Archidply Industries to raise 55 cr through IPO

Chennai, Nov 13 (UNI) Archidply Industries Limited proposes to tap the capital market with Initial Public Offer (IPO) to raise 55 crore.

Archidply Industries proposes to use the proceeds from the IPO primarily for setting up a new manufacturing facility of Plain Particle Board (PPB), Pre Laminated Particle Board (PLB) and Decorative Plywood at Chintamani in Karnataka and setting up a new manufacturing capacity for Medium Density Fibreboard(MDF) at Rudrapur, Uttarakhand, a company release here today said.

Archidply has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on November five to raise funds from the capital market.

Archidply proposes to introduce new products thereby leveraging their extensive distribution channels.

They also plan to increase their market presence in the fast developing tier 2 and tier 3 cities and enter the export market, the release added.

UNI