Sylvan Plyboard (India) Ltd, headquartered in Hooghly, West Bengal, is set to launch its SME public issue aiming to raise up to Rs 28.05 crore. The company specializes in manufacturing various wood products such as plywood, blockboard, and flush doors. The IPO will be hosted on the NSE Emerge platform of the National Stock Exchange of India Limited, with subscriptions opening on June 24, 2024, and closing on June 26, 2024.
The IPO comprises a fresh issue of 51 lakh equity shares at a price of Rs 55 per share, each with a face value of Rs 10. The funds raised will be allocated as follows:
Established in 2002, Sylvan Plyboard (India) Ltd boasts a legacy dating back over 70 years to 1951. The company operates a manufacturing facility in Hooghly, West Bengal, and distributes its products across various sectors including shipping, construction, real estate, interior decor, furniture, and more. It maintains a network of 223 authorized dealers spanning 13 states.
For the 9 months ending December 2023, Sylvan Plyboard reported a net profit of Rs 4.48 crore on total revenue of Rs 161.93 crore. In FY22-23, the company achieved a net profit of Rs 3.53 crore with total revenue amounting to Rs 199.15 crore. As of December 31, 2023, the company’s net worth stood at Rs 94.57 crore, reserves & surplus at Rs 80.29 crore, and assets at Rs 217.26 crore.
Post-IPO, the Promoter and Promoter Group holding will reduce from 99.80% to 73.53%, with the company’s shares set to be listed on the NSE Emerge platform, marking a significant milestone in Sylvan Plyboard’s growth trajectory.