New Delhi: Pyramid Technoplast successfully debuted on the stock exchanges, commanding an impressive 11% premium over its initial issue price of Rs 166. Currently, the stock is trading at Rs 177 on the National Stock Exchange (NSE) and at Rs 175 on the Bombay Stock Exchange (BSE).
Pyramid Technoplast IPO opened for subscription on August 18 to August 22 with 100% book building. The company aimed to raise fresh issue worth Rs 56.17 crores through initial public offering. Eventual, IPO price was locked in Rs 166.
IPO had a bid lot of 90 equity shares and in multiples thereof. The maximum subscription amount for retail investor was Rs 2,00,000.
Pyramid Technoplast’s IPO boasts sponsorship from two esteemed financial institutions: Axis Bank Limited and HDFC Bank Limited. Handling the IPO’s registration is Bigshare Services Private Limited.
Taking a closer look at the subscription figures, retail individual investors (RIIs) subscribed to around 6.77% of the IPO, corresponding to 3.11 crore shares against of the 46 lakh equity shares available for them. Meanwhile, Qualified Institutional Buyers (QIBs) displayed a subscription rate of over 3.09%, with approximately 34 lakh bids placed against the reserved 11 lakh bonds.
In terms of its core business, Pyramid Technoplast is a key player in the industrial packaging domain. The company specializes in manufacturing polymer-based molded products, particularly polymer drums. These drums are in high demand among chemical, agrochemical, specialty chemical, and pharmaceutical companies, serving as essential packaging solutions.