Pyramid Technoplast IPO Day 3: Sees 3.77x booking, strong interest

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Pyramid Technoplast IPO Day 3

Gujarat’s Pyramid Technoplast IPO has continued to attract significant attention from investors, witnessing a robust subscription rate of 3.77 times. As of August 21, the second day of the bidding period, the IPO received bids for 2.84 crore equity shares, surpassing the offer size of 75.6 lakhs.

Retail investors and high net-worth individuals have displayed remarkable enthusiasm in the bidding process. They have collectively bid 4.39 times and 3.68 times the respective portions allocated to them, accounting for 50 percent and 20 percent of the total IPO size.

Qualified institutional buyers have also shown interest, bidding 1.31 times the allotted quota, which constitutes 30 percent of the overall offer size.

During the initial day of bidding, August 18, the Rs 153-crore public issue achieved a subscription rate of 1.61 times.

Pyramid Technoplast, a manufacturer of polymer-based moulded products, aims to raise Rs 91.3 crore through a fresh issue of shares, while the remaining Rs 61.75 crore will be generated via an offer-for-sale by the promoter.

Investors have the opportunity to bid within a price band of Rs 151-166 per share, with the IPO closing on August 22.

The company successfully garnered Rs 27.55 crore from four anchor investors on August 17, including Carnelian Structural Shift Fund and Alchemie Ventures Fund-Scheme I.

Also Read: Pyramid Technoplast IPO Details | GMP, Date, Price, Review

Proceeds from the fresh issue will primarily be allocated to debt repayment and working capital needs, with the remaining funds allocated to general corporate purposes.

Pyramid Technoplast specializes in the production of polymer-based bulk packaging drums and intermediate bulk containers (IBC), catering predominantly to the chemical, agrochemical, specialty chemical, and pharmaceutical sectors. Additionally, the company manufactures mild steel (MS) drums used for packaging and transportation purposes.

About Pyramid Technoplast:

Pyramid Technoplast functions as an industrial packaging enterprise, specializing in the production of polymer-based molded items primarily utilized by chemical and pharmaceutical companies to fulfill their packaging needs. Employing blow molding technology, the company creates Polymer Drums and IBCs (Intermediate Bulk Containers).

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