PLYWOOD and veneer maker Pacific Plywood Holdings plans to raise $253 million with the issue of 220 million new shares offered at $1.15 a share, according to its preliminary listing prospectus. The company will sell the shares at 6.02 times earnings, on a pro forma, fully diluted basis, based on projected profits of $168 million for all of 1995. Last year, it made net profits of $125.4 million on a turnover of $831.2 million. The share offer, which begins tomorrow, will be made in co-operation with ING Capital Markets and Wheelock NatWest. Of the proceeds expected, $93 million will be used to expand existing production lines and acquire additional machinery for its factory in Malaysia. About $41 million will be used to acquire new processing equipment for its factory in Singapore. A final $95 million will be used to build a new factory in Dalian. Pacific Plywood now runs two factories through its wholly owned subsidiaries.