Ideal Technoplast Industries Ltd, a leading provider of rigid plastic packaging solutions, has launched its initial public offering (IPO), which opened for subscription on August 21, 2024. This small and medium-sized enterprise (SME) IPO is drawing significant attention from investors. Here’s a comprehensive look at the subscription status, grey market premium (GMP), and key details surrounding the IPO.

IPO Subscription Status

On the second day of bidding, the Ideal Technoplast Industries IPO saw robust demand, with an overall subscription rate of 11.49 times. This impressive figure reflects strong investor interest in the offering. Here is a breakdown of the subscription status:

i. Retail Investors: The portion reserved for retail investors was subscribed 19.52 times, highlighting a high level of participation from individual investors.

ii. Other Investors: The segment allocated to other groups of investors was subscribed 3.47 times.

iii. Applications Received: By Thursday, August 22, the IPO had received 1,44,60,000 applications against the offered 1,258,000 shares. This follows a subscription rate of 5.51 times on the first day.

Grey Market Premium (GMP)

The Grey Market Premium (GMP) for Ideal Technoplast Industries IPO shares is currently at ₹15. This indicates that the shares are trading at a premium of ₹15 over the issue price of ₹121. With this premium, the shares are estimated to list at ₹136 per share, representing a 12.4 percent increase from the IPO price. The GMP reflects the market’s positive sentiment and willingness to pay more than the issue price.

IPO Details and Schedule

* Opening Date: The IPO opened for subscription on August 21, 2024.

* Closing Date: The subscription period will end on August 23, 2024.

* Allotment Date: The final allotment of shares is expected to be announced on August 26, 2024.

* Listing Date: Shares are anticipated to be listed on the NSE SME segment on August 28, 2024.

* Price Band and Lot Size

* Issue Price: The price band for the IPO has been set at ₹121 per share.

* Lot Size: The minimum application size is 1,000 shares, with additional shares being bid in multiples of this lot size.

* Total Issue Size: The IPO aims to raise ₹16.03 crore through a fresh issue of 13.25 lakh shares.

Utilization of Proceeds

The funds raised from the IPO will be used for capital expenditures and general corporate purposes. The company plans to leverage these funds to support its growth and operational needs.

IPO Management

* Book-Running Lead Manager: Swastika Investmart Ltd is overseeing the IPO process.

* Registrar: Bigshare Services Pvt Ltd has been appointed as the registrar.

* Market Maker: Sunflower Broking is handling market-making activities for the IPO.

Company Profile

Ideal Technoplast Industries Ltd was established in 2012 and is headquartered in Surat. The company specializes in manufacturing rigid plastic packaging solutions, including containers and bottles for various industries such as paint, agriculture, chemicals, cosmetics, and food. With a modern production facility spanning 20,000 square feet, the company employs advanced manufacturing technologies.

The company's listed peers include Time Technoplast Ltd, TPL Plastech Ltd, and Mold-Tek Packaging Ltd.

Promoters

The IPO is promoted by Prafulbhai Karshanbhai Vaghasia, Vaishnavi Prafulbhai Vaghasiya, Vipulbhai Dulabhai Mendapara, Mitulaben Vipulbhai Mendapara, Gauravbhai Chhaganbhai Gopani, and Ashaben Gauravbhai Gopani.

Conclusion

The Ideal Technoplast Industries IPO is attracting considerable interest, with strong subscription numbers and a positive grey market premium. As the IPO progresses, market participants will closely monitor the final subscription figures and the performance of the shares upon listing.

Also Read : Rapid Multimodal Logistics IPO Opens Strong with 6.78x Subscription on Day One

Check latest IPO Review & analysis, Live GMP today, Live Subscription Status Today, Share Price, Financial Information, latest IPO news, Upcoming IPO News before applying in the IPO. The Upcoming IPOs in this week and coming weeks are Indian Phosphate Limited. The current active IPO is Rapid Multimodal Limited, Resourceful Automobile Limited, Ideal Technoplast Industries Limited, QVC Exports Lmited, Orient Technologies Limited.

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