year ended March 2008 over the year ended March 2007.