Archidply Ind IPO opens on June 11

Mumbai, Jun 9 (UNI) Archidply Industries Limited, manufacturers of plywood, comprehensive engineered interior products, pre-laminated particle board, Decorative Laminates and Decorative Veneers is entering the capital market on June 11 with Initial Public Offer (IPO) size of 11 of 66,15,720 equity shares of Rs ten each.

The price band has been fixed at a price band of Rs 70 to Rs 80.

The issue closes on June 17.

Archidply CMD Deen Dayal Daga here told mediapersons, ''The proceed from IPO will be used to set up a new manufacturing facility of Plain Particle Board (PPB), Pre Laminated Board (PLB) and Decorative plywood at Chintamani in Karnataka with investment of Rs 36 crore. The Company also proposed to setting up a new another manufacturing capacity for Medium Density Fibreboard (MDF) at Rudrapur in Uttarakhand with investment of Rs 26 crore. The Company has set up a large distribution network and operates through 16 marketing offices and 61 distributions and stockists.

Meanwhile, Archdply Industries Limited Joint Managing Director Shyam Daga said, ''The brand 'Archdply' has positioned itself in the premium segment of the wood panel and decorative surfacing products as high quality raw material inputs are used like European and Japanese decorative papers.'' ''The Company's total income for the financial year ended March 31, 2008 is Rs 142.82 crore compared to the corresponding period for the financial year ended 2007 Rs 100.62 crore. The Company has achieved the profit after the tax for the financial year ended 2008 of Rs 14.98 crore as compared to the corresponding period for the financial year ended March 2007 Rs 5.24 crore,'' he added.

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