Pyramid Technoplast IPO: Check allotment date & application status

Pyramid Technoplast is scheduled to finalize the basis of allotment of their shares on Friday, August 25. The Rs 153-crore primary offering received a strong response from the investors during the three-day bidding process. The IPO was open between August 18 and August 22.

The IPO of Pyramid Technoplast was overall subscribed 14.72 times. The company sold its shares in the range of Rs 151-166 apiece with a lot size of 90 equity shares. The portion for non-institutional investors was booked 32.24 times, while the category for retail investors was subscribed 29.09 times. The quota reserved for qualified institutional bidders was subscribed 9.94 times.

Grey market premium (GMP) of Pyramid Technoplast has seen a slight correction amid the volatile markets. Last heard, Pyramid Technoplast was commanding a premium of Rs 21 per share in the grey market, which was around Rs 28 on August 17, a day before the issue opened for subscription. The current grey market signal suggests a mild listing pop for the investors.

Incorporated in 1997, Pyramid Technoplast manufactures polymer-based molded products (Polymer Drums) mainly used by chemical, agrochemical, specialty chemical, and pharmaceutical companies for their packaging requirements. Pyramid Technoplast started its commercial production in 1998.
 

Brokerage firms have a mixed view on the issue as a few suggest to 'subscribe' for aggressive bidders to it, citing its fair pricing, healthy financials, strong customer base and long-term relationships with the customers. On the other hand, a few analysts have suggested to give a skip citing inconsistent debt, high competition and thin margin.

PNB Investment Services and First Overseas Capital are the book running lead managers to the issue, while Bigshare Services has been appointed as the registrar. The company will be listed at both BSE and NSE.

Investors, who had bid for the issue and have not checked their application status, can check the allotment status on the Bombay Stock Exchange (BSE) website, which is: https://www.bseindia.com/investors/appli_check.aspx.

Investors can also check the allotment status on the online portal of Bigshare Services Private Limited. (https://ipo.bigshareonline.com/IPO_Status.html), the registrar to the issue.
 

The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. It is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries.

Bidders who could not get allotment in the IPO may see the initialization of refunds on Monday, August 28. Those who would be allotted shares may see the credit of shares in the demat accounts by Tuesday, August 29. The listing of the IPO is likely on August 30 (Wednesday).

 

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