Sylvan Plyboard (India) Ltd IPO

Sylvan Plyboard (India) Limited was originally incorporated as a Private Limited Company in the name of Singh Brothers Exim Private Limited on August 02, 2002 under the provisions of Companies Act, 1956 bearing Corporate Identification Number U51431WB2002PTC095027 issued by Registrar of Companies - West Bengal. Subsequently the name of the company was changed to Sylvan Plyboard (India) Private Limited vide a fresh Certificate of Incorporation consequent upon Change of Name dated March 05, 2013 bearing Corporate Identification Number U51431WB2002PTC095027 issued by Registrar of Companies - West Bengal. Subsequently, the company was converted into Public Limited Company under the Companies Act, 2013 and the name of the Company was changed to Sylvan Plyboard (India) Limited vide a fresh Certificate of Incorporation consequent upon conversion from Private Company to Public Company dated June 19, 2018 bearing Corporate Identification Number U51431WB2002PLC095027 issued by Registrar of Companies - Kolkata.

India's tropical plywood production is based largely on imported tropical logs and has also expanded significantly over the last decade, growing year-on-year between 2016 and 2019 and amounting to 10 million m3 in 2019. Production has moderated at 10.0 million m3 annually between 2019 and 2022. India's tropical plywood production typically uses species such as: keruing (gurjan) from Myanmar for face veneer; balau, merbau and keruing from Malaysia; teak from Myanmar and other suppliers; and domestic plantation species for core veneer. With log export restrictions implemented in most Southeast Asian supplying countries, Indian plywood manufacturers continue to face difficulties in securing raw material along with reduced availability and rising costs of log imports from other supplying countries, intensified by a weakening currency in 2022 and early 2023, and rising costs of labour. In response to these issues, Indian manufacturers have increased log imports from other suppliers (particularly PNG, the Solomon Islands and African suppliers) as well as importing gurjan veneer from Lao PDR and okoume veneer from Gabon, where a number of Indian companies have invested in veneer production facilities. In 2023, plywood manufacturers have reported cuts in production in response to limited raw material supplies and increased input prices, particularly resin, with plywood mills reporting competition for raw materials with new MDF and particleboard plants. India's tropical plywood consumption has remained relatively stable over the last five years and totalled 10.0 million m3 in 2021 and 2022. As a proportion of India's total panel consumption, plywood consumption is relatively high (about 78 percent) although MDF and particleboard are reportedly increasing their market share. The Indian plywood market is primarily driven by construction activity and the home furnishing sector. Growth in consumer disposable income levels along with rising expenditure on home décor has supported demand for wood-based panels, including plywood57, boosted by a government policy shift to demand-side stimulus and more public investment. Although air pollution had slowed construction activity in late 2022, weakening the demand for plywood, later improvements in air quality had allowed construction work to resume and had lifted demand for plywood. In 2023, demand for plywood is expected to be boosted by the product's acceptance for use in tier 3 and rural markets as a cost-effective alternative to traditional wood shuttering.