Sylvan Plyboard stock debuts with 20% premium on NSE SME platform

The shares of Sylvan Plyboard listed on the NSE SME platform with a premium of 20% on Monday. The stock debuted at Rs 66 as against an issue price of Rs 55.

Ahead of the listing, the company's shares traded with a premium of Rs 30 in the unlisted market.

The IPO, which was completely a fresh equity sale of 51 lakh shares, was subscribed over 80 times at close.

The net proceeds from the public offer will be used for funding capital expenditure, working capital requirements, issue related expenses and general corporate expenses.

The company is engaged in the manufacturing of various wood products such as plywood, block board, flush door, veneer and sawn timber across various grades and thickness.

Slyvan Plyboard has diversified into manufacturing activities by setting up an integrated manufacturing facility in Baidyabati, West Bengal, spread over an area of nearly 11.61 acres.

The company said it is dedicated to constantly expanding and updating its product range in order to stay ahead in the market. Its range of products under the manufacturing capabilities is plywood, block boards and flush doors.

Sylvan Plyboard markets its products through its network of authorized dealers and authorized sub dealers.

India’s tropical plywood production is based largely on imported tropical logs and has also expanded significantly over the last decade, growing year-on-year between 2016 and 2019 and amounting to 10 million cubic metres in 2019.

For the period ended December 2023, the company clocked total revenues of Rs 162 crore and net profit of Rs 4.47 crore.

Finshare Management Services acted as the lead manager to the issue and Bigshare Services was the registrar.