(Adds details, quotes, share price)
MUMBAI, July 4 (Reuters) - Shares in plywood maker Archidply
Industries <ARCY.BO> <ARCY.NS> were trading at 55.00 rupees on
Friday, down over 25 percent from its issue price of 74 rupees,
after listing at 73.70 rupees at the start of trade on BSE.
At 0509 GMT (10.39 a.m.), the shares were trading at 54.80
rupees after hitting a low of 53.65 rupees.
The company raised 489 million rupees through an initial
public offering of 6.61 million shares or 30.07 percent of the
post-issue paid up capital, thereby valuing the company at 1.63
billion rupees.
The proceeds from the issue will be used to set up two units
for making particle boards and medium density fibreboards. It
also plans to scale up its manufacturing capacity to 45 million
square metres from 22 million square metres.
The company is looking at a market share of 16 percent in the
branded sector, which constitutes about a fifth of the total
domestic wood panel industry, joint managing director, Shyam Daga
said on television channel CNBC-TV18.
He also said the company was generating positive cash flow in
its operation and had no immediate fund raising plans.
(Reporting by Kaustav Roy and Nandita Bose; editing by Prem
Udayabhanu)
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Keywords: ARCHIDPLY LISTING/