Sylvan Plyboard IPO fully subscribed on Day 1; Check latest GMP, subscription status, other key details of SME IPO

MINT | June 24, 2024 | 06:48 PM IST | Breaking News | Follow on Google News

Sylvan Plyboard IPO fully subscribed on Day 1; Check latest GMP, subscription status, other key details of SME IPO

Sylvan Plyboard IPO fully subscribed on Day 1; Check latest GMP, subscription status, other key details of SME IPO

Sylvan Plyboard IPO: The initial public offering (IPO) of Sylvan Plyboard (India) was launched on June 24 and received full subscription on the first day itself. Sylvan Plyboard IPO is an SME IPO and the bidding will remain open till June 26.

Sylvan Plyboard (India) Ltd is the manufacturer of various wood products. It has 223 authorized dealers present across 13 states.

Let us check Sylvan Plyboard IPO GMP today, subscription status and other key details:

Sylvan Plyboard IPO Subscription Status

Sylvan Plyboard IPO has been subscribed 1.28 times so far on Monday, the first day of the bidding process. The public issue received bids for 61.88 lakh equity shares as against 48.44 lakh shares on the offer, as per data available till 3:00 pm.

The IPO has been subscribed 1.43 times in the retail category, and 0.65 times in the Non-Institutional Investors (NII) category so far.

Also Read: Mason Infratech IPO opens today. GMP, review, other details about NSE SME IPO in 10 points

Sylvan Plyboard IPO GMP Today

Sylvan Plyboard IPO GMP today, or grey market premium today, is ₹28 per share, according to stock market observers. This indicates that Sylvan Plyboard shares are trading higher by ₹28 apiece, at ₹83 in the grey market, a premium of 50.91% to the IPO price of ₹55 per share.

Sylvan Plyboard IPO Details

Sylvan Plyboard IPO opened for subscription on Monday, June 24 and will close on Wednesday, June 26. The IPO allotment is expected to be finalized on June 27, and the IPO listing date is July 1. Sylvan Plyboard shares will be listed on NSE SME.

Sylvan Plyboard IPO price has been set at ₹55 per share. The fixed price issue worth ₹28.05 crore is entirely a fresh issue of 51 lakh equity shares.

The IPO lot size is 2,000 shares and the minimum investment amount required by retail investors is ₹110,000.

Read here: Sylvan Plyboard IPO price band set at ₹55 per share; issue to open on June 24

Finshore Management Services Ltd is the book running lead manager, while Bigshare Services Pvt Ltd is the Sylvan Plyboard IPO registrar.

In FY23, Sylvan Plyboard posted a net profit of ₹3.52 crore upon a revenue of ₹199.15 crore. For the nine months ended December 2023, the company’s net profit was ₹4.47 crore and revenue at ₹161.93 crore.

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.

MINT