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

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 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.

Updated: 19 Aug 2023, 08:38 AM IST