Mumbai: Shares in plywood maker Archidply Industries listed at Rs73.70, down 0.4% from its issue price of Rs74 per share on the BSE on 4 July.
The shares were trading at Rs62 on the BSE at 09.56 a.m. after falling to a low of Rs56.10.
The company raised Rs489 million through an initial public offering of 6.61 million shares or 30.07% of the post-issue paid up capital, thereby valuing the company at Rs1.63 billion.
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.