Sylvan Plyboard IPO sees 80x subscription on enthusiastic retail response

Sylvan Plyboard (India) Ltd’s initial public offering was subscribed nearly 80 times on Wednesday, the final day of the bidding, riding on robust demand from retail investors.

The ₹28.05 crore IPO of the wood products manufacturer opened for subscription on the NSE SME platform on June 24 (Monday).

According to the NSE data, the public offer received bids for 38.66 crore (38,66,24,000) equity shares against 48.44 lakh shares on offer. The issue was booked 79.83 times.

The retail investors’ category was booked 84 times. Applications for 20.37 crore (20,37,08,000) equity shares were received against 24.22 lakh shares on offer. The company had set aside half of the net issue size for retail investors.

Non-retail investors, including qualified institutional investors, placed bids for 18.26 crore equity shares against 24.22 lakh shares on offer. The category was booked 75 times.

Qualified Institutional Buyers (QIBs) placed bids for 2,06,86,000 equity shares while non-institutional investors placed bids for 16.22 crore shares.

Sylvan Plyboard (India) IPO details

Sylvan Plyboard’s IPO is a fixed-price issue comprising a fresh issue of 51 lakh shares. The company set aside 2,56,000 equity shares of ₹10 each at a price of ₹55 per equity share aggregating to ₹ 1.40 crore for market makers.

Sylvan Plyboard fixed the IPO price at ₹55 per share. The minimum lot size is 2000 shares and the minimum investment ₹110,000.

Finshore Management Services Limited is the book-running lead manager. Bigshare Services Pvt Ltd is the IPO registrar and Black Fox Financial is the market maker.

Sylvan Plyboard IPO share allotment and listing

Sylvan Plyboard is expected to announce the share allotment status on June 27 (Thursday). Investors can check the share allotment status on the official website of NSE and IPO registrar Bigshare Services Pvt Ltd. The company will initiate refunds and credit of shares to demat accounts on June 28 (Friday). The company has proposed to list shares on the NSE Emerge on July 1 (Monday).

Sylvan Plyboard IPO objective

Sylvan Plyboard has proposed that out of its net proceeds of ₹24.94 crore, it will invest ₹3.71 crore in capital expenditures for the purchase of additional plant and machinery. The company plans to use ₹16.93 crore to meet working capital requirements and the rest for general corporate purposes.

Sylvan Plyboard (India) Ltd is a manufacturer of wood products such as plywood, flush door, block board, veneer and sawn timber. The company has a manufacturing facility at Hooghly in West Bengal. It markets products under the Sylvan brand name.

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