Pyramid Technoplast IPO subscribed 17 times so far on Day 3

22 Aug 2023 , 03:29 PM

Industrial packaging company Pyramid Technoplast witnessed robust investor interest as its inaugural public issue garnered significant subscription, with bids placed for 12.85 crore equity shares against the offer size of 75.6 lakh shares on the final day of bidding, Tuesday (August 22).

The non-institutional investor category led the subscription, oversubscribed at 31.39 times, followed by retail investors at 13.81 times. The qualified institutional buyers (QIB) category saw a subscription rate of 9.73 times.

During the course of the IPO, which amounted to Rs 153 crore, the subscription rate was 1.61 times on the first day and 5.84 times on the second day.

The generated funds from the IPO will be allocated towards partial debt repayment, funding working capital needs, and addressing general corporate requirements.

Qualified institutional buyers hold a reserved portion of nearly 30% of the issue, while non-institutional investors have access to 20%. The remaining 50% of the public offer is allocated for retail investors.

The final share allotment is anticipated to be confirmed around August 25, with the tentative listing date on the BSE and NSE set for around August 30.

PNB Investment Services and First Overseas Capital have acted as the book-running lead managers for the IPO, and Bigshare Services will serve as the registrar for the issue.