Sylvan Plyboard IPO Gets Fully Subscribed on Day 1 – Key Dates, GMP, and All You Need to Know

Sylvan Plyboard (India) Ltd’s Initial Public Offering (IPO) launched on 24 June and achieved full subscription on its first day. This IPO, aimed at the SME (Small and Medium Enterprises) sector, will be open for bids until 26 June.

Business Background

Sylvan Plyboard is a manufacturer of wood products with a wide network of 223 authorised dealers across 13 states in India.

Subscription Status

As of Monday afternoon, the IPO has been subscribed 1.28 times, receiving bids for 61.88 lakh shares compared to the 48.44 lakh shares available. Specifically:

• Retail investors have subscribed 1.43 times.
• Non-Institutional Investors (NII) have subscribed 0.65 times.

Grey Market Premium

The Grey Market Premium (GMP) for Sylvan Plyboard shares is ₹28 per share. This suggests that the shares are trading at ₹83 in the grey market, a 50.91% premium over the IPO price of ₹55 per share.

IPO Details

• Open Date: 24 June
• Close Date: 26 June
• IPO Price: ₹55 per share
• Total Issue Size: ₹28.05 crore
• Shares Offered: 51 lakh equity shares
• Lot Size: 2,000 shares (minimum investment ₹110,000)
• Lead Manager: Finshore Management Services Ltd
• Registrar: Bigshare Services Pvt Ltd

Important Dates

• IPO Allotment Finalisation: 27 June
• Listing Date: 1 July
• Stock Exchange: NSE SME

Financial Highlights

For the fiscal year 2023, Sylvan Plyboard reported a net profit of ₹3.52 crore on revenue of ₹199.15 crore. For the nine months ending December 2023, the net profit was ₹4.47 crore on revenue of ₹161.93 crore.

Use of IPO Proceeds

The company plans to use the funds from the IPO for:

• Purchasing new plant and machinery.
• Meeting working capital requirements.
• General corporate purposes.