Gujarat-based Pyramid Technoplast continued to receive strong response from investors as the maiden public issue was subscribed 5.84 times with bids for 4.41 crore equity shares against an offer size of 75.6 lakhs, on August 21, the second day of bidding.
Retail investors and high net-worth individuals remained ahead in terms of bidding, as they have bought 6.52 times and 6.73 times the portions set aside for them which is 50 percent and 20 percent of total 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.
Also read: Pyramid Technoplast IPO: 10 things to know before buying the issue
The industrial packaging company garnered Rs 27.55 crore from four anchor investors on August 17, including Carnelian Structural Shift Fund, and Alchemie Ventures Fund-Scheme I.
The fresh issue funds will be spent mainly on repaying debts and working capital requirements, and the balance for general corporate purposes.
Pyramid Technoplast manufactures polymer-based bulk packaging drums and intermediate bulk containers (IBC), which are mainly used for the packaging by chemical, agrochemical, speciality chemical and pharmaceutical sectors. It also manufactures MS Drums made of mild steel (MS) used in the packaging and transport.
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