Pyramid Technoplast IPO booked 5.84 times on Day 2 of bidding

On August 21, the second day of bidding, the Gujarat-based Pyramid Technoplast received a significant reaction from investors, with bids for 4.41 crore equity shares being made against an offer size of 75.6 lakhs, resulting in a 5.84-times subscription to the company's first-ever public offering.

Retail investors and high net worth people continued to outbid other investors, purchasing 6.52 times and 6.73 times the parts allotted to them, or 50% and 20%, respectively, of the overall IPO size.

Qualified institutional buyers have bid 1.49 times the allotted quota which is 30 percent of the offer size.

The Rs 153-crore public issue was subscribed 1.61 times on its first day of bidding, August 18.

The polymer-based moulded products manufacturer intends to raise Rs 91.3 crore from the fresh issue and the remaining Rs 61.75 crore from the offer-for-sale by the promoter.

The price band for the offer, which closes on August 22, is set at Rs 151-166 per share.

The fresh issue funds will be spent mainly on repaying debts and working capital requirements, and the balance for general corporate purposes.

Source: Media Reports