Today is the last date to subscribe the initial public offering of Pyramid Technoplast.
The ₹153-crore IPO of Pyramid Technoplast has so far been subscribed 5.20 times at the end of Day 2 of issue opening on Friday. The initial public offering saw a strong response from all category of investors. While retail investors portion was subscribed 6.52 times, NII portion and QIB quotas were subscribed 6.73 times, and 1.48 times respectively. Overall, it received bids for 4.41 crore shares against 75,60,400 shares on offer.
The IPO consists of fresh issue of ₹91.30 crore and an offer for sale (OFS) portion of ₹61.75 crore. Pyramid Technoplast IPO lot size is 90 equity shares
As part of IPO process Pyramid Technoplast garnered a capital of ₹27.55 crore through an anchor investors - the Carnelian Structural Shift Fund, the Alchemie Ventures Fund, the Pluris Fund, and the Resonance Opportunities Fund - on Thursday by deciding to allot 16,59,600 at ₹166 each.
Pyramid Technoplast is an industrial packaging company involved in the business of manufacturing polymer-based molded products mainly used by chemical and pharma companies for their packaging requirements. The company uses blow molding technology to manufacture Polymer Drums and IBCs. Their products are marketed and sold under the brand name Pyramid. The company also has long-term relationships with distributors both domestic and international, and has multiple vendors for particular components rather than relying on single sources to de-risk themselves from supply chain problems.