Sylvan Plyboard IPO: Sylvan Plyboard (India) Ltd launched its initial public offering (IPO) on June 24 and achieved full subscription on the first day itself. This SME IPO will continue accepting bids until June 26.
Sylvan Plyboard (India) Ltd manufactures various wood products and operates through 223 authorized dealers across 13 states.
As of the first day, Sylvan Plyboard IPO has been subscribed 1.28 times, with bids received for 61.88 lakh equity shares against the total offer of 48.44 lakh shares by 3:00 pm.
The subscription rate is 1.43 times in the retail category and 0.65 times in the Non-Institutional Investors (NII) category so far.
Grey market premium (GMP) for Sylvan Plyboard IPO today stands at ₹28 per share, indicating a trading price of ₹83 per share, which is a premium of 50.91% over the IPO price of ₹55 per share.
Key Details of Sylvan Plyboard IPO:
- IPO opened on June 24 and closes on June 26.
- Allotment is expected on June 27, and listing on NSE SME is scheduled for July 1.
- Issue size is ₹28.05 crore, entirely through a fresh issue of 51 lakh equity shares.
- IPO lot size is 2,000 shares, requiring a minimum investment of ₹110,000 for retail investors.
- Proceeds will fund capital expenditure for additional plant and machinery, working capital, and general corporate purposes.
In FY23, Sylvan Plyboard reported a net profit of ₹3.52 crore on revenue of ₹199.15 crore. For the nine months ending December 2023, net profit was ₹4.47 crore with revenue at ₹161.93 crore.
Finshore Management Services Ltd is the book running lead manager, and Bigshare Services Pvt Ltd is the registrar for the IPO.
