Ideal Technoplast Industries IPO: SME IPO subscribed over 116 times on day 3, retail investors bid highest; Check GMP

RsIdeal Technoplast Industries IPO: The initial public offering (IPO) of the small and medium-sized enterprise (SME) Ideal Technoplast Industries Ltd was subscribed over 116 times on the third and last day of bidding. The SME IPO of the rigid plastic packaging manufacturer opened for subscription on Wednesday, August 21, 2024 and closed on Friday, August 23, 2024.

Ideal Technoplast Industries IPO offers 1,325,000 shares as part of the public issue. The Surat-based company reserved 629,000 equity shares, or 47 per cent, for retail investors and the same amount of shares for other groups of investors. Additionally, nearly 67,000 equity shares, or 5.06 per cent, are set aside for the market makers.

Also Read: Ideal Technoplast Industries IPO to open for subscription tomorrow; check GMP, price band, issue size, key dates.

Ideal Technoplast Industries IPO Subscription Status

On the third and last day of bidding, Ideal Technoplast Industries IPO was subscribed 116.75 times. The portion reserved for retail investors was subscribed 115.57 times, while the portion reserved for other investors was subscribed 108.49 times. The SME IPO received 14,68,70,000 share applications against 1,258,000 shares offered on Friday. 

On the second day of bidding, Ideal Technoplast Industries IPO was subscribed 11.49 times. The portion reserved for retail investors was subscribed 19.52 times, while the portion reserved for other investors was subscribed 3.47 times. The SME IPO received 1,44,60,000 share applications against 1,258,000 shares offered on Thursday. On the first day of issue, the SME IPO was subscribed 5.51 times.

Ideal Technoplast Industries IPO Details

Ideal Technoplast Industries IPO is a fixed-price issue of ₹16.03 crore. It is entirely a fresh issue of 13.25 lakh shares, and its price band has been fixed at ₹121 per share. The minimum lot size for an application is 1,000 shares which means investors can bid for a minimum of 1,000 shares and in multiples thereof. 

Swastika Investmart Ltd is the book-running lead manager of the Ideal Technoplast Industries IPO, while Bigshare Services Pvt Ltd is the registrar for the issue. Sunflower Broking is the market maker for the Ideal Technoplast Industries IPO.

The proceeds from the new issue will be used for the following purposes: meeting capital expenditures and general corporate use. The allotment for the Ideal Technoplast Industries IPO is expected to be finalized on Monday, August 26, 2024. The IPO will list on NSE SME, with atentative listing date fixed as Wednesday, August 28, 2024.

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Ideal Technoplast Industries IPO Company Details

Ideal Technoplast Industries Limited, a rigid plastic packaging producer, was founded in 2012 and sells its goods to local and foreign markets (via third parties and export firms).

Ideal Technoplast provides industrial packaging solutions, including round and square containers, twist containers, and bottles, for the paint, agricultural, chemical, cosmetic, adhesive, lubricant, food, and edible oil sectors.

The business uses cutting-edge manufacturing technologies, such as internal printing and design capabilities. The 20,000-square-foot, multi-story production facility in Surat has cutting-edge technology, including a completely automated line. The company's listed peers are Time Technoplast Ltd, TPL Plastech Ltd, and Mold-Tek Packaging Ltd.

Prafulbhai Karshanbhai Vaghasia, Vaishnavi Prafulbhai Vaghasiya, Vipulbhai Dulabhai Mendapara, Mitulaben Vipulbhai Mendapara, Gauravbhai Chhaganbhai Gopani, and Ashaben Gauravbhai Gopani are the promoters of the company.

Also Read: Orient Technologies IPO subscribed over 17 times on day 2; check subscription status, GMP and other details

Ideal Technoplast Industries IPO GMP today

Ideal Technoplast Industries IPO GMP today or grey market premium is +15 . This indicates Ideal Technoplast Industries share price were trading at a premium of ₹15 in the grey market, according to investorgain.com.

At the upper limit of the IPO price range and with the current premium in the grey market, Ideal Technoplast Industries' share price is estimated to be listed at ₹136 per share, representing a 12.4 per cent increase from the IPO price of ₹121.

'Grey market premium' indicates investors' readiness to pay more than the issue price.