NSE SME Sylvan Plyboard (India) climbs on listing day

Shares of Sylvan Plyboard (India) were quoting at Rs 69.30 on the NSE, a premium of 26% compared with the issue price of Rs 55.

The scrip was listed at Rs 66, a premium of 20% over the initial public offer (IPO) price. The stock is currently frozen in its upper limit of 5% over its listing price.

The counter hit a high of Rs 69.30 and a low of Rs 62.70. About 29.14 lakh shares of the company changed hands at the counter.

Sylvan Plyboard (India)'s IPO was subscribed 78.48 times. 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 IPO comprised fresh issue of 51,00,000 equity shares. The promoter and promoter group shareholding diluted 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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