Archidply Industries files IPO papers

MUMBAI - Archidply Industries has filed papers with the Securities and Exchange Board of India for its initial public offering.

Archidply proposes to use the proceeds for setting up a new manufacturing facility for plain particle board, pre laminated particle board and decorative plywood at Chintamani in Karnataka and a facility for medium density fibreboard at Rudrapur in Uttarakhand.

Archidply's operational income and net profit for the financial year ended March 31, 2007 stood at Rs 9,8.42 crore and Rs.5.24 crore respectively.

Operational income and net profit for half year ended September stood at Rs 65.80 crore and Rs 6.80 crore, a growth of 34 per cent and 159 per cent respectively on annualised basis.

Archidply has a large distribution network and operates through 16 marketing offices and 61 distributors and stockists across the country.

The company proposes to introduce new products to leverage extensive distribution channels. They have plans to foray in tier II and tier III cities and export market.