Pyramid Technoplast IPO: Pyramid IPO fully booked on day 1; here’s what GMP indicates

Pyramid Technoplast IPO subscribed 1.61 times on day 1; grey market premium at +28.

Dhanya Nagasundaram
Published19 Aug 2023, 08:38 AM IST
Pyramid Technoplast IPO opened on Friday, August 18 and will close on Tuesday, August 22.
Pyramid Technoplast IPO opened on Friday, August 18 and will close on Tuesday, August 22.

Pyramid Technoplast IPO was subscribed 1.61 times on day 1. Pyramid Technoplast IPO opened on Friday, August 18 and will close on Tuesday, August 22.

Pyramid Technoplast IPO price band has been fixed in the range between 151 to 166 per equity share of face value of 10 each. Pyramid Technoplast IPO garnered a capital of 27.55 crore through an anchor book process on Thursday, August 17.

Pyramid IPO is made up of fresh issue that totals to 91.30 crore and offer for sale (OFS) portion aggregates to 61.75 crore on upper band price through the Offer.

Pyramid Technoplast IPO has reserved not more than 30% of the shares in the public issue for Qualified Institutional Buyers (QIB), not less than 20% for Non Institutional Investors (NII), and not less than 50% of the offer is reserved for Retail Investors.

Pyramid IPO's grey market sentiment is positive as the issue has been fully booked on day 1 .

Also Read: TVS Supply Chain IPO allotment today; Latest GMP, here's how to check allotment status

Pyramid Technoplast IPO GMP today

Pyramid Technoplast IPO GMP or grey market premium on Saturday was +28 similar to the previous two trading sessions. This indicates Pyramid Technoplast share price were trading at a premium of 28 in the grey market on Saturday, according to topsharebrokers.com

Considering the upper end of the Pyramid IPO price band and the current premium in the grey market, the estimated listing price of Pyramid Technoplast share price is 194 apiece, which is 16.87% higher than the IPO price of 166.

Pyramid IPO GMP on Wednesday was 24.

According to topsharebrokers.com, Pyramid Technoplast IPO GMP based on the last 11 sessions grey market activities, and Pyramid IPO GMP today's trend indicates Upside and expects a strong listing. The lowest GMP is recorded at 19 while the highest GMP is 28.

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

Pyramid IPO Subscription Status details

Pyramid IPO was subscribed 1.61 times on day 1.

Pyramid Technoplast IPO received overwhelming response from retail investors on day 1. Qualified institutional buyers and non-institutional investors (NIIS) responded positively to the issue on the first day. All three categories were fully booked on day 1.

Pyramid Technoplast IPO's retail investors portion was subscribed 1.90 times, NII portion was subscribed 1.06 times, and QIBs portion was subscribed 1.27 times.

Pyramid IPO has received bids for 1,21,45,950 shares against 75,60,400 shares on offer, according to data from the BSE.

Also Read: Pyramid Technoplast IPO: Pyramid IPO fully booked, subscribed 1.61 times on day 1

Pyramid Technoplast IPO apply or not

Listing out strength of the public issue, Axis Capita said, "The company caters to bulk packaging requirements of their clients from diverse industries like chemicals, agrochemicals, pharmaceuticals, lubricants and edible oil by supplying them with Polymer Drums, IBC and MS drums. They have served more than 376 customers on a regular basis during the past 3 financial years." The brokerage went on to add that the issue has comprehensive and diverse product portfolio.

According to Dilip Davda, the contributing editor at Chittorgarh.com, the company is one of the leading industrial packaging company. It manufactures and markets polymer-based moulded products. For the past three fiscals, it posted growth in its top and bottom lines. 

"The company is setting up a 7th plant to expand its capacities. Based on FY23 performance, the issue appears fully priced. However, well-informed investors may park funds for the medium to long-term rewards,” added Dilip Davda. 

Also Read: Pyramid Technoplast IPO: GMP, review to subscription status. Apply or not?

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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First Published:19 Aug 2023, 08:38 AM IST
Business NewsMarketsIPOPyramid Technoplast IPO: Pyramid IPO fully booked on day 1; here’s what GMP indicates

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