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The Pyramid Technoplast IPO's remarkable subscription performance on day 2 is a testament to the trust that investors across different categories have placed in the company's growth trajectory.
The Pyramid Technoplast IPO has garnered unprecedented attention from investors, surging ahead by an impressive 5.84 times on the second day of its subscription. This resounding success is indicative of the investment community’s unwavering confidence in Pyramid Technoplast’s prospects and offerings.
Pyramid Technoplast IPO Subscription Status
The Pyramid Technoplast IPO, which commenced on August 18 and is set to conclude on August 22, has witnessed an overwhelming response across all investor categories. Day 2 witnessed a remarkable subscription rate, with retail investors, non-institutional investors (NIIs), and qualified institutional buyers (QIBs) displaying their enthusiasm for this promising IPO.
Retail Investors Rally
Retail investors displayed tremendous enthusiasm for the Pyramid IPO, with the retail portion being subscribed an impressive 6.52 times. This underscores the widespread interest among individual investors in participating in this opportunity. The retail portion witnessed bids for 3,00,69,900 shares against 46,10,000 shares on offer, showcasing a robust demand.
Non-Institutional Investors Embrace the Opportunity
Non-institutional investors, recognizing the potential of Pyramid Technoplast, also surged ahead, with the NII portion receiving a subscription rate of 6.73 times. The bids received for 1,24,02,360 shares against 18,44,000 shares on offer underscored the confidence that non-institutional investors have placed in this IPO.
Qualified Institutional Buyers Back Pyramid Technoplast
Qualified institutional buyers also displayed their endorsement of Pyramid Technoplast, with a subscription rate of 1.49 times for the QIB portion. This response from esteemed institutions reaffirms the soundness of Pyramid Technoplast’s offering and its growth potential.
Pyramid Technoplast IPO: An In-Depth Analysis
Delving into the specifics, the Pyramid Technoplast IPO has received bids for an impressive 4,41,19,440 shares against the available 75,60,400 shares. These numbers encapsulate the immense demand that the market has showcased for Pyramid Technoplast’s shares.
Price Band and Lot Size
The price band for the Pyramid Technoplast IPO has been set at a range of ₹151 to ₹166 per equity share, each having a face value of ₹10. The lot size for this IPO stands at 90 equity shares, with multiples of 90 shares thereafter. This accessibility has contributed to the widespread interest and participation in the IPO.
Anchor Book Process
The Pyramid Technoplast IPO accomplished a notable feat by raising ₹27.55 crore through an anchor book process on August 17. The participation of prominent investors, including the Carnelian Structural Shift Fund, the Alchemie Ventures Fund, the Pluris Fund, and the Resonance Opportunities Fund, attests to the credibility and promise of Pyramid Technoplast’s ventures.
Comprising both a fresh issue and an offer for sale (OFS) portion, the Pyramid IPO is set to raise ₹91.30 crore through the fresh issue and ₹61.75 crore through the OFS portion on the upper band price. These funds are intended to cover offer-related expenses and to facilitate repayment of outstanding borrowings, affirming Pyramid Technoplast’s commitment to responsible financial management.
Key Players and Advisors
PNB Investment Services Limited and First Overseas Capital Limited stand as the book running lead managers (BRLM) for the Pyramid Technoplast IPO. The offer’s registrar is Bigshare Services Private Limited. The distribution of shares in the public issue is structured to accommodate the preferences of various investor categories, with 30% reserved for Qualified Institutional Buyers (QIB), 20% for Non-Institutional Investors (NII), and a significant 50% for Retail Investors.
Market Insights and Estimations
The Grey Market Premium (GMP) associated with the Pyramid Technoplast IPO offers valuable insights into investors’ sentiment and expectations. The GMP, which stood at ₹22 lower on the Monday session, indicated a premium of ₹22 for Pyramid Technoplast shares in the grey market. This anticipation of premium valuation reflects investor confidence in the future growth prospects of the company.
Listing Price Speculation
Taking into consideration the upper end of the IPO price band and the prevailing grey market premium, an estimated listing price of ₹188 per share is projected for Pyramid Technoplast. This figure reflects a notable 13.25% increase from the IPO price of ₹166, highlighting the potential returns that investors might witness upon listing.
The strong response from retail investors, non-institutional investors, and qualified institutional buyers underscores the appeal of Pyramid Technoplast’s offering. As the IPO journey progresses, it remains to be seen how this surge of enthusiasm will manifest in the market and shape the company’s future.