Shares of Pyramid Technoplast will be listed on the bourses today.
The ₹153-crore IPO of Pyramid Technoplast was subscribed 14.72 times. The company has set the IPO price at ₹166, at the upper end of the price band ₹151-166.
The initial public offering saw a strong response from all categories of investors. While retail investors portion was subscribed 29 times, NII portion and QIB quotas were subscribed 32 times and 10 times, respectively.
The IPO contained both a fresh issue (₹91.30 crore) and an offer-for-sale ( ₹61.75 crore).
As part of IPO process, Pyramid Technoplast garnered a capital of ₹27.55 crore through anchor investors—Carnelian Structural Shift Fund, Alchemie Ventures Fund, Pluris Fund, and Resonance Opportunities Fund—on Thursday by deciding to allot 16,59,600 shares at ₹166 each.
Pyramid Technoplast is an industrial packaging company involved in manufacturing of 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 to de-risk themselves from supply chain problems.