Pyramid Technoplast IPO | The maker of polymer-based molded products intends to raise Rs.91.3 crore through a reissue and the remaining Rs.61.75 crore through an offer to sell from the promoter.
Based in Gujarat Pyramid Technoplast continued to receive strong response from investors as the initial public offering was subscribed 3.77 times on August 21, the second day of bidding, with bids for 2.84 crore shares at an offering size of 75.6 lakhs.
Retail investors and high net worth individuals led the bids as they bought 4.39 times and 3.68 times the shares allocated to them, respectively, representing 50 and 20 percent of the total IPO size, respectively.
Qualified institutional buyers have bid 1.31 times the allotted quota, which is 30 percent of the bid size.
The public issue of 153 rupees was subscribed to at 1.61 times on the first day of the auction on Aug. 18.
The maker of polymer-based molded products intends to raise Rs.91.3 crore from the reissue and the remaining Rs.61.75 crore from the organiser’s sales offering.
The price range for the offering, which ends on August 22, is 151-166 rupees per share.
Also read: Pyramids -Technology -IPO: 10 things to know before you buy the problem
The industrial packaging company raised Rs. 27.55 crore on Aug. 17 from four anchor investors including the Carnelian Structural Shift Fund and the Alchemy Ventures Fund-Scheme I.
The new spending funds will be issued primarily for debt repayment and working capital requirements, as well as for general corporate purposes.
Pyramid Technoplast manufactures polymer-based bulk packaging drums and intermediate bulk containers (IBC) used primarily for packaging in the chemical, agrochemical, specialty chemical and pharmaceutical industries. It also manufactures mild steel (MS) drums used in packaging and transportation.
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