Sylvan Plyboard shares list at 20% premium. Misses upper circuit by a whisker

Sylvan Plyboard share price became available for trade on the NSE SME Emerge. The SME IPO listed on the NSE at ₹66 apiece, which is ₹11 higher than the issue price of ₹55 per equity share. This means the SME stock delivered a 20 percent listing gain to the lucky allottees. However, Sylvan Plyboard's share price didn't end here. The SME stock extended its listing gain and touched an intraday high of ₹69.20 per share within a few minutes of the share listing. While climbing to this intraday high, Sylvan Plyboard share price missed to touch upper circuit band of ₹69.30 apiece.

Sylvan Plyboard IPO details

The wood products manufacturer Sylvan Plyboard Limited launched its SME IPO on 24th June 2024. The SME IPO was available for bidders till 26th June 2024. The wood products manufacturer aimed to raise ₹28.05 crore from its IPO. The SME IPO was entirely a fresh issue of 51 lakh equity shares. A bidder was allowed to apply in lots and one lot of the Sylvan Plyboard IPO comprised 2,000 company shares. As per the RHP (Red Herring Prospectus) of the SME IPO, the company intends to utilise the issue proceeds for funding capital expenditure towards the purchase of additional plant and machinery, meet the working capital requirements and general corporate purposes, which includes expansion plans and debt reduction.

Finshore Management Services, as the book-running lead manager of the Sylvan Plyboard IPO, was responsible for managing the entire IPO process, from preparing the Red Herring Prospectus to allocating shares. Bigshare Services Pvt Ltd, as the official registrar of the SME IPO, was responsible for maintaining the records of the shareholders and handling the share transfer process.

Singh Suppliers Private Limited, Anand Kumar Singh, Jai Prakash Singh, Shakuntala Singh, and Kalyani Singh are the promoters of Sylvan Plyboard (India) Ltd. After the successful listing of Sylvan Plyboard shares, the promoters' shareholding in the company has fallen from 99.80 percent to 71.23 percent.

Sylvan Plyboard reported a net profit of ₹3.52 crore and revenue of ₹199.15 crore in FY23. For the nine months ended December 2023, the company's net profit was ₹4.47 crore, and revenue was ₹161.93 crore.

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